Probe Manufacturing Inc. (PMI) completes the purchase of the Heat Recovery Solutions business from General Electric International (NYSE: GE).
The acquisition includes substantially all of the assets relating to GE’s Heat Recovery Solutions business, which were located at GE’s facility in Costa Mesa, California. PMI concurrently relocated and began integration of its professional engineering operations with those of the acquired business.
The company will be changing its name to Clean Energy Technologies Inc. and plans to change its stock trading symbol to CETI. PMI also closed on a related funding agreement with ETI Partners IV LLC.
GE’s Heat Recovery Solutions system captures waste heat from a variety of sources and turns it into electricity.