LITTLE FALLS, NJ -- MPhase Technologies Inc., a nanotechnology company, signed a letter of intent to acquire Energy Innovative Products Inc., a developer of technologies for reducing energy usage in refrigeration and cooling systems.
Terms of the deal include issuing common shares and warrants for an 81% stake in EIP. The transaction is expected to close by October.
EIP's products enable legacy equipment to achieve Energy Star status and comply with emerging standards from the U.S. Department of Energy and other regulatory bodies.
Based in Fairfield, NJ, EIP produces products that control voltage and current used by compressor systems, including those in refrigeration decks, HVAC wall units, commercial refrigeration systems and consumer equipment.
Its solution for cold drink vending machines reduces power consumption by more than 50% without decreasing efficiency or cooling, and without requiring a change-out of the unit's refrigeration deck. The small, easy- to-install single-phase motor controller device can be used in refrigerators, freezers, vending machines or similar appliances.
EIP also offers a kit containing an electronic evaporator motor and dimmable LED lights used to upgrade vending machines and coolers to Energy Star compliance.
Government and power company rebates are available to support the purchase of EIP's products in several states.