IDE has committed to transfer the technology and know-how over a specified time period and AquaSwiss has agreed not to compete with IDE outside the defined regions.
Sanjeev Varma, CEO of AquaSwiss said: “We are extremely pleased to have secured IDE's technology and know-how as a means for bringing superior desalination solutions to some of the world’s largest desalination markets that are closed to IDE for political reasons. By acquiring the right to use IDE’s thermal MED technologies in these markets, we believe we can outperform the solutions currently available in these markets in terms of efficiency and price, an advantage that will position us to secure a prominent market share. We are planning on expanding our operations through additional technology acquisitions that will allow us to strengthen our delivery capabilities.”
