The acquisition of SeaTech Energy by FutureWorld Energy was completed yesterday (30th June) in a $15m deal. The payment was made in the form of preferred stock in FutureWorld Energy, which will not be eligible for conversion to common stock until SeaTech Energy reaches certain revenue milestones, or is acquired by another company or through an IPO.

FutureWorld explained that it had used the acquisition mechanism as it took account of a variety of factors including shareholder value and dilution effects.

Commenting on the conclusion of the deal Sam Talari, Acting CEO of FutureWorld said;  "Upon successful due diligence of technologies that could change the face of renewable energy around world, we have come to the conclusion that no other renewable energy will be more consistent than the power of the world's oceans. Marine energy has some distinct advantages over its chief rival, wind power. Water is 850 times denser than air, allowing tidal turbines to produce about 40 times more power than windmills. We believe that our participation within this industry will guarantee our leadership position, our vision of the future world energy and profitable investment on behalf of our investors. This is our first acquisition of many to come."