President and CEO Tom Huntington predicted a “mixed bag” for the overall economy but predicted, “2010 will be a great year” for WaterFurnace dealers and distributors. According to Huntington, “It’s going to take two to three years before we can claim victory with the economy.” When he turned his attention to market opportunities for WaterFurnace, however, he indicated that he saw significant increases in geothermal for 2010 with further “acceleration as we get into 2011 and 2012.”
He based these predictions on the tax incentives for geothermal products that remain in place through 2016. Geothermal installations qualify for a 30 percent tax credit on the total cost of the systems. He also referred to new legislation being considered by Congress involving utilities whereby these companies will be mandated to buy 15 percent of their power in the form of renewable energy and, he said, “They can get those renewable credits by adding geothermal on their power distribution lines.” He also told the group that there is a “high probability we will see something before this summer.”
Bob Brown, vice president of engineering, started his presentation by stating, “Every product line has been newly developed since 2007.”
The companies Envision Series of products included new additions to the NSW Series for “water-to-water” applications, the NDW Series to take care of the water demands of today’s larger luxury homes, and the NXW reversible chiller for light commercial applications. He also announced changes to the Versatec Ultra Series, which represents a significant improvement in commercial water source heat pumps and has 11 models that are Energy Star-rated and exceed ASHRAE 90.1 efficiencies. The Legend Series of product designed for the builder market was also redesigned and newly introduced in January, according to Brown.
WaterFurnace also announced a marketing partnership with MaytalTech, an Israeli manufacturer that specializes in lightweight earth loop systems made out of polyethylene. The Hyper Loop system is corrosion proof and engineered to avoid icing. The system is compact, modular, and light enough in weight that it can even be shipped via UPS.
Michael Albertson, senior vice president of sales and marketing, congratulated the attendees on their record sales achievements in 2009 and added, “WaterFurnace is the target the geothermal industry is shooting at, and our network of distributors, dealers, and territory managers are totally responsible for putting us in this position.”
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