Essential Innovations Technology Corp. (ESIV), a provider of geoexchange solutions for residential, commercial and industrial applications as both a geoexchange energy service company and as a manufacturer of proprietary geothermal heat pump technology, has announced that it has signed a non-binding letter of intent to acquire 100 percent ownership in Geotech Drilling Services Ltd.

Geotech, headquartered in Prince George, British Columbia, provides specific project expertise in the drilling and installation of loop-fields for geothermal heating and cooling applications. The company also has several machines for geotechnical purposes, specializing in environmental drilling investigations relating to natural ground water resources.

“The potential acquisition of Geotech Drilling Services has the capability to significantly increase our revenue expectations, while substantially reducing our overall project cost output. The vertical drilling component associated with the geoexchange loop-field, is the most timely and cost-intensive element of each installation. To have this function in house will give the company a substantial competitive advantage in terms of project costing and scheduling. Geotech already has a vital business operation, and the company is excited about the opportunity that now exists to make Geotech a part of our team going forward,” says Jason McDiarmid, president of ESIV.

Essential Innovations Technology currently has operations in the United States, Canada and Hong Kong; exclusive distributors in Canada and Mexico; sales agents in Mexico, Hungary, China and Alaska; and the company is actively seeking further distributors, dealers and project opportunities throughout the North American, Asian and European marketplaces for its proprietary geoexchange systems and solutions.