FutureWorld Energy, a provider of alternative and clean energy technologies, has signed a letter of intent (LOI) to acquire Arctic Solar Engineering, a supplier and integrator of solar thermal systems and absorption units, located in Chesterfield, Missouri.

Under the terms of the LOI, the company will acquire Arctic Solar Engineering assets for approximately $2m in preferred stock, 50% of which will be tied to an earn-out agreement that will be based on projected pipeline revenue.

FutureWorld claims that with the combination of its engineering background and Arctic Solar know-how, the company will provide a complete turnkey commercial building solar system that uses no conventional energy, resulting in more than 60% energy savings to the client.

FutureWorld COO Michael Shoaff said that upon completion of the acquisition, the company will head into 2011 with a rapidly-expanding customer base, vast array of enticing solar solutions and technology to offer some of the most cost-efficient solutions to a world demanding clean, renewable energy.