16.11.2007 17:13:00
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LSB Industries Subsidiary Joins Forces with GE Money and Electric & Gas Industries Association on Eco-Friendly Heating & Cooling Systems
LSB Industries, Inc. (AMEX: LXU) today announced that its wholly-owned
subsidiary, ClimateMaster, Inc. has joined forces with the Electric &
Gas Industries Association (EGIA) and GE Money to help consumers finance
the purchase of a geothermal heating, cooling and water heating system
for their homes.
ClimateMaster is the leading producer of residential geothermal heat
pumps which, according to the Environmental Protection Agency, are the
most energy-efficient, environmentally clean, and cost-effective
space-conditioning system for most locations in the U.S. These systems
harness the solar energy stored near the surface of the earth to provide
year-round, low cost residential heating and cooling. Geothermal systems
deliver considerable savings over conventional heating and cooling
systems with the added benefit of hot water generation and a 25 year
life expectancy. Geothermal systems can reduce homeowners’
utility bills up to 60 percent.
ClimateMaster distributors and dealers nationally are now able to offer
revolving and installment financing through the GEOSmart Loan
program, sponsored by EGIA and funded through GE Money’s
Sales Finance unit. Of the 6 to 7 million residential heating and
cooling systems sold in North America in 2006, approximately 70 percent
are replacement systems for single family homes. The home retrofit
market is the primary target for the GEOSmart loan program, which will
make geothermal systems more affordable for consumers retrofitting
existing homes, and should make these homes more attractive to
prospective buyers.
According to Barry Golsen, President & COO of LSB Industries, "With
buildings accounting for nearly 40 percent of all U.S. energy
consumption, and heating, cooling, and water heating being the largest
contributors, geothermal heat pumps are one of the best ways to trim
energy bills and decrease fossil fuel usage, reducing greenhouse gas
emissions and their harmful impact on the environment. Geothermal
systems utilize a proven technology, with over a million systems
installed since their introduction in the late 70s. According to the
November 12, 2007 issue of Barron’s, "The
green building market is expected to grow from $7.6 billion in 2005 to
$39 billion in 2010.” Mr. Golsen noted, "The
market opportunity for geothermal heat pumps is vast.” "ClimateMaster’s
line of geothermal heating and cooling systems are an excellent choice
for providing and utilizing sustainable, affordable energy,”
said Bruce Matulich, executive director of the EGIA, a non-profit
organization dedicated to advancing energy efficiency and renewable
energy solutions. "We are pleased to be able
to promote both ClimateMaster’s products and
the GEOSmart program to distributors, contractors and our utility
partners across the U.S. Due to significant consumer energy savings, the
positive impact on utility peak load conditions and the substantial
environmental benefits, a growing number of utility companies offer
rebates and other financial incentives to encourage consumer
installation of geothermal systems. The GEOSmart loan program is
being integrated into leading utility and state-sponsored energy
efficiency programs, providing homeowners with a comprehensive financing
solution that makes it easy for consumers to invest in energy efficient
home improvements,” says Matulich.
About ClimateMaster, Inc. and LSB Industries, Inc.
ClimateMaster, Inc. is a leading manufacturer of geothermal heat pumps,
which are widely considered to be the most energy efficient and
environmentally friendly method of heating and cooling available on the
market today. Headquartered in Oklahoma City, ClimateMaster, Inc. is a
wholly owned subsidiary of LSB Industries, Inc. For more information,
visit www.climatemaster.com.
LSB is a manufacturing, marketing and engineering company. LSB’s
principal business activities consist of the manufacture and sale of
commercial and residential climate control products, the manufacture and
sale of chemical products for the mining, agricultural and industrial
markets, and the provision of specialized engineering services and other
activities. LSB Industries is included in the Russell 2000 Index and the
Russell 3000 Index.
About Electric & Gas Industries Association
The Electric & Gas Industries Association (EGIA) is a non-profit
organization dedicated to advancing energy efficiency and renewable
energy solutions through a nationwide network of contractors,
distributors, manufacturers and utility companies. EGIA is a leading
provider of resource efficiency services and energy efficiency program
administration for utility companies and water agencies. EGIA also
provides the home improvement industry with comprehensive consumer
energy efficiency and solar financing solutions and has administered
some of the nation’s largest utility and
state sponsored energy efficiency financing programs. For more
information, visit www.egia.org.
About GE Money
With more than $190 billion in assets, GE Money, a unit of General
Electric Company (NYSE:GE), is a leading provider of credit services to
consumers, retailers and auto dealers in more than 55 countries around
the world. GE Money, based in Stamford, Conn., offers a range of
financial products, including private label credit cards, personal
loans, bank cards, auto loans and leases, mortgages, corporate travel
and purchasing cards, debt consolidation and home equity loans, and
credit insurance. More information can be found at www.gemoney.com.
GE Money’s Sales Finance unit, based in
Kettering, Ohio, provides private label credit card programs, marketing,
installment lending and financial services for national and regional
retailers, dealers, manufacturers and service providers in more than 20
industries including: outdoor power equipment, home improvement,
sporting goods, powersports, automotive, recreational vehicles, consumer
electronics and appliances, furniture, floor covering, marine, music,
jewelry, and health care.
©2007 General Electric Company, All
rights reserved.
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