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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported): July 1, 1998
RENTECH, INC.
(Exact name of registrant as specified in charter)
Colorado 0-19260 84-0957421
(State or other Commission I.R.S. Employer
jurisdiction of File No. Identification No.
incorporation or
organization)
1331 17th Street, Suite 720, Denver, Colorado 80202
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (303) 298-8008
Item 5. Other Events.
Rentech, Inc. has expanded the scope of its ownership in ITN Energy
Systems, Inc., a privately owned Colorado corporation (ITN/ES), to
include a 10% interest in the 50% ownership interest of ITN/ES in Global
Solar Energy LLC. ITN/ES owns 50% of Global Solar Energy LLC. The other
50% owner of Global Solar Energy LLC is Advanced Energy Technologies,
Inc., a wholly owned subsidiary of Tucson Electric Power Corporation,
which is a wholly owned subsidiary of UniSource Energy Corporation.
Global Solar Energy LLC (Global Solar Energy) was established in May
1996 by Tucson Electric Power and ITN/ES to manufacture and market
flexible photovoltaic (PV) modules. Global Solar Energy utilizes
innovative solar technology developed by ITN/ES to produce Copper Indium
Diselenide (CIS), a new class of solar cell materials in a
state-of-the-art facility in Tucson, Arizona. The facility, scheduled to
go on line later this year, is designed to manufacture and produce up to
1.5 megawatts of thin-film photovoltaic modules that are 1/20th the
thickness of a piece of paper, for military, space, consumer, and
commercial applications. Additional plans call for the plant's
production capacity to be expanded substantially to meet increasing
demands for an environmentally safe energy source. It is expected that
the innovative manufacturing technology incorporated into the new plant
can reduce production costs below that of other existing solar energy
technologies.
By the transaction, Rentech acquired 10% of the outstanding stock of
ITN/ES. This acquisition provides Rentech 10% of ITN/ES's 50% interest
in Global Solar Energy, or an indirect interest by Rentech amounting to
5%. Rentech contributed 500,000 shares of its common stock to ITN/ES as
consideration. Rentech's earlier investment with ITN/ES enabled Rentech
to acquire interests in other technology ventures with ITN/ES and did not
include the derivative interest in Global Solar Energy just acquired.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
RENTECH, INC.
Date: July 13, 1998 By: (Signature)
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Ronald C. Butz, Vice President
