Solar Wind Energy Tower, Inc., the innovator and creator behind the Solar Wind Downdraft Tower structures capable of producing abundant, inexpensive electricity to meet the world's increasing demand, announced today the following business update.
The Company's single purpose subsidiary for the development of its utility scale downdraft energy Tower in San Luis, AZ, Arizona Green Power LLC (AGP) continues to refine its engineering and total construction budget. AGP will be unveiling the project to the investment community and presenting AGP at the National Investment Banking Association (NIBA) New York City Conference later this month on June 26 - 27th.
Ron Pickett, Managing Member of both AGP and Solar RePurposing Systems LLC (SRS) will also be representing SRS at the NIBA New York Conference. SRS has been conducting meetings with major utility executives as well as local community leaders regarding the retrofitting and repurposing of abandoned smoke stacks and coal storage fields to produce renewable solar energy. Management believes the value of converting tall abandoned stacks into downdraft energy Towers using our patented technology is compelling.
The cost of retrofitting these stacks with a naturally pressurized water spray system, two turbines and direct current generators makes economic sense given the value of the stack represents about 90% of the total cost of the project if a new stack needed to be erected, allowing these repurposed facilities to be economical in colder/more humid than ideal conditions. The "Coal Country" green energy projects can be used by the local economic development authorities to help attract businesses in search of green energy which creates employment in areas greatly in need of new jobs.
The Company continues to work closely with a potential Tower developer in Kenya, Africa. The developer reportedly has secured the site and is completing the requirements needed to obtain the power purchase agreement. The Company and the developer have reached agreement on the terms of the Definitive License Agreement for Kenya which requires the developer to pay for the license. No assurance can be made that the developer will forward the fee for the license.
The Company has prepared its final 2016 delinquent 10Q and its auditors are completing their required review. The Company anticipates filing the 10Q within the next week or as soon as the auditors provide their required permission to file.
Source: Solar Wind Energy Tower, Inc.
Date: Jun 5, 2017