Solar Wind Energy Tower, Inc. Updates Business Activities
8:30 am ET May 2, 2017 (Market Wire) Print
ANNAPOLIS, MD--(Marketwired - May 2, 2017) - Solar Wind Energy Tower, Inc. (OTC PINK: SWET) (the "Company"
, 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 has received an equity infusion of $220,000 from eleven existing shareholders. Engineering and Tower/ Tunnel modeling by our expert consultants continues on a daily basis as we decide on the final height of the Tower and the number and length of the tunnels. Any reduction in the height/number of tunnels/length of tunnels can significantly lower the total cost of the project.
The Company owns proprietary software programs it developed to compute the output data of the Tower but it takes time to evaluate any changes. For example: data points in the 2,250' tall Tower that ranges up to 1,500' in diameter are located every 2 meters apart vertically and 4 meters apart horizontally. A full tower analysis runs over 150,000 iterations. That translates into nearly 100 hours of non-stop computing on the dedicated computer. As we near the final design it is imperative that the conclusions reached will be verifiable to support the due diligence that will be required to close financing for the project.
The potential licensee for our Tower solution in Kenya, Africa is aggressively pursuing his project. The Company is now in contact with them several times a week. In order for the Kenya Tower Project to move forward with Company support it will be necessary for the developer to execute a definitive agreement for a Kenya license and pay the Company a license fee. Our business model includes a one-time license fee for a territory (in this case Kenya), development fees for support during construction, and an annual royalty fee for 20-25 years based on the number of kilowatt hours produced.
On March 27 we announced that SWET had established a new company, Solar RePurposing Systems LLC, to pursue using our downdraft Tower energy solution to retrofit existing abandoned smoke stacks and that an industry consultant had been engaged to direct us into the market. At this time we can report that initial discussions have been received very positively and we are pursuing meetings regarding a targeted site for a potential first project.
The Company prepared the three 10Q's due for 2016 and submitted them to our auditors two weeks ago for review. The company plans to file each 10Q as soon as the auditor completes its review.
About Solar Wind Energy Tower, Inc. Founded in 2010, Solar Wind Energy Tower, Inc., and its wholly owned commercializing subsidiary, Solar Wind Energy, Inc., is the inventor of the patented Solar Wind Downdraft Tower, which uses state of the art technologies and construction systems to produce abundant, inexpensive electricity, 24 hours a day, 7 days a week.
The Company's core objective and focus is to become a leading enabler of clean, efficient renewable energy to world communities, at a reasonable cost, without the destructive residuals of fossil fuels, while continuing to generate innovative technological solutions to meet tomorrow's electrical power needs.
For more information, please visit: http://www.solarwindenergytower.com, and https://www.facebook.com/solarwindenergytower and https://twitter.com/SWETower and https://www.arizonagreenpower.com
Cautionary Note Regarding Forward-Looking Statements Statements included in this release may constitute "forward-looking statements". Actual results may differ materially from those projected in forward-looking statements. Such statements involve a number of risks and uncertainties such as competitive factors, technological development, market demand and the Company's ability to obtain new contracts and accurately estimate revenues, if any, due to variability in size, scope and duration of projects, and internal issues in the sponsoring client. Further information on potential factors that could affect the Company's financial results, can be found in the Company's various filings with the Securities and Exchange Commission (SEC).
Contact: Solar Wind Energy Tower, Inc. Phone: 410-972-4713 E-mail: info@SWETower.com
8:30 am ET May 2, 2017 (Market Wire) Print
ANNAPOLIS, MD--(Marketwired - May 2, 2017) - Solar Wind Energy Tower, Inc. (OTC PINK: SWET) (the "Company"
, 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 has received an equity infusion of $220,000 from eleven existing shareholders. Engineering and Tower/ Tunnel modeling by our expert consultants continues on a daily basis as we decide on the final height of the Tower and the number and length of the tunnels. Any reduction in the height/number of tunnels/length of tunnels can significantly lower the total cost of the project.
The Company owns proprietary software programs it developed to compute the output data of the Tower but it takes time to evaluate any changes. For example: data points in the 2,250' tall Tower that ranges up to 1,500' in diameter are located every 2 meters apart vertically and 4 meters apart horizontally. A full tower analysis runs over 150,000 iterations. That translates into nearly 100 hours of non-stop computing on the dedicated computer. As we near the final design it is imperative that the conclusions reached will be verifiable to support the due diligence that will be required to close financing for the project.
The potential licensee for our Tower solution in Kenya, Africa is aggressively pursuing his project. The Company is now in contact with them several times a week. In order for the Kenya Tower Project to move forward with Company support it will be necessary for the developer to execute a definitive agreement for a Kenya license and pay the Company a license fee. Our business model includes a one-time license fee for a territory (in this case Kenya), development fees for support during construction, and an annual royalty fee for 20-25 years based on the number of kilowatt hours produced.
On March 27 we announced that SWET had established a new company, Solar RePurposing Systems LLC, to pursue using our downdraft Tower energy solution to retrofit existing abandoned smoke stacks and that an industry consultant had been engaged to direct us into the market. At this time we can report that initial discussions have been received very positively and we are pursuing meetings regarding a targeted site for a potential first project.
The Company prepared the three 10Q's due for 2016 and submitted them to our auditors two weeks ago for review. The company plans to file each 10Q as soon as the auditor completes its review.
About Solar Wind Energy Tower, Inc. Founded in 2010, Solar Wind Energy Tower, Inc., and its wholly owned commercializing subsidiary, Solar Wind Energy, Inc., is the inventor of the patented Solar Wind Downdraft Tower, which uses state of the art technologies and construction systems to produce abundant, inexpensive electricity, 24 hours a day, 7 days a week.
The Company's core objective and focus is to become a leading enabler of clean, efficient renewable energy to world communities, at a reasonable cost, without the destructive residuals of fossil fuels, while continuing to generate innovative technological solutions to meet tomorrow's electrical power needs.
For more information, please visit: http://www.solarwindenergytower.com, and https://www.facebook.com/solarwindenergytower and https://twitter.com/SWETower and https://www.arizonagreenpower.com
Cautionary Note Regarding Forward-Looking Statements Statements included in this release may constitute "forward-looking statements". Actual results may differ materially from those projected in forward-looking statements. Such statements involve a number of risks and uncertainties such as competitive factors, technological development, market demand and the Company's ability to obtain new contracts and accurately estimate revenues, if any, due to variability in size, scope and duration of projects, and internal issues in the sponsoring client. Further information on potential factors that could affect the Company's financial results, can be found in the Company's various filings with the Securities and Exchange Commission (SEC).
Contact: Solar Wind Energy Tower, Inc. Phone: 410-972-4713 E-mail: info@SWETower.com
