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.
In May the Company announced that engineering was progressing to determine the final size of the project. We are very pleased to announce that the original design of 60 wind tunnels each 300' in length (18,000 linear feet) has been amended. The design has been modified to 40 tunnels each of less than 150'in length (less than 6,000 linear feet). This modification translates to a substantial savings in both construction cost and time to construct, without any loss in projected energy output. The actual height and diameter of the Tower is now the focus of the engineering and analysis. During the tunnel wind flow analysis it was determined that the tunnels would support increasing the number of turbines in each tunnel from two to three. The result allows for downsizing the height and/or diameter of the Tower without the loss of projected energy generation. The evaluation of the sizing is nearing completion but will take a few more weeks to complete, so the Company decided to anno unce this update now rather than wait for the final study to be complete. Reducing the height and/or diameter without losing projected energy output will result in a sizeable saving in the total capital cost of the project.
The Company is still working closely with the potential developer of a Tower project in Kenya. Definitive terms of a License Agreement has been negotiated and if and when the developer executes and forwards the license fee per the terms of the agreement, the Company is prepared to proceed with this developer and grant it an exclusive license for Kenya.
Solar RePurposing Systems LLC continues discussions to retro-fit an abandoned stack to demonstrate the feasibility to repurpose old abandoned tall chimneys previously used to disperse flue gas from coal fired power plants. Several sites are being considered. The Company is seeking the first stack site as a "pilot" to demonstrate the repurposing solution as well as a scale model of the whole downdraft Tower solution.
During the last week of June, the Company presented the financial investment opportunity in Arizona Green Power LLC as well as in Solar Repurposing Systems LLC to the National Investment Banking Association conference in New York City. The conference was well attended (230 attendees) and significant interest resulted in eight individual meetings at the conference and follow-up meetings every week in July by our CEO with additional interested parties.
Ron Pickett, SWET CEO and Arizona Green Power Managing Member, commented, "NIBA is the perfect forum for small and micro-cap companies. I've presented several of my previous companies at NIBA and I have enjoyed many long-term successful business and investment relationships with NIBA over the last 15 years. I introduced the Tower concept at a NIBA Conference a few years ago and the clients of two members participated in the investment opportunity at that time. This conference was a chance for me to renew with old friends, and update this opportunity and 'green solution' to a much healthier investment community."
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.
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