The proposed factory could provide substantial local employment opportunities.
The JV has secured its first conditional order for a $100 million turbine supply contract for a new wind farm now permitting in Idaho by the developers.
The move into accelerating turbine manufacturing means PVRE is now primed for explosive revenue growth, as the market for a much more efficient and profitable accelerating wind turbine is estimated to be $1 billion per annum in the NW states alone.
Idaho has a new electrical grid under construction, giving it lots of room to expand its renewable energy capacity.
Although the State has large medium-speed wind resources, (estimated by DOE at 18,000 recoverable Megawatts) it can only be commercially viable with accelerator turbines. This would require the manufacturing of approximately $20 billion worth of accelerator turbines to fully develop the available capacity.
PVRE's Accelerated Wind technology promises to significantly increase wind turbine efficiency and dramatically lower wind production costs from 7-9 cents/kWh to projected life-cycle costs of 3-4 cents/kWh. Finally making wind power cheaper than fossil fuels (coal-gas).
This Press Release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements regarding our current business plans, strategies and objectives that involve risks and uncertainties that could cause actual results to differ materially from anticipated results. The forward-looking statements are based on our current expectations and what we believe are reasonable assumptions. However, our actual performance, results and achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Factors, within and beyond our control, that could cause or contribute to such differences include, among others, the following: risks associated with exploration, competition, management of growth, new products, services and technologies, potential fluctuations in operating results, international expansion, commercial agreements, acquisitions and strategic transactions, government regulation and taxation.
For information, contact: Peter Sterling President (323) 356-7777