Mass Megawatt Licensee Announces $10,800,000 Contract
WORCESTER, Mass., Feb. 3 /PRNewswire-FirstCall/ -- Mass Megawatts Wind Power, Inc. (OTC bulletin Board: MMGW), a Worcester, Massachusetts based Company, announced that a licensee, Electric City Wind Power Corporation, has signed a $10,800,000 agreement with Penobscot Mountain Wind, LLC, a wind power energy development group focused on distributed energy projects in Northeastern Pennsylvania. Distributed energy projects are based on localized energy production and distribution, a strategy that is one of key underpinnings of the national 'Smart Grid' initiative.
The sales agreement between Electric City Wind Power and Penobscot Mountain Wind entails the manufacture and installation of a total of 6 megawatts of the Multi-Axis Turbo System vertical wind power generation equipment, which Electric City produces under a licensing agreement with Mass Megawatts. Under the terms of the agreement Penobscot Mountain Wind has the right to apportion its 6 MW equipment purchase into a number of individual projects, with a minimum nameplate capacity of any given project being 500 kW.
Dr. Mark Puffenberger, MD, a managing partner of Penobscot Mountain Wind, related in a prepared statement that, "Although we negotiated the right to have Electric City install projects for Penobscot below a megawatt in size, we're already well into discussions with counterparties for power purchase agreements where the requirements are two megawatts or greater. We also have talks underway for turnkey projects, where Penobscot Mountain will sell the completed wind power facility to a third party that has the prerequisites to engage in megawatt-sized net metering, while we stay on as the managing operator for the course of the facility's commissioned service. The reality is that we expect to have the 6 megawatts of capacity committed to projects very shortly, and Penobscot Mountain Wind is already back at the table with Electric City Wind Power to work out terms on a second equipment and installation purchase agreement. We're focusing our efforts on the 1 to 2 megawatt customers which fit well with the Mass Megawatts Multi-Axis Turbo System technology."
Hamlin, Pennsylvania based attorney Michael Walker, also a managing partner of Penobscot Mountain Wind, LLC, released a separate statement in which he said, in part, that, "Mass Megawatts' MAT technology has allowed us to bring the missing piece to the table that has kept community based wind power projects from moving forward. The MAT wind power generation system is below 75 feet in height, noise-free, and doesn't harm migratory birds. A number of municipalities have viewed a presentation by Electric City Wind Power and responded very favorably. Obviously, we're pleased that the timing of our agreement with Electric City Wind Power coincides with Mass Megawatts' introduction to the market of the new version of the MAT technology. Our projects will feature the newly introduced Augmenter System and other technology. It's an extremely exciting product and we have a customer base that is clamoring for it."
Christopher T. Powell, Electric City's Corporate Counsel, cited the far reaching regional economic benefits that distributed energy model strategies, such Penobscot Mountain Wind's development plan, will have in Northeastern Pennsylvania. "Development groups like Penobscot Mountain are going to create a localized wind energy economy that keeps the benefit and the dollars generated by projects within the region, allowing municipalities, school districts and businesses to save huge sums on electricity over the years, while, at the same time creating a revenue basis that stays local and creates permanent manufacturing and installation jobs that can't be exported out of our mountain counties."
Electric City Wind Power's Vice President of Sales, John Moran, told listeners in a recent investor's conference call that, "The new version of the MAT and Augmenter Systems provides a technology platform that allows for the placement of projects in regions with medium grade wind resources, greatly expanding the geographic foot print into which viable commercial and community based wind projects can be sited."
This ability to profitably operate wind power projects in areas that previously had not been considered to have an exploitable resource will allow for a tremendous increase in the number of businesses, municipalities, and school districts that can adopt distributed energy models based on medium grade wind resources. Developers such as Penobscot Mountain Wind, LLC and other groups that are in the process of forward purchasing allotments of MAT equipment are well positioned to engage in a design-build model, delivering turn-key wind power projects.
This press release contains forward-looking statements that could be affected by risks and uncertainties, including but not limited to Mass Megawatts' ability to produce a cost-effective wind energy conversion device. Among the factors that could cause actual events to differ materially from those indicated herein are: the failure of Mass Megawatts Wind Power, Inc. to achieve or maintain necessary zoning approvals with respect to the location of its power developments; the ability to remain competitive; to finance the marketing and sales of its electricity; general economic conditions; and other risk factors detailed in periodic reports filed by Mass Megawatts Wind Power, Inc.
SOURCE Mass Megawatts Wind Power, Inc.
Share this article