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WORCESTER, Mass., Nov. 20, 2009 (PRNewswire-FirstCall) -- Mass Megawatts Wind Power, Inc. (OTC Bulletin Board: MMGW) announced today that a Pennsylvania based licensee, Electric City Wind Power Corp had executed a $5,800,000 agreement with John Gianacopoulos, principal of a leading architectural firm, who heads a consortium of wind power investors from the Scranton area. The parties had previously signed a letter of understanding, and Electric City Wind Power Corp announced on November 20th that a contract been signed with the Gianacopoulos' group in order to secure 2010 manufacturing and delivery schedules for the wind power generation equipment covered by the contract according to Attorney Chris Powell, a senior partner of the Scranton, PA based Powell Law who represents Electric City Wind Power Corporation. Under the terms of the agreement, Mr. Gianacopoulos and his investors will purchase a total of 3 Megawatts of Mass Megawatt's Multi-Axis Turbosystem (MAT) equipment which will be installed as a series of wind power projects to be sited in northeastern Pennsylvania. The projects will be sized from 500 kW to 1 MW in nameplate capacity. In a statement previously released to the media, Gianacopoulos had pointed out the opportunities that his group was seeking to capitalize on, saying, in part, that "The Scranton Wilkes-Barre corridor has a very unique combination of a large, localized demand for electricity sitting in close proximity to an abundant wind resource. Many of our Valley's windy ridgelines sit within a mile or so of huge consumers of electricity, be they businesses, schools, hospitals or government facilities. We've developed a distributed energy model that speaks to creating varied strategic partnerships between wind power investors and electricity consumers, partnerships that leverage the generous Federal and state subsidies and tax benefits, while utilizing Pennsylvania's net metering law, which is the most progressive in the country. "Working with Mass Megawatts and Electric City allowed for us to bring the one element to the table that has kept us from moving forwards, which was the lack of a wind power technology that was acceptable to the communities of the region. Mass Megawatt's MAT wind power generation system is below 50 feet in height, and local municipalities that have had Electric City Wind Power provide presentations on the system have had an extremely favorable reaction. "We're also pleased that the timing of our agreement with Electric City Wind Power coincides with the coming to market of the latest generation of the MAT technology. All of our projects will feature the newly introduced enhancements. I fully expect that we will have the full 3 Megawatt's worth of projects committed within the next few months, and we'll be back talking with Electric City to seek additional capacity, with the same pricing structure, of course." Mass Megawatts has completed the installation of the first commercialized version of the Company's new model at Hunter, New York. Over the past 18 months the Company's engineering team has been designing and field testing a new MAT configuration that allow for enhancements to the Augmenter equipment to be incorporated into the overall system. Additionally, the Company's recently developed Wind Diffuser (patent pending) will be installed on the Hunter Project. The power curve on the new MAT System is projected to be higher than that of the previous version of the technology. John Moran, a senior sales executive with Electric City Wind Power, who served as the Company's lead negotiator in the talks that led to the agreement with Gianacopoulos, had explained to attendees at a company sponsored renewable energy conference in August that "The new version of the MAT and Augmenter is going to allow for highly efficient commercial and community wind projects to be sited in lower wind areas. This will expand the viable wind resource footprint into areas that contain an unlimited number of prime candidates for distributed energy wind power projects. "Our net metering law in Pennsylvania allows for 'virtual' net metering within a two mile radius of an owner's renewable energy generator. In essence, this means that Mr. Gianacopoulos and his group are well positioned to engage in a design-build model, delivering turn-key wind power projects for businesses and organizations in the region. Obviously, this is a model that will be successful throughout Pennsylvania." Frank Smollon, Electric City Wind Power Corp's CEO, commenting on the agreement with the Gianacopoulos group, stated that "The execution of the agreement with John Gianacopoulos and his group is a testament to the technology we're bringing to market. Our negotiations with a number of other organizations in Pennsylvania who are intent on developing wind power projects are taking advantage of the same alignment of positive elements that John Gianacopoulos recognized; Federal and state subsidies totaling up to 40% of a project's cost, the right to completely depreciate a project in 5 years, net metering that pays close to retail cost for any excess generation, and, of course, the willingness of communities to embrace the MAT's equipment's low height." This press release contains forward-looking statements that could be affected by risks and uncertainties, including but not limited to Mass Megawatts Wind Power, Inc.'s 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 MAT 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. Home |
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