The Solar Wind Downdraft Tower (SWET) and structure is said to be capable of producing abundant, inexpensive electricity to meet the world’s increasing demand. The company recently issued an update on the execution of Company’s Business Plan and development of its Tower project in San Luis, Arizona.
The focus of the Company’s Business Plan has been to secure the proprietary and intellectual property necessary to enable development of its hybrid solar-wind clean energy solution, the utility scale downdraft tower. SWET’s revenue model is based on charging developmental fees to potential developers of the towers and the receipt of long term recurring royalties defined by the amount of energy produced by the structures.
The company has assembled a team to pursue its business plan and achieve the necessary patents to facilitate the successful development.
Once the initial Tower is constructed, it will be a source of abundant, economically competitive clean power. Through its subsidiary Arizona Green Power, LLC (AGP), SWET has been pursuing and contributing significant resources, both manpower and capital, to development of its first tower project in San Luis, Arizona, called the AGP Tower Project.
The Business Model objective is for AGP to acquire necessary approvals for the project and identify an appropriate teaming partner to further develop the project, thereby ensuring that, in exchange for the rights to use the company’s intellectual property and proprietary know-how to develop other towers, SWET will receive the appropriate development and royalty fees.
“We believe sufficient accomplishments and entitlements are in hand to enable us to attract an entity to team with AGP and provide the necessary resources to pursue the development of the San Luis, AZ Tower Project,” says Ron Pickett, CEO of SWET. “Recently, we announced the engagement of Hanover International to vet the potential market and introduce SWET to the appropriate bankers, and to assist the company with defining its place in the market. Hanover diligently undertook the vetting process and introduced SWET to many interested potential firms. Our selection process is now complete.”
Through its banker, AGP is seeking sufficient capital to pay SWET the development fee and take the San Luis project to commencement of construction. Transferring development responsibilities to AGP will satisfy the capital requirements for SWET and eliminate the need for SWET to continue short term convertible note borrowings.
Solar Wind Energy Tower Inc
Solar Wind Energy Tower
Filed Under: Financing, News, Towers