GDT Tek, Inc. Executes an Energy Service Agreement for 20MW of Power for its Desert Hot Springs, CA Solar Project
ORLANDO, Fla., March 7, 2012 /PRNewswire/ -- GDT Tek (OTC: GDTKD) today announced that it has executed an Energy Service Agreement (ESA) with a private wholesale company to purchase 20MW of power from its Desert Hot Springs, CA 109 Acre Solar Project.
GDT Tek recently closed escrow on 109 acres of prime solar farm property in Desert Hot Springs. The ESA states that the private company will purchase all electricity up to 20MW/hr and resell it to companies at a set wholesale price.
President of GDT Tek, Bo Linton commented, " This ESA is crucial to finance our project. Our location is perfect for a solar farm and with this ESA in place, several solar PV installations companies could provide GDT Tek with the product and financing to build it."
"With many types of government incentives for building a solar farm such as tax credits, we believe we now have a really attractive project for big investors and financiers that is simple and proven," concluded Mr. Linton.
GDT Tek, Inc. is an Orlando, Florida-based publicly traded company (OTC: GDTKD) focused on renewable and sustainable energy technologies. The company has licensed patented waste heat to electric power generation technology and is driving its adoption by power plants, landfills and other waste-heat generating industries. GDT Tek's waste heat to electricity systems are powerful enough to serve as a primary energy source, highly efficient, immediately cash-flow positive when installed under a Power Purchase Agreement and are scalable with system sizes from 150 KW/Hr to 5000 KW/Hr currently available. The GDT Tek system has been proven through a long-term five year installation at a San Jose, California-area landfill. Waste heat captured from landfill-generated methane gas generator engine exhaust and radiator jacket coolant systems is used by the GDT Tek system to generate electricity which is then sold to the grid. Professor Robert W. Dibble of the University of California at Berkeley assessed the GDT Tek system and stated that "Of the many technologies that I have evaluated over the course of the past several decades, GDT Tek's heat to power conversion solution has proven to be the most reliable, versatile, efficient, lowest emissions, and overall cost-effective solution available in today's changing world market." RTR Global Investments, LLC is a wholly owned subsidiary of GDT Tek, Inc. Its holds projects, contracts, and power purchase agreements for its parent company GDT Tek, Inc. GDT Tek, Inc.'s website is www.gdttek.com, which is in the process of being updated; please sign up for our newsletter (http://www.gdttek.com/info-signup.php) for future information about the company.
Steriwave-GDT Tek LTD is a JV company with Steriwave Hungary LTD and is 50% owned subsidiary of GDT Tek. Steriwave-GDT Tek holds the ownership of the American Canyon Landfill project and has filed a patent application for a system that safely removes and captures methane hydrates from undersea reserves.
Steriwave Startec LTD core competencies are in the design and realization of industrial prototypes of devices with ultrasonic sonotrode.
GDT Tek, Inc. website is www.gdttek.com
Steriwave-GDTek website is www.steriwave-gdt-tek.com/
Safe Harbor Statement: This release includes forward-looking statements. These forward-looking statements generally can be identified by phrases such as GDTK or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements herein that describe the Company's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements.
SOURCE GDT Tek, Inc.