W2 Energy AzRISE CAES Project Update
GUELPH, Ontario, Dec. 1, 2011 /PRNewswire/ -- W2 Energy, Inc. (OTC:WTWOD) is pleased to announce that it is currently working on a 2nd generation engine system for the AzRISE (azrise.org) Compressed Air Energy Storage (CAES) system, to be deployed at the University of Arizona Science and Technology Park in Tucson.
The CAES system will be connected to a 1.6 megawatt solar plant built by Solon for Tucson Electric Power.
A recent article in the Arizona Star indicated that the CAES project using the W2 Energy engine system was supposed to have been tested and deployed by AzRISE by late summer, 2011. The delays resulted from a number of factors including delays in the storage tank being delivered to AzRISE. But also, AzRISE and W2 Energy are building and inventing a new technology set, and the creation of new technology always takes longer than expected. W2 Energy has had to redesign the engine system several times in order to incorporate new ideas discovered during testing.
"While W2 Energy and AzRISE have not met some of their targets for technology deployment and testing, both parties, as well as their partners TEP and Solon, remain committed to proving the viability of compressed air as a storage medium for renewable and conventionally-produced electricity," says Joe Simmons, Director of AzRISE. "Changing the landscape of the energy industry using new technology will be successful."
W2 Energy trades in the United States on the OTC market under the symbol "WTWOD."
For further information, please contact Mike McLaren at (519) 341 4776 or go to www.w2energy.com
Note: Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause results to differ materially. Such risks, uncertainties and other factors include but are not limited to new economic conditions, risk in product development, market acceptance of new products and continuing product demand, level of competition and other factors described in reports and filings with regulatory bodies
W2 Energy, Inc.
SOURCE W2 Energy, Inc.