ANNAPOLIS, Md., March 8, 2013 /PRNewswire/ -- Clean Wind Energy Tower, Inc. (OTCQB: CWET, the "Company") announced today that effective Monday, March 11th 2013 the Company's corporate name will be changed to Solar Wind Energy Tower, Inc., to more accurately and categorically define the nature of its business and to eliminate the confusion of associating its technology with traditional wind turbine technology. In addition, the Company's stock symbol will be changed to OTCQB: SWET.
The Company's website will be changed to www.solarwindenergytower.com. Future traffic to the old CWET website will automatically be rerouted to the new SWET website. All other Company contact information will remain unchanged.
Innovative Renewable Hybrid Solar / Wind Energy Technology
Ronald W. Pickett, CEO, stated, "We view ourselves as a hybrid solar/wind technology, now reflected in the name, Solar Wind Energy Tower, Inc. The simplicity of our solution is comprised of harnessing the natural power of a downdraft created when water is introduced to hot, dry air within the confines of our Tower structure."
About Solar Wind Energy, Inc.
Solar Wind Energy, Inc. (Solar Wind Energy), a wholly owned subsidiary of Solar Wind Energy Tower, Inc., was established to commercialize a number of proven, validated technologies and construction systems into a single large Solar Wind Downdraft Tower structure that produces abundant, inexpensive electricity. Our Company's core objective and focus is to become a leading provider of clean, efficient green energy to the world communities, at a reasonable cost, without the destructive residuals of fossil fuels, while continuing to generate innovative technological solutions for tomorrow's electrical power needs.
The Solar Wind Downdraft Tower
The Solar Wind Downdraft Tower is a hollow cylinder reaching skyward into the hot, dry atmosphere heated by the solar rays of the sun. The water introduced by the injection system near the top of the Tower evaporates and is absorbed by the hot, dry air. The air becomes cooler, denser and heavier than the outside warmer air and falls through the cylinder at speeds up to and in excess of 50 mph and is diverted into wind tunnels surrounding the base of the Tower where turbines inside the tunnels power generators to produce electricity.
Downdraft Tower Will Produce Abundant, Inexpensive electricity
The Company has successfully managed to downsize and economize the Tower, reducing expected capital costs and improving projected financial performance. The Company recently announced the completion of weather data models that confirm the first tower height can be lowered from 3,000 feet down to 2,250 feet. This development was made possible by utilizing our recently announced software which can calculate and predict energy production by our Solar Wind Downdraft Towers given local weather data. By feeding the weather data for southwestern Arizona/ Northern Mexico into the program, the Tower's height and diameter can be adjusted along with the amount of water added as fuel to create a desired amount of energy. The outcome dictates the optimum size of the Towers height and width.
Under the most recent design specifications, the first San Luis Tower is expected to have a design capacity on an hourly basis, of up to 1,250 megawatt hours, gross. Using a 60% capacity factor, we expect the Tower's potential hourly yield equates to 600 megawatt hours, from which approximately 18.5% will be used to power its operations, yielding approximately 500 megawatt hours available for sale to the power grid. Factoring in lower capacities during winter days, the average daily output for sale to the grid for the entire year is approximately 435 megawatt hours per day. Currently in California avoided costs are running approximately $0.11 per kilowatt hour. As an independent power producer of clean renewable energy, the Company will be selling power directly to the power grid rather than directly to consumers.
In addition to constructing Solar Wind Downdraft Towers in the United States and abroad, the Company intends to establish partnerships at home and abroad to propagate these systems and meet increasing global demand for electricity. Solar Wind Energy has assembled a team of experienced business professionals, engineering and scientific consultants with the proven ability to bring the idea to market. Solar Wind Energy has filed and been issued patents that the Company believes will further enhance this potentially revolutionary technology. Solar Wind Energy, Inc. is based in Annapolis, MD, and is traded on the OTCQB under the symbol 'SWET'. For more information visit www.solarwindenergytower.com
Solar Wind Energy, Inc.
1997 Annapolis Exchange Parkway
Annapolis, Maryland 21401
Phone: (310) 497 8817
Cautionary Note Regarding Forward-Looking Statements
Statements included in this release may constitute "forward-looking statements". Actual results may differ materially from those projected in forward-looking statements. Such statements involve a number of risks and uncertainties such as competitive factors, technological development, market demand and the Company's ability to obtain new contracts and accurately estimate revenues, if any, due to variability in size, scope and duration of projects, and internal issues in the sponsoring client. Further information on potential factors that could affect the Company's financial results, can be found in the Company's various filings with the Securities and Exchange Commission (SEC).
SOURCE Clean Wind Energy Tower, Inc.