NEW YORK, April 24, 2015 /PRNewswire/ -- Power Clouds Inc. (www.powerclouds.com) (OTC Pink: PWCL) today summarized the accomplishments of its solar businesses since its inception just two years ago, following the change of the Company's name from World Assurance Group Inc. (WDAS) to Power Clouds Inc. (PWCL).
Company CEO & President Roberto Forlani discussed the Company's founding principle and also some recent accomplishments as below:
- We founded Power Clouds in March 2013 with a revolutionary vision of building solar energy stations on a large scale that individuals from all walks of life can participate in.
- Our concept is simple. Just like businesses and people all over the world now share data and apps in the 'Cloud,' stored in large data centers. Our participants can now generate green power in the 'Power Cloud,' at large solar plants across the globe, rather than having the hassle and high cost of placing individual solar stations on their own roof.
- Participants purchase their own solar panel. Each panel purchased is then installed at solar farms built and operated by us.
- Each Power Cloud has an average power capacity of 1.2 MW, capable of producing clean electricity, in optimal conditions, with an output up to 1,700 MWh, equivalent to the consumption of a town of about 1,500 inhabitants.
- Our first Power Cloud was completed in December 2013, less than a year after the Company was founded.
- We now have over 60,000 participants since March 2013.
- There are currently 25,000 panels in production across five Power Clouds in Romania, that in total have an average power capacity of 6.1 MW, capable of generating approximately 10,200 MWh of electricity annually.
- The green energy from these Power Clouds, approved by the Romanian Energy Authority is sold in to the local electricity grid and continues to generate recurring revenues for Power Clouds.
- A further 13 Power Clouds are scheduled for construction in Japan and these are expected to come into production during 2015 and 2016.
Mr. Forlani concluded, "We are very proud of what we have achieved in such a relatively short period of time and that we can show that our concept works so well in reality. We thank all of our participants for their commitment so far and we look forward to many more successes in the future. I invite everyone to learn more about our active Clouds and the plans for our future Clouds, at http://www.powerclouds.com/index.php/projects/ ."
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About Power Clouds Inc.
Power Clouds develops renewable and sustainable energy projects worldwide and engages in planning, creating and managing photovoltaic plants all over the world. It identifies optimal locations for its solar plants and then supports these projects with the coordination of business development activities and the strategic resources of engineers, suppliers, skilled builders and partner companies. With operational plants in Romania and activities in Japan and other worldwide locations, the Company has a core team of experts and project managers operating at international level, who have specific expertise in photovoltaics, the green economy and who have a proven ability to deliver the highest technical and cutting-edge solutions. For further information about how the Power Clouds model works, see www.PowerClouds.com.
The Company also currently operates three additional and wholly owned subsidiaries: Cellad Inc., a digital media company based in Ireland operating in the global mobile advertising industry; World Global Assets Pte Ltd (WGA) based in Singapore and which owns the Wor(l)d Global Network Pte Ltd brands, trademarks and technology, and World Media and Technologies Inc. ("WRMT"), an OTC listed company operating in the wearable technology and communications arena. Additional information on these companies may be found at www.worldassurancegroup.com, www.worldmediatech.com and www.cellad.com.
This press release contains forward-looking statements. Words such as "expects," "intends,'' "believes,'' and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, the ability to secure additional sources of finance, the ability to reduce operating expenses, and other factors described in the Company's filings with the OTC Markets Group. The actual results that the Company achieves may differ materially from any forward-looking statement due to such risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
SOURCE Power Clouds, Inc.