ANNAPOLIS, Md., March 27, 2013 /PRNewswire/ -- Solar Wind Energy Tower, Inc. (OTCQB: SWET), (the "Company") announced today that Solar Wind Energy is collaborating with Providence Energy Corporation, a privately-owned company from Dallas, Texas, on the development of the first Solar Wind Energy Downdraft Tower located in San Luis, Arizona on the US/Mexico border. The Solar Wind Energy Downdraft Tower will provide clean renewable energy at a cost more favorable than nuclear plants with no negative impacts to our planet.
Providence Energy is a nationally recognized leader in clean and environmentally friendly development of domestic oil and gas resources and has been investing in the generation of diversified sources of alternative energy for several years. Providence currently owns and manages over 4 million net mineral acres in 34 states with royalty and working interests in over 20,000 producing wells. Providence is primarily focused on unconventional oil and gas formations and has a strong presence in nearly all major basins across the country, but has invested substantially renewables over the past decade. The company has both invested in the R&D of innovative green technologies and also been actively developing renewable generation projects across the Americas.
Ronald W. Pickett, CEO, stated, "We have been in discussions with Providence Energy for several months about the development of our first Downdraft Energy Tower project in Arizona. Providence Energy and their various subsidiaries have extensive experience and expertise in partnerships with energy exploration, production, generation companies, as well as renewables across the Americas. Providence Energy has taken a position in Solar Wind Energy Tower, Inc., and we welcome their expert development assistance in making our first Tower Project a reality."
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.
Innovative Renewable Hybrid Solar / Wind Energy Technology
We view ourselves as a hybrid solar/wind technology, 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 within the confines of our Solar Wind Downdraft Tower structure, 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.
About Providence Energy Corporation
Providence Energy Corporation is a national leader in the domestic unconventional natural gas plays and was one of the first on the ground in the Marcellus Shale in Pennsylvania and West Virginia. The company has been primarily focused on buying oil and gas properties across the country and partnering with well-known operators such as Chesapeake Energy, Chief Oil & Gas and Chevron to develop the resources. Providence has also been pursuing diversified sources of alternative energy for several years and is currently developing waste-to-energy, hydropower, wind, and solar projects across North, Central, and South America. The company's oil and gas properties are managed by the subsidiaries Providence Minerals LLC, PEC Minerals LP, and Somerset Minerals LP. Cheyenne, a recently formed Exploration and Production arm, has secured over 1 million leasehold acres in the Mississippi Lime formation in Kansas and Oklahoma. Providence Renewables, LLC, led by Michael P. Childers, is primarily focused on developing, owning, and operating Waste-to-Energy, Biomass, and Hydro-Electric power plants both domestically and internationally. Through the subsidiaries Synergy Renewables, LLC and Hydro Green Energy, LLC, the company has quickly become a major player in these emerging alternative energy markets. Synergy Renewables finances, designs, permits, constructs and operates its projects facilities utilizing solid waste generated by municipalities and disposed of by local governments. Synergy is a joint venture between Providence and BP Capital/Mesa Power and brings a wealth of energy knowledge and experience to the sector. www.synergyrenew.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 Solar Wind Energy Tower, Inc.