SOURCE: Solar Wind Energy Tower, Inc.
ANNAPOLIS, MD--(Marketwired - Oct 29, 2013) - Solar Wind Energy Tower, Inc. (OTCQB: SWET), (the "Company"), the inventor of a large Solar Wind Downdraft Tower structure capable of producing abundant, inexpensive electricity, announced today that its Equity Facility to fund up to $3,000,000 from Beaufort Ventures, PLC is now effective and Solar Wind Energy may access the funds under the terms of the agreement.
Earlier this summer on July 15th, the Company announced it had received the commitment for the Equity Facility from Beaufort. Under the terms of the commitment, the Company was required to file an S-1 Registration Statement with the SEC. The Company was notified by the SEC that there were no further comments and the Registration Statement has now been declared "Effective" which allows the Company to access Equity Facility funding.
Tanvier Malik, Director of Beaufort Ventures, PLC commented: "Beaufort is pleased to play a role assisting Solar Wind Energy to bring its amazing clean alternative energy solution to the market. Beaufort Ventures looks to invest in Companies that have a viable business model where we can assist in both short term and long term goals. We have been familiar with the management of Solar Wind for many years and believe that this potentially "game changing" energy solution under the direction of this management truly has the potential to make a global impact."
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 utilize proven and validated scientific principles, combining them with state of the art construction systems to enable the development and commercialization of large Solar Wind Downdraft Tower structures that produce abundant, inexpensive electricity. Our Company's core objective and focus is to become a leading enabler 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 Company intends to establish partnerships at home and abroad to propagate Tower Projects and meet the increasing global demand for electricity. The Company does not intend to own the projects. The business plan includes receiving license fees for territories, development fees during construction, and recurring royalty fees based on the actual kilowatt hours produced by the Tower. Solar Wind Energy has assembled a team of experienced business professionals, engineering and scientific consultants with the proven ability to bring this solution 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., based in Annapolis, MD, is traded on the OTCQB under the symbol 'SWET'. For more information visit www.solarwindenergytower.com
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.
Abundant, Clean, Affordable Electricity Production
The Company has successfully managed to economize the Tower, reducing capital costs and improving projected financial performance. 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 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 Tower's height and width.
Under the most recent design specifications, the first San Luis Tower has a design capacity on an hourly basis, of up to 1,250 megawatt hours, gross. Due to lower capacities during winter days, the average hourly output per day for sale to the grid for the entire year is approximately 435 megawatt hours.
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).