Wednesday, 04 February 2015 10:20 AM
Agreement With Cosmic Energy Africa (Pty) Ltd. for the Purpose of Developing HAE's proprietary technology Oceanus(TM) and Other Power Generation Projects in South Africa
WEST PALM BEACH, FL / ACCESSWIRE / February 4, 2015 / Hydro Alternative Energy, Inc. ("HAE" or the "Company"), a West Palm Beach, Florida based company which, together with its subsidiaries, plans to become an independent power provider ("IPP"), announced today that its wholly-owned South African subsidiary, Natural Forces Energy Solutions (Pty) Limited ("NFES"), has executed a memorandum of understanding ("MOU") with Cosmic Energy Africa (Pty) Ltd., a South African company ("CEA") which was formed to respond to the increasing demand of the Alternate Renewable Energy Sector in South Africa and focusing on bio-energy, solar, wind, wave and current technologies, waste to energy, projects both as developers and consultants.
Pursuant to the MOU, CEA and NFES intend to partner with each other for purposes of developing electrical power generation projects in South Africa within the alternate renewable energy sector, such as but not limited to, HAE's proprietary technology Oceanus(TM), Micro Hydroelectric, (Run-of-the River type) and/or Solar Photovoltaic ("PV"). CEA will seek to cooperate, provide, and/or cause to be provided all necessary and required assistance to NFES in accordance with applicable law in order that NFES, may successfully negotiate, enter into and fully perform its obligations under one or more power purchase and/or related agreements relating to the preconstruction, construction, finance and continued operation of one or more Power Plants powered by HAE's Hydrokinetic Power Generation System (Oceanus(TM)) and/or other power generation technologies and promptly secure and obtain all necessary licenses, permits and other approvals, relating to and in connection with the project(s).
CEA, founded in November 2013 by Derek Naidoo (CEO) based in eThekwini, South Africa, is comprised of a team of qualified civil, electrical, chemical and mechanical engineers, planners, financial and legal advisors and quality managers.
The MOU sets forth NFES's and CEA's intent in furtherance of the MOU to prepare a joint venture agreement pursuant to which the parties shall create a new company incorporated under the laws of South Africa, of which NFES shall be the majority shareholder and be able to designate the majority of such company's directors.
Mark Antonucci, CEO of HAE and NFES, was quoted as saying: "This MOU evidences HAE's continued efforts to further our role in seeking to develop renewable energy and other power generation solutions while keeping true to our mission: To be a leading worldwide independent power provider focused on the alternate renewable energy sector by utilizing the hydrokinetic, hydroelectric, solar and other power development sources to generate electric power worldwide, safely, cost-effectively, reliably and profitably, with minimal to no ecological impact."
Derek Naidoo, CEA's CEO, was quoted as saying: "We are most pleased to have this opportunity to partner with HAE to bring safe, reliable energy development opportunities to South Africa. We are cognizant of the South African President's call in his State of the Nation address in June of this year for the need for partnerships in renewable energy for development in rural areas, and intend to heed such call."
Mr. Antonucci was further quoted as saying, "South Africa recognizes that it has an immediate and future energy crisis, and that it needs to be able to secure affordable and reliable energy to solve its short term energy issues, and to power long term economic growth. We are encouraged that the South African government is now voicing clear support in working towards a more investor-friendly climate, and encouraging private sector participation and competition among IPPs in the generation sector and open access to the transmission system, in furtherance of its National Development Plan and previously issued Energy White Paper."
HAE's strategy for engaging in the energy generation business focuses mainly on existing power generation technologies and various power generation sources, and entails establishing strategic alliances with engineering procurement and construction ("EPC") contractors and/or partnering with prospective project developers, manufactures, suppliers, contractors and others having required specialized expertise, and financing sources, to construct, supply and install power generation equipment for new facilities and/or to expand, engineer, refurbish and upgrade acquired existing facilities for HAE to operate as an independent power provider.
Forward Looking Statements
Certain statements made by Upower, Inc. ("HAE"), its subsidiaries and members of its management team on its behalf in this release and other periodic oral and written statements, regarding HAE's operating performance, events or developments that HAE believes or expects to occur in the future, including those that discuss anticipated financial results, strategies, goals, outlook or other non-historical matters, or which relate to future sales, earnings expectations, cost savings, growth of HAE or of the market for its products and services, or general belief in HAE's expectations of future operating results are forward-looking statements. All such forward-looking statements are subject to risks and uncertainties, including the need by HAE for substantial additional working capital to materially advance its business plan, including the projects discussed in this press release; no assurances that HAE will be able to secure such capital or the terms upon which such capital may be secured, if at all; technology and other challenges involved in the development and operation of HAE's planned products and services, including the performance of technology which may be utilized by HAE, compliance with local, regional and national power generation, environmental and related laws, and local, regional and national governmental cooperation; local, regional and national economic considerations, including residential and industrial energy demand; foreign currency effects; HAE's ability to protect its intellectual property; the ability to integrate acquisitions successfully and the risk that expected synergies may not be fully realized or may take longer to realize than expected; and competitors' product introductions, pricing and other competitive pressures, as well as other risk factors and uncertainties. Forward-looking statements included herein are made as of the date hereof, and HAE undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances. Actual results could differ materially from anticipated results.
CONTACT:
Mark Antonucci, CEO
561-900-7200
[email protected]
SOURCE: Hydro Alternative Energy, Inc.