According to reports, SAI Prasad Energy Pvt. Ltd a pune based company in India, with businesses in a multitude of industries including manufacturing and real estate development has made the first equity investment payment of $1 million as part of a previously announced manufacturing license agreement (“Agreement”) in Cleanfield Alternative Energy Inc. (“Cleanfield”) (TSX Venture: AIR) – a leader in innovative, urban renewable energy technologies and building-integrated solutions.
Cleanfield develops, markets and distributes proprietary, renewable energy products.
Pursuant to the terms of the Agreement, SAI will be granted manufacturing rights for Cleanfield’s off-grid vertical axis wind turbine (VAWT) for the continent of Asia. The Agreement calls for SAI to purchase $2 million of Cleanfield common shares in four milestone installments. SAI will also pay Cleanfield a quarterly royalty fee on all sales of its products. During the next several months, Cleanfield and SAI will be establishing a manufacturing facility in India for a hybrid off-grid system, which consists of Cleanfield’s V3.5 VAWT and an array of solar photovoltaic panels.
Cleanfield’s Chief Executive Officer Tony Verrelli said, “This first equity investment, together with the addition of Mr. Sureshlal Shrivastav, Chief Executive Officer of SAI Prasad Group, to our Board of Directors subject to TSX approval, crystallizes our strategic business venture in India. Establishing this partnership with SAI and introducing our technologies to the vast Asian market represents a significant company milestone. SAI has diverse operations and many, widespread business contacts across India, a rapidly growing economy with significant demand for clean, renewable, distributed energy.”
According to the company V3.5 VAWT, features three-metre long vertical blades that rotate around a central axis. These wind turbines are designed for both tower (ground-mount) and rooftop installation (roof-mount) and can produce clean renewable energy for commercial, industrial, retail, institutional, agricultural and residential markets. Cleanfield’s future product lines will include a 250kW universal inverter (power range 30 to 250kW), larger wind turbines and nanowire solar technology.
As Panchabuta has discussed earlier, Indian government may ask telecom companies to install solar panels to generate backup power for cellphone towers and install hybrid solutions. According to reports, a proposal being finalized by the ministry of new and renewable energy (MNRE)and is aimed at containing the use of polluting diesel generators to provide back-up power. The move could increase the cost of network expansion significantly.
Further, Luminous recently has designed, manufactured and installed off-grid and grid connected wind-solar hybrid power plants.
It seems like SAI Prasad Energy, has taken an approach to move into the off grid hybrid solutions area that could help for commercial, industrial, institutional and residential markets.