In December last year, 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.
According to a release, Cleanfield Alternative Energy Inc. (“Cleanfield”)(TSX VENTURE: AIR), a leader in innovative, sustainable energy technologies and building-integrated solutions, announced today that its off-grid hybrid prototype system has been shipped to SAI Prasad Energy of India (“SAI”) for on-site testing, manufacturing and sale. The prototype system consists of a Cleanfield VAWT, an array of solar photovoltaic panels, battery charger, off grid inverter and a battery bank.
By shipping the prototype system, Cleanfield has achieved a major milestone set out in its license agreement with SAI, which will trigger SAI’s next three equity investments in Cleanfield that will total $1 million. SAI has already invested $1 million in Cleanfield, and will pay Cleanfield a quarterly royalty fee for all hybrid units sold by SAI.
Mihail Stern, Cleanfield’s Chief Technology Officer said, “Cleanfield is well-positioned to participate in Asia’s rapidly developing renewable energy industry including SAI’s core India market.
Cleanfield’s off-grid hybrid system has the ability to leverage the excellent solar opportunities in India with good wind resources the country has to offer.”
Subject to TSX Venture Exchange approval, Cleanfield will issue 871,550 common shares at $0.10 per share to satisfy certain debt owing to four arm’s length creditors of its subsidiary, Cleanfield Energy Corp. Upon Exchange approval, the shares will be issued and subject to a four-month Exchange hold period.