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.
A couple of weeks ago,Cleanfield Alternative Energy Inc. (“Cleanfield”)(TSX VENTURE: AIR) announcedthat 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.
Cleanfield announced yesterday that its Indian strategic partner and shareholder Sai Prasad Energy (“SAI”) officially opened its new renewable energy manufacturing facility in Pune, India. The facility will have the capacity to annually manufacture 1,200 units of Cleanfield’s 5.1kW off-grid hybrid system comprising of a 3.5KW vertical axis wind turbine and a 1.6KW solar system. Sai will be installing 13 off-grid hybrid systems over the next several months at petroleum stations, commercial facilities, and hotels. Furthermore, Sai has already undertaken a vendor development program for the distribution of the hybrid system.
Cleanfield’s CEO Tony Verrelli said, “I was extremely excited to participate in SAI’s inauguration of their renewable energy manufacturing facility in Pune. With the facility officially opened, our common goal of widely distributing our hybrid system is gaining momentum. The off-grid hybrid system and our partnership with SAI allows Cleanfield to compete for new market opportunities which Cleanfield would not have otherwise been able to participate in. Partnering with SAI has enabled Cleanfield to expand our product offering and penetrate the Indian and Asian markets.”