Under the terms of the agreement, Mr. Gianacopoulos and his investors plan to purchase a total of 3 Megawatts of Mass Megawatts’ Multi-Axis Turbosystem (MAT) equipment which are anticipated to be installed as a series of wind power projects to be sited in northeastern Pennsylvania. The planned projects are sized from 500 kW to 1 MW in nameplate capacity.
In a statement released to the media, Gianacopoulos pointed out the opportunities that his group was seeking to capitalize on, saying, in part, that "the Scranton Wilkes-Barre corridor has a very unique combination of a large, localized demand for electricity sitting in close proximity to an abundant wind resource. Many of our Valley’s windy ridgelines sit within a mile or so of huge consumers of electricity, be they businesses, schools, hospitals or government facilities. We’ve developed a distributed energy model that speaks to creating varied strategic partnerships between wind power investors and electricity consumers, partnerships that leverage the generous Federal and state subsidies and tax benefits, while utilizing Pennsylvania’s net metering law, which is the most progressive in the country.
"Working with Mass Megawatts and Electric City allowed for us to bring the one element to the table that has kept us from moving forwards, which was the lack of a wind power technology that was acceptable to the communities of the region. Mass Megawatts’ MAT wind power generation system is below 50 feet in height, and local municipalities that have had Electric City Wind Power provide presentations on the system have had an extremely favorable reaction.
"We’re also pleased that the timing of our agreement with Electric City Wind Power coincides with the coming to market of the latest generation of the MAT technology. All of our projects will feature the newly introduced enhancements. I fully expect that we will have the full 3 Megawatts worth of projects committed within the next few months, and we’ll be back talking with Electric City to seek additional capacity, with the same pricing structure, of course."
During September of this year, Mass Megawatts will complete the installation of the first commercialized version of the Company’s new model at Hunter, New York. Over the past 18 months the Company’s engineering team has been designing and field testing a new MAT configuration that allow for enhancements to the Augmenter equipment to be incorporated into the overall system. Additionally, Mass Megawatts’ recently introduced Wind Diffuser (patent pending) will be installed on the Hunter Project. The power curve on the new MAT System is projected to be 40% higher than that of the previous version of the technology.
John Moran, a senior sales executive with Electric City Wind Power, who served as the Company’s lead negotiator in the talks that led to the agreement with Gianacopoulos, explained to attendees at a recent company sponsored renewable energy conference that "the new version of the MAT and Augmenter is going to allow for highly efficient commercial and community wind projects to be sited in lower wind areas. This will expand the viable wind resource footprint into areas that contain an unlimited number of prime candidates for distributed energy wind power projects.
"Our net metering law in Pennsylvania allows for ‘virtual’ net metering within a two mile radius of an owner’s renewable energy generator. In essence, this means that Mr. Gianacopoulos and his group are well positioned to engage in a design-build model, delivering turn-key wind power projects for businesses and organizations in the region. Obviously, this is a model that will be successful throughout Pennsylvania."
Frank Smollon, Electric City Wind Power Corp.’s General Manager, commenting on the agreement with the Gianacopoulos group, stated: "We’re in negotiations with a number of other organizations in Pennsylvania who are intent on developing wind power project models that are based on taking advantage of the same alignment of positive elements that John Gianacopoulos recognized; Federal and state subsidies totaling up to 40% of a project’s cost, the right to completely depreciate a project in 5 years, net metering that pays close to retail cost for any excess generation, and, of course, the willingness of communities to embrace the MAT equipment’s low height. It really is an incredible combination."
Mass Megawatts Wind Power, Inc. (OTCBB: MMGW) is a leader in the development of low-cost, wind energy production systems. The patented Multi-Axis Turbosystem (MAT) is capable of generating electricity at 40% less cost than traditional wind power technologies and directly competitive with fossil fuel power plants such as coal and natural gas.
Mass Megawatts Wind Power, Inc. is in the business of developing, building, and operating state-of-the-art wind energy power plants. Mass Megawatts has exclusive patent rights for over eleven percent of the world for building wind farms that produce energy at a lower cost than any other wind energy technology. In fact, the cost of clean Mass Megawatts electricity is projected to be in the same range as fossil fuels – currently the cheapest source of electricity – in a world market generating $650 billion a year. The patented "Multi-Axis Turbosystem" or MAT wind farm production system is expected to generate power more cost effectively than any other wind power generation system. Mass Megawatts has identified enough high-wind locations in its territory to potentially supply better than fifteen percent of the territory’s electricity.
The MAT design received a PE stamp , certifying that the structure can withstand 120 mile per hour winds, and level four earthquakes. Early prototypes have also produced data indicating that operating costs will be much less than other wind energy systems due to a design that reduces vibration, parts costs, and maintenance time.
With today’s energy price assumptions, the Mass Megawatts venture would breakeven in two years for the best wind sites with clean energy tax credits and green energy market pricing.
The Company’s product is the MultiAxis Turbosystem (MAT) which converts energy generated by wind, a clean, inexhaustible power source, into electricity.
Each MAT consists of a rectangular fabricated steel frame 80′ high x 80′ long and 40′ wide, elevated 50′ above ground level for improved wind velocity, and secured to footings at ground level. Each stack is connected to two generators mounted on the ground level footing. The generators feed to a power collector panel which, in turn, connects to the power grid.
The MAT’s geometrically simple, smaller, stacked blade configuration reduces blade cost. By positioning these blades in a unique format, MAT more efficiently gathers the mechanical power of the wind and transfers it to the generators for the production of electrical power. Its design allows other critical parts of the wind turbine to be repositioned, thus reducing the structural complexity and cost of construction.
Also, the MAT design enables power output to be achieved at a much lower wind speed, providing a more consistent power output to the utility power grid. This potential for consistent output provides utilities with planning advantages, and fewer power fluctuations allow for better power quality. Coal, oil and gas generators are always at full capacity when needed. Wind energy, using conventional turbines, cannot reach full capacity unless weather conditions are favorable. MAT’s improved method of delivering electricity will allow wind energy generated power to demand a higher competitive bid price due to the more consistent supply.