POMPANO BEACH, FL, July 18, 2018 (GLOBE NEWSWIRE) -- Cyclone Power Technologies (OTC BB: CYPW) announced that it has entered into its first microgrid installation contract to provide systems that provide over 3 Megawatts of electricity, hot water and 72 hour storage backup through our patent pending Thermal Storage Units for over 365,000 square feet of medical facilities in Palm Beach County Florida beginning 1Q 2019. The power purchase agreement provides for ten years of power at a discount to the current rates paid to the local power company that has historically provided electricity, with benchmarks and adjustments annually based on industry pricing standards. The value of the power to be delivered over the ten years is estimated to be approximately $11 million dollars with no increase in power pricing based upon 2017 electricity rates.
Consultant to the Board of Directors John Flynn commented “Cyclone has worked almost ten years to build a product that could deliver a competitive, reliable patented solution with broad applications. When the Cyclone Mark 10 launches, estimated in late 2018, it can allow Cyclone to feel confident entering into the micro grid marketplace, which is predicted to grow from an estimated $1.4 billion dollars currently to an approximate $17 billion dollars in 2025 according to Grandview Research.”
Cyclone’s power system features a number of proprietary patented or patent pending elements that are being deployed commercially for the first time. The system will feature unique and patent pending solar collectors which are engineered to be hurricane resistant, a proprietary thermal storage unit and the Cyclone Mark 10 engine which will provide power atop a UL certified generator system built by a third-party partner who is currently a leader in the generator business worldwide. Cyclone expects to install this system in the first quarter of 2019.
“Florida law requires alternative power solutions for all elderly facilities," states Frankie Fruge, President. Fruge adds, “Florida passed SB 7028 recently, which ratifies a Department of Elderly Affairs rule to ensure that assisted living facilities have an alternative power source.” According to the Florida Senate website, the rule was developed in response to the death of 12 nursing home residents in Hollywood, Florida, from heat exposure due to power outages resulting from Hurricane Irma in September 2017. This mandate will create opportunities for micro grid facilities serving the elderly marketplace.
Cyclone has presented its all fuel, solar heat driven, thermal generation engine with zero emissions as a green alternative to the backup diesel generators that many facilities have, and with a small discount to grid pricing and a tax credit this is a financially attractive alternative to this emerging marketplace. Cyclone has several bank and finance sources who have indicated they can provide capital that allows companies signing a ten year power purchase agreement to install a micro grid with zero capital outlay.
Safe Harbor Statement
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The company cautions that these forward-looking statements are further qualified by other factors. The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.
About Cyclone Power Technologies
Cyclone Power Technologies is the developer of the award-winning Cyclone Engine -- an all-fuel, clean-tech engine with the power and versatility to run everything from waste energy electric generators and solar thermal systems to cars, trucks and locomotives. Invented by company founder and Chairman Harry Schoell, the patented Cyclone Engine is a eco-friendly external combustion engine, ingeniously designed to achieve high thermal efficiencies through a compact heat-regenerative process, and to run on virtually any fuel -- including bio-diesels, syngas or solar -- while emitting fewer greenhouse gases and irritating pollutants into the air. The Cyclone Engine was recognized by Popular Science Magazine as the Invention of the Year for 2008, was included in a 2011 report by Popular Mechanics as an important waste energy technology for the future and was twice presented with the Society of Automotive Engineers' AEI Tech Award. Additionally, Cyclone was named Environmental Business of the Year by the Broward County Environmental Protection Department. For more information, visit www.cyclonepower.com.
Company Contact
Frankie Fruge′
Tel: 954-943-8721
info@cyclonepower.com