Clean Wind Energy Tower, Inc. Engages Green Giant Venture Fund to Develop Carbon Credit Assets
ANNAPOLIS, Md., Feb. 14, 2012 -- Clean Wind Energy Tower, Inc. (OTCBB: CWET, the "Company") announced today that they have engaged Green Giant Venture Fund, ("GGVF") who will provide services to the Company that include, but are not limited to; assessing the potential of CWET's emission reduction project on the worldwide carbon markets and estimating the expected revenue generation, providing access to Carbon Finance using GGVF extensive network of partners, investigation of CWET's emission reduction potential with respect to registration, provide guidance to CWET on their emission reduction project through all the steps that are required to generate carbon credits and facilitating the forward sale of emission reductions.
Green Giant Venture Fund initial estimates, developed under the appropriate United Nations Framework Convention on Climate Change (UNFCCC)/CDM Methodology and the Verified Carbon Standard (VCS), reflect that CWET's project will reduce 5.7 Million tons of CO2 per year. These estimates are calculated 10 years forward resulting in a yearly value of $17.1 M USD, and total value over the 10-year crediting period of $170 Million USD for each individual Downdraft Tower.
Abundant, Clean, Affordable Energy
As designed, the Company anticipates that each Downdraft Tower could generate enough electricity to power up to 1,600,000 homes using the guidelines set forth in the California Statewide Residential Appliance Saturation Study, 2004. As an independent power producer of clean renewable energy, the Company will not be selling power directly to consumers but rather to the grid. As currently designed, the Company anticipates that each Downdraft Tower will be capable of generating 1,100 megawatts per hour of salable electricity to the grid. One megawatt equates to 1,000,000 watts or 1,000 kilowatts of electricity. Currently, avoided costs per kilowatt in California are running approximately $0.11 per kilowatt hour.
Ronald W. Pickett, Chairman and CEO of Clean Wind Energy Tower, stated "We are pleased to engage GGVF to develop the Company's carbon credit project as GGVF not only has the know-how and experience to develop the required Project Design Documents, but also the capability to facilitate the forward sale of credit through GGVF's international buyers/clients."
About Green Giant Venture Fund
World Bank- Carbon Finance registered service provider
UNFCCC -CDM Bazaar registered service provider
La Jolla California
About Clean Wind Energy, Inc.
Clean Wind Energy, Inc. a wholly owned subsidiary of Clean Wind Energy Tower, Inc, has designed and is preparing to develop, and construct large "Downdraft Towers" that use benevolent, non-toxic natural elements to generate electricity and clean water economically by integrating and synthesizing numerous proven as well as emerging technologies.
Our Company's core objective and focus is to become a leading provider of clean efficient green energy to the world communities at a reasonable cost without the destructive residuals of fossil fuel, while continuing to generate innovative technological solutions for today and tomorrow's electrical power needs.
In addition to constructing Downdraft Towers in the United States and abroad, the Company intends to establish partnerships at home and abroad to propagate these systems and meet increasing global demand for clean water and electricity. Clean Wind has assembled a team of experienced business professionals, engineering and scientific consultants with access to the breakthrough energy research upon which this technology is founded and the proven ability to bring the idea to market. Clean Wind has filed several patents that the Company believes will further enhance this potentially revolutionary technology. Clean Wind Energy, Inc. is based in Annapolis MD, and is traded on the OTCBB under the symbol 'CWET'. For more information, please visit www.cleanwindenergytower.com.