Alternative Construction Technologies, Inc. (ACCY.OB) and its subsidiary announced this morning that they have entered into a Joint Venture Agreement with Atlan International Holdings, Inc. (ATLAN) to develop a solar panel. Alternative Construction Technologies formed Solar 18 ACTech Panel to facilitate the new project.
The Company also announced that it received a $2 million fee for establishing the right of development of a solar panel using the same technology the ACTech(r) Panel System utilizes. It is anticipated that the Solar 18 ACTech Panel will be delivered in the second or third quarter of this year.
Michael W. Hawkins, CEO and Chairman of Alternative Construction Technologies, commented, “The ACTech(r) Panel is the most energy efficiency SIP in the market today. With the inclusion of the Solar 18 technology, not only will we be able to conserve energy, but we will be able to produce solar energy to further reduce the economic impact of the housing carbon footprint, the largest use of energy in the world. The resulting product will be more desirable to our customers as we continue our efforts to maximize the ‘green’ impact for the sake of our environment.”
“We are simply following in the footsteps of industrial giants such as GE, ExxonMobil, BP, Shell, Sharp, Siemens, and others who have made significant investments in wind, solar, bio-fuel, and hydrogen alternatives. Escalating energy prices, political instability in the Middle East, concerns about the impacts of global warming, and clear public support for energy alternatives have all contributed to renewable energy becoming one of the most rapidly growing sectors of the global economy. Completing this transaction will allow Atlan to concentrate its efforts on the execution of our business plan,” stated Henry Val, ATLAN CEO.
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