The sun represents the ultimate in renewable energy; it’s free and perpetually shining. Solar electric energy demand has continuously grown by 20 -25% for the last 20 years. While demand has increased the costs have been decreasing due to several factors such as technology improvements and increased efficiency. Rising oil prices, global environmental concerns regarding the global warming and the industrial development of Asia and CIS countries have helped propel the solar industry forward. In 2006 there were 1.744 megawatts produced by photovoltaic installations which is a 19% growth when compared to 2005. The future looks bright for the industry; according to EPIA it will register 35% yearly growth rate through 2009 and 26% between 2010 and 2015. The WorldWater & Power Corporation technology has applications in different market segments such as the agricultural, refrigeration, electric utility and the food processing.
The growing US demand, along with patents for solar technologies has changed WWAT’s market focus from a focus on power and water issues in developing countries to a focus on solar energy. WWAT is currently taking advantage of various financial incentives within the territories it’s operating. The Company’s goal to become one of the leading providers of solar power for motors and water pumps has been bolstered by recent contracts. Recently WWAT secured several partnerships that will enhance its further development. The Company sealed two agreements contracting the company to build a 2 Megawatt Solar system at the Denver airport to be completed in 2008 and the company will develop a project with San Diego County’s Valley Center Municipal Water District for a solar pumping system up to 1.2 Megawatts. Moreover, the new partnership with Prime Solar will allow WWAT to enter the attractive Spanish market which has benefited from robust investment in the solar energy industry. In addition to the partnerships and contracts, the Company’s market position, its patented technologies and integrated solar systems allowed WWAT to attract a $13.365 million private stock purchase by Quercus Trust. This placement will provide the Company the necessary capital to further expand its production facilities and to bolster its growth.
About WorldWater & Power Corporation (OTCBB: WWAT)
WorldWater & Solar Technologies Corporation is a full-service, international solar electric engineering and water management company with unique, high-powered and patented solar technology that can not only generate and distribute electricity but can drive 1000 horsepower motors and pumps from sunshine independently or in conjunction with the electric grid, providing solutions to a broad spectrum of the world’s electricity and water supply problems. For more information about WorldWater & Solar Technologies Corp., visit the website at www.worldwater.com.
