19.8.2003: Meldung: WorldWater Corp.: $300K Renewable Energy Grant
PENNINGTON, N.J.-- Aug. 18, 2003--WorldWater Corporation (OTCBB:WWAT - News) has been awarded a $300,000 grant by the New Jersey Board of Public Utilities under its new REED (Renewable Energy and Economic Development) Program. The grant will be used to develop power electronics for controlling interaction between the electric grid, solar power, and motors. "WorldWater is very pleased to be a recipient of this inaugural award, which will further the ongoing R&D critical to the long-term commercial viability of renewable energy," said Quentin T. Kelly, WorldWater"s Chairman and CEO. WorldWater will partner with Princeton Power Systems, Princeton, NJ for the project.
Winners of the competitive grants received awards ranging from $50,000 to $500,000. The REED program provides funding that is focused on growing the renewable energy industry in New Jersey and making New Jersey the new "Silicon Valley" for renewable energy economic development.
The project is expected to reduce the cost of electronic control equipment, and the overall installed cost of a solar system, helping to increase the number of solar systems in the agricultural, municipal and industrial markets significantly. Over 90 percent of the contract expenditure will take place in New Jersey, helping to increase the reliability of power through deployment of large-scale solar systems and positively impacting air quality statewide.
WorldWater Corp. is a full service solar energy and water management company with unique high-powered solar technology providing solutions to water supply and energy problems. The company recently developed proprietary AquaMax(TM) solar pumping systems capable of operating pumps up to 600 hp, making it the first solar company in the world with the power to deliver mainstream pumping capability.
Debra J. Grady, 609-818-0700
Source: WorldWater Corp.