XSEL news;
Vancouver, BC, May 10, 2001 (Market News Publishing via COMTEX) -- Solar Energy
Limited (the company) announced that based on the success of the Proof of Theory
prototypes that have been built and satisfactorily tested at the company's site
in Los Alamos, the company will build a full-scale model of their solar
collector.
Dr. Melvin Prueitt, president of the company, stated, "The current energy crisis
in the United States (U.S.) highlights the company's activities in the fields of
energy, water and pollution. One of the company's projects is called 'Solawatt'
which is the acronym for the company's patent 'solar collector' developed at its
Los Alamos lab. As outlined in previous press releases, 'Solawatt' collects the
energy of the sun to either produce electricity or potable water from seawater."
The company's calculated benchmark is to produce clean electricity at less than
$0.05/kWh and potable water at less than $0.50/1000 gallons (i.e., inexpensive
enough to be used for agricultural purposes as well as being clean enough to
drink). Solawatt is particularly adept as it is calculated to not only work
during daylight hours but to work at night (albeit at a reduced rate) as it
stores energy in a unique fashion.
Prueitt noted that, "The electrical generating capacity of the entire U.S. is
estimated at 790 gigawatts. It has been calculated that using the Solawatt
system would require a total land area of 70 miles by 70 miles to produce the
entire U.S. electrical capacity. This area would fit in small portions of unused
deserts of the Western U.S. which totals over 300,000 square miles. With our
system there would be no more dams needed, no more nuclear waste to be disposed
of, and no more massive CO2 discharged from the scores of coal fired electrical
generating plants."
The company's immediate goal is to construct a full scale working model of
Solawatt for its joint use to produce electricity and potable water from
seawater.
The model size contemplated is a 10-acre solar collector, which is sufficient to
produce 3.5 million gallons of fresh water per day (1.28 billion gallons per
year) by desalinating seawater or 13 million kWh/year of electrical energy (1.5
MW of electric power).
The cost of this initial model is estimated at $2.5 million and the company is
exploring various sites and joint venture financing options.
Safe Harbor Statement under the Private Securities Litigation Reform Act of
1995: This news release contains forward-looking information within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, including statements that include
the words "believes," "expects," "anticipates" or similar expressions. Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors that may cause the actual results, performance or achievements of
the company to differ materially from those expressed or implied by such
forward-looking statements. (Such factors include, among others, the risk
factors contained in the company's filings with the Securities and Exchange
Commission.) In addition, description of anyone's past success, either financial
or strategic, is no guarantee of future success. The company will remain
dependent upon future financing for its growth and development, and for it to
successfully implement its business plan. No statement contained herein should
be construed as indicating that such financing is or will be available, and if
available, will be on terms favorable to the company. This news release speaks
as of the date first set forth above and the company assumes no responsibility
to update the information included herein for events occurring after the date
hereof.
CONTACT: TEL: (505) 672-2000 Dr. Melvin Prueitt
MarketbyFax(tm) - To get the NEWS as it happens, call (604) 689-3041.
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