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Solar Wind Energy Tower, Inc. (SWET) Obtains $3 Million Equity Facility Agreement Commitment

Jul. 15, 2013 5:51 PM ET
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Solar Wind Energy Tower, the inventor of a large Solar Wind Downdraft Tower structure capable of producing abundant, inexpensive electricity, just announced that it has received a commitment from Beaufort Ventures, PLC to fund up to $3,000,000 over a period of up to 36 months under the terms of an Equity Facility Agreement.

Ronald Pickett, CEO, commented, "Solar Wind Energy is rapidly approaching a turning point where all of the valuable research and intellectual property advancements will be deployed in direct pursuit of its first Solar Wind Energy Tower project. We are pleased to have obtained this $3,000,000 commitment, which is necessary to support the first project."

Recently the Company announced in a letter to its shareholders that its proprietary "Energy Calculator" program can analyze and predict the size and output of a Tower project at specific locations around the globe. The company is now completing the construction budgeting process for the Tower which, when used in combination with the Energy Calculator program, will allow the developer to evaluate the full cost of development and sale of power in order to equate the outcome to cost per kilowatt hour (kWh).

"We have made educated assumptions for some time now that the Tower could produce electricity for at least half the cost of any other alternative energy solution on the market today," Ronald Pickett added. "Combining the Energy Calculator data with a budget prepared in conjunction with our 3rd party expert 'Teaming Partner' will validate the constructability and financial viability of our solution and paves the way for a true turning point!"

For more information, visit swetower.com

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