May 5 2009
Cyclone Power Technologies (Pink Sheets:CYPW) has signed a license agreement with Renovalia Energy, S.A., based in Madrid, Spain. The signing of this license with one of the world’s leading companies in the field of alternative and solar power marks a major milestone for Cyclone and its award-winning technology.
Under the agreement, Cyclone will design with Renovalia a compact, high-efficiency Schoell Cycle external heat engine to be coupled with Renovalia’s proprietary thermoelectric solar stations. The Spanish energy company plans to manufacture prototypes and then, if tests prove viable, production models of the engine, called Cyclone Solar I, which could be deployed worldwide with their solar stations within a year. The license provides for Cyclone to receive up-front design fees and on-going royalties for its engines.
“We are thrilled to be working with Renovalia,” stated Cyclone CEO, Harry Schoell. “They have a proven track record of success in solar power installations on a major scale, which will hopefully provide the foundation for our Cyclone engines to be the power driver of 1,000s of megawatts of clean power throughout the world.”
Renovalia’s power portfolio currently produces over 500 MW of renewable energy, inclusive of solar, wind and hydroelectric projects in Europe and the Americas. Renovalia has built in Ciudad Real, Spain, the largest photovoltaic farm in the world, with total installed power of 49.7 MW.
“We are optimistic about the potential of using Cyclone engines with our thermoelectric solar stations,” said Jaime Galabart, CEO of Renovalia. “As I have said before, we see big opportunities for solar power here in the Sunshine State, including the development of important technological advancements.”
In July 2008, Florida’s Governor Charlie Crist visited Renovalia’s massive solar farm project in Spain with a delegation from Seminole Electric Cooperative. At that time, the parties signed a letter of intent for Renovalia to build a solar plant in Florida.