Solar-To-Hydrogen Technology Sold For $400 Million Euro
GENEVA, Switzerland -
The maker of a solar powered 'water cracker' - a technology that releases hydrogen from a water molecule, has pre-sold the technology to a large European energy consortium in Spain. The company, Clean Hydrogen Producers (CHP) today signed an agreement with Grupo Ibereolica, outlining the planning, permitting and appraisal of CHP's Solar Water Cracker technology in Spain and Mexico.
The CHP Solar Water Cracker is a system which concentrates sunlight, increasing the heat of a furnace to the point where it "cracks" a molecule of water into hydrogen and oxygen. The hydrogen can be sold or run through a fuel cell to generate energy. This energy can then be sold back to the grid. Hydrogen and electricity is produced at a cost - both financial and environmental - that is substantially below that of existing technologies.
David Gomez, CEO of Grupo Ibereolica, said: "We believe that CHP's technology, if successfully developed, could represent a very big milestone for renewable energies. It combines the cost efficiency of wind farms with the advantage of being both predictable and adjustable thanks to hydrogen storage."
The technology is protected by 14 patents in 78 countries.
The agreement represents a significant breakthrough for CHP. In addition to providing a revenue injection, collaboration with Ibereolica will accelerate the process leading to production of fully operational solar energy units utilizing the Solar Water Cracker.
Ibereolica is a significant multi-national alternative energy company based in Madrid, Spain, with established operations in wind farming and solar energy. Over the next five years, Ibereolica plans to roll out multiple mass solar energy generation plants, taking advantage of the excellent conditions in Spain and Mexico for such projects.
The pre-sale agreement details terms that grant Ibereolica an exclusive license right to promote, install and manage solar energy plants that would convert water to hydrogen in Spain and Mexico, using the CHP Solar Water Cracker, for a period of 20 years.
CHP has received a non refundable prepayment for the license of €500,000. The prepayment recognizes the degree of commitment from Ibereolica in the 20 year agreement and the strength of the working relationship between the two parties.
Ibereolica, founded in 1999, is an established provider of wind energy.
Its three wind farms in Zamora and its share in Parque Eolico El Moral are
forecast to produce 300 million kWh of electricity in 2007, and Ibereolica
has a further 800MW in promotion in Spain and overseas.
In Solar energy, Ibereolica has 14 power plants of 50MW each under permitting. Each plant costs (euro)€250 million. To develop its presence in solar energy, Ibereolica has undertaken an extensive search for appropriate technologies, culminating in location of CHP's superior Solar Water Cracker system. Estimated royalty revenue for CHP from the projects under permitting in Spain alone could exceed (euro)400 million in 10 years.
In Mexico, where Ibereolica has a 100MW wind energy project under permitting, the reduced installation cost of CHP's technology will allow the company to enter the solar energy arena, and solicit and build numerous solar projects.
He added: "It is one of the few renewable technologies that aren't sensitive to the stability of power lines. This permits widespread implementation, even in areas with weak electrical infrastructure.
"Certifying a prototype with CHP could reduce Ibereolica's project installation costs by a factor of three, and enable us to comfortably surpass 1.000MW installed capacity. We are happy to have the license for Spain, a leading country in renewable energy. This combined with Spain's privileged solar radiation makes for a very promising business opportunity."
About Clean Hydrogen Producers:
CHP is a development-phase alternative energy company. Its research is leading to full scale solar energy production in the form of hydrogen or electricity. The particularity of CHP is to be able to crack the water molecule via solar energy into hydrogen and oxygen, for a much higher energy conversion rate from solar into electricity. The system is efficient, cheap in production, modular and allows storage of energy for later release. The company is based near Geneva, Switzerland.
About Grupo Ibereolica:
Ibereolica is an alternative energy company based in Madrid, Spain. Over the next five years, Ibereolica plans to roll out multiple mass solar energy generation plants, taking advantage of the excellent conditions in Spain and Mexico for such projects.
CHP website: http://www.clean-hydrogen-producers.com/
Grupo Ibereolica website: http://www.grupoibereolica.com/ .