POMPANO BEACH, Fla.--(BUSINESS WIRE)--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.
Cyclone Power Technologies is the developer of the award-winning Cyclone Engine – an eco-friendly external combustion engine with the power and versatility to run everything from portable electric generators and garden equipment to cars, trucks and locomotives. Invented by company founder and CEO Harry Schoell, the patented Cyclone Engine is a modern day steam engine, ingeniously designed to achieve high thermal efficiencies through a compact heat-regenerative process, and to run on virtually any fuel - including bio-diesels, syngas or solar - while emitting fewer greenhouse gases and irritating pollutants into the air. Currently in its late stages of development, the Cyclone Engine was recognized by Popular Science Magazine as the Invention of the Year for 2008, and was presented with the Society of Automotive Engineers’ AEI Tech Award in 2006 and 2008. Additionally, Cyclone was recently named Environmental Business of the Year by the Broward County Environmental Protection Department. For more information, visit www.cyclonepower.com.
Safe Harbor Statement
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The company cautions that these forward-looking statements are further qualified by other factors. The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.