LAS VEGAS--(BUSINESS WIRE)--Falling oil prices may mean temporarily lower fossil fuel costs, but First Titan Corp. (OTCBB: FTTN) continues to eye opportunities in renewable energy and the energy storage industries, particularly after some major players indicated they would invest big money in the segments.
General Electric Co. recently said it expects the energy storage market to quadruple in size to $6 billion by 2020 and that it is revamping its battery storage systems accordingly. Meanwhile, AES Advancion Energy Storage Solutions continues to build energy storage facilities – with a total of 260 MWs worth of projects now in the planning or construction stages. Siemens has launched construction of what it bills as the world’s largest hydrogen energy storage plant.
“As these news items indicate, the energy storage industry is attracting major investments and the sector will only grow in size in the coming years,” said FTTN CEO Sydney Jim. “We consider energy storage to be a viable future market for FTTN and we are continually evaluating potential projects we can invest in or participate as a partner. We are committed to taking the company in a positive direction that will lead to increased revenues and enhanced shareholder value.”
Worldwide revenues from energy storage systems are expected to top $21.5 billion by 2024, according to market estimates. While the majority of that revenue is expected to come from large commercial and industrial applications, the market for home energy storage units could become a growing niche segment as one company reports it has now started installing residential systems in California.
For more information on FTTN’s oil and gas projects, please visit www.firsttitanenergy.com.
About First Titan Corp.
First Titan Corp., through its wholly owned subsidiary, First Titan Energy, LLC, is committed to the exploration and development of oil and natural gas resources around the globe. The Company continually seeks to partner with energy developers that are pursuing innovative new methods of oil and gas extraction, including the development of new technologies, cleaner methods and unconventional resources.
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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,” “anticipate” 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. In addition, description of anyone’s past success, either financial or strategic, is no guarantee of future success. 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.