Solar Alliance Signs Powershed Licensing Agreement and Solar Project Agreements
TORONTO and KNOXVILLE, Tenn., Sept. 15, 2020 (GLOBE NEWSWIRE) — Solar Alliance Energy Inc. (‘Solar Alliance’ or the ‘Company’) (TSX-V: SOLR) is pleased to announce it has signed a Commercial License Agreement (“License Agreement”) with the University of Tennessee Research Foundation (“UTRF”) for the development and sales of Powershed, a solar powered charging station for robotic lawnmowers that simplifies and improves the operation and use of robotic lawn mowers. Solar Alliance developed the design in cooperation with a researcher from the University of Tennessee and a provisional patent application has been filed with the U.S. Patent office, which provides intellectual property protection pending a full patent application. The License Agreement provides an exclusive, worldwide license to Solar Alliance and is a positive step towards commercialization. Commercial terms are confidential.
Solar Alliance is also pleased to highlight two solar projects it recently sold. The first is a 35 kW system in Tennessee that includes a U.S. Department of Agriculture (“USDA”) grant application. The second is a 15 kW dual tracker system being installed in Uxbridge, Ontario. The Ontario project will utilize two Deger dual trackers, which provide for greater system output in northern locations. Solar Alliance will project manage the installation which will be carried out by a local solar installation firm.“Solar Alliance continues to make strong progress across our business,” said CEO Myke Clark. “Finalizing the licensing agreement for Powershed allows us to move forward aggressively with product sales discussions and longer-term partnership opportunities. At the same time, our core solar business continues to grow as we sign agreements for commercial and residential solar projects at a record pace. The project in Ontario is our first in the province and opens up a new market that is showing increasing demand from homeowners and businesses seeking to reduce their dependence on fossil fuels. The USDA solar project in Tennessee is another example of the value solar brings to rural and agricultural customers who can save a significant amount of money on operating costs by making the switch to renewable energy.”About Powershed (www.solaralliance.com/powershed)
Powershed is a solar powered charging station for robotic lawnmowers that simplifies and improves the operation and use of robotic lawn mowers. It allows you to cut the cord and place a robotic mower anywhere the sun shines. Powershed is designed to meet demand through a scalable production model and will initially be offered through commercial distribution partners and direct sales. The possibility of sub-licensing the product to robotic lawnmower manufacturers exists and will be pursued as demand increases. In order to scale quickly and capitalize on this opportunity, Solar Alliance is assessing potential manufacturing partners to help support the marketing of Powershed across North America. The Powershed charging station is ideal for university campuses, corporate campuses, public parks, athletic fields and golf courses.About Solar Alliance Energy Inc. (www.solaralliance.com)
Solar Alliance is an energy solutions provider focused on residential, commercial and industrial solar installations. The Company operates in Tennessee, North/South Carolina and Kentucky and has an expanding pipeline of solar projects. Since it was founded in 2003, the Company has developed wind and solar projects with a combined capital cost exceeding $1 billion that provide enough electricity to power 150,000 homes. Our passion is improving life through ingenuity, simplicity and freedom of choice. Solar Alliance reduces or eliminates customers’ vulnerability to rising energy costs, offers an environmentally-friendly source of electricity generation, and provides affordable, turnkey clean energy solutions.Statements in this news release, other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, constitute Forward-looking statements. The words “would”, “will”, “expected” and “estimated” or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different than those expressed or implied by such forward-looking information. Such factors include but are not limited to: uncertainties related to the ability to raise sufficient capital, changes in economic conditions or financial markets, litigation, legislative or other judicial, regulatory and political competitive developments and technological or operational difficulties. Consequently, actual results may vary materially from those described in the forward-looking statements.“Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”