Hydro Alternative Energy signs letter of intent for hydro projects in Haiti

Florida-based Hydro Alternative Energy Inc. announced it has entered into a binding three year letter of intent with Haiti’s Groupe Financier de l’Union, S.A. for developing commercial hydrokinetic power projects in Haiti.

GFU is part of the Sassine Group, which diversified its activities in 2008 to meet the challenges of infrastructure projects in Haiti and has committed to assist HAE in securing and developing commercial hydrokinetic projects in Haiti.

Mark Antonucci, HAE’s co-founder and president, stated: “We are very excited about partnering with Groupe Financier de l’Union, and such a relationship, we believe, will give us the high profile opportunity to participate in addressing the needs and rebuilding of Haiti’s critical infrastructure. Our current and planned green technology solutions for the development of sustained, reliable, cost-effective electrical power generation systems utilizing hydrokinetic energy are just what is needed to complement the worldwide efforts currently under way to bring Haiti forward into the 21st century. We look forward to our participation in this inspiring and ongoing humanitarian effort.”

Enrique Pallares, a member of HAE’s board of directors who was instrumental in HAE procuring the letter of intent with GFU, was quoted as saying: “Groupe Financier de l’Union, led by Mr. Richard Sassine, is without any doubt the best partner that any company desiring to develop services within Haiti can get. We are proud and excited to be represented by GFU, and we hope we can very soon bring energy generation solutions that will take Haiti to a stable and steady pace of development.”

Richard Sassine, GFU’s chairman, said: “Introducing the technologies developed by HAE for clean power generation in Haiti should play an important role not only in meeting Haiti’s energy shortfalls, but also in introducing to the world energy market a natural, viable and affordable alternative energy source.”

Hydro Alternative Energy Inc. recently acquired all U.S. and international patent and intellectual property rights to certain water power technology for use in certain commercialized water power applications. Such technology rights are the subject of an exclusive licensing agreement between Water Power Technologies, LLC (WPT), a wholly-owned subsidiary of HAE, which the company previously reported as having acquired in December 2009, and HAE.

For more hydropower news and information, click here

Previous articleTennessee Valley Authority announces new chief financial officer
Next articleHydro developer Run of River Power appoints interim president and CEO

Hydro Alternative Energy acquires rights to water power technology

Hydro Alternative Energy Inc., a renewable energy company, has acquired all U.S. and international patent and intellectual property rights to certain water power technology for use in certain commercialized water power applications.

Such technology rights are the subject of an exclusive licensing agreement between Water Power Technologies, LLC (WPT), a wholly-owned subsidiary of HAE, which the company previously reported as having acquired in December 2009, and HAE. (HydroWorld 12/09)

HAE projects that the basic design of the technology set forth in the patent pending applications will allow HAE to save about 2 to 3 years of research and development.

The company acquired such patent technology rights from the inventor, Harry “Skip” Robinson, a former WPT unit holder and now a company shareholder, in consideration for: (i) $5,000; (ii) a guarantee on the part of HAE to pay certain vendor fees owed by the inventor in connection with the preparation of the patent applications; and (iii) an earned running royalty agreement between HAE and the inventor which provides for HAE to pay the inventor an earned running royalty rate of one percent based on the net selling price of patented products sold using the technology, commencing with the first sale, for the duration of HAE’s patent rights.

“We are very excited about this patent rights technology acquisition and believe that it will accelerate our efforts to produce working turbines for clean, low cost electric energy production and deployment in slow moving water in areas not yet currently serviced,” said Mark Antonucci, chief financial officer and co-founder of HAE.

Antonucci was further quoted as saying: “We are developing a system to generate clean, inexpensive and predictable energy by converting ocean and tidal currents into usable energy through our planned Hydro Power Generation System. Utilizing these currents, we believe we will be able to create significantly higher levels of power generation as compared to other renewable and/or alternative energy sources such as wind and solar power. We believe that the turbine described within the patent pending applications will allow our system to generate more power than originally estimated. The design of the patent pending technology is modular in design, environmentally friendly and unobtrusive to the surrounding area.”

For more hydropower news and information, click here