AUSTIN, TX -- (Marketwire) -- 08/24/11 -- Building Turbines, Inc. (PINKSHEETS: BLDW), a developer and manufacturer of commercial building rooftop mounted horizontal-axis wind turbines, said today it's in final negotiations to acquire eco-innovation firm Green City Development, LLC.
Based in Austin, Texas, Green City recently completed the final production prototype and feasibility study of its micro-turbine, a low-cost generation system developed for governments and non-profit organizations serving the energy needs of people in third-world countries.
'We saw Green City's technology and product roadmap as complementary to our own,' said Building Turbines Founder and CEO John Graham. 'Clean, on-site renewable energy sources like our rooftop wind turbines need to be part of the overall solution to meet growing worldwide energy demand and reduce our dependency on fossil fuels. We are simply taking advantage of a power source that Mother Nature provides for free and converting it into a low-cost natural energy solution.'
Returning from his most recent trip to Guatemala where the feasibility study was conducted, Green City President Blake Manson said the company's micro-turbine can provide much needed on-site electrical power for the estimated 1.4 billion people who have no electricity in developing countries. Manson said Green City Development has had tremendous interest for its new innovative turbine, many of which will be furnished to families in need at no cost.
'The innovation resides in the economic engineering of the turbine,' said Manson. We reverse engineered the VAWmG (Vertical Axis Wind microGenerator), which was a top priority in order to lower production costs so the units would be economically feasible and affordable for families in some of the poorest regions of the world.' Manson said Green City had an altruistic vision for its micro-turbine; that of creating a renewable energy device that was affordable for every home on earth.
The VAWmG solution uses distributed generation (DG), meaning power is produced at the end node (on the building) for consumption by the building. DG is widely regarded as a promising feature for expanding the availability of electrical power to all corners of the globe.
'We are confident in the strength of our technology, the integrity of our turbine design and the soundness of our market strategy,' said Manson.
Upon completion of the transaction, Manson will continue developing renewable energy products for Building Turbines, Inc., said Graham.
About Building Turbines, Inc.
Based in Austin, Texas, Building Turbines, Inc. is a renewable energy company focused primarily on designing, manufacturing and deploying revolutionary rooftop mounted horizontal-axis wind turbines. For more information visit their website at www.buildingturbines.com, or email them at firstname.lastname@example.org.
John F. Graham