PORTLAND, OR–(Marketwired – Dec 17, 2013) – THE NOW CORPORATION (OTC: NWPN) (the “Company” or “NOW”) is pleased to announce that it has entered into a letter of intent (“LOI”) with SP Power Farm Group Ltd. (“SPpf”) and SP Power Farm Group (BC) Ltd. (“pfBC”) to acquire distribution rights to SPpf’s exoPOWER wind turbine system for the small-wind and mid-wind sectors for the states of Texas, New Mexico, Arizona, Nevada, Utah, Wyoming, Montana, North Dakota and South Dakota from pfBC.
Under the terms of the LOI, SPpf shall develop its exoPOWER wind turbine system with the Company to fulfill specific and unique requirements for applications for markets as identified by NOW for the small-wind and mid-wind sectors under the Company’s private label. The Company shall also acquire exclusive distribution rights to SPpf’s exoPOWER wind turbine system for small-wind and mid-wind sectors for the states of Texas, New Mexico, Arizona, Nevada, Utah, Wyoming, Montana, North Dakota and South Dakota for oil field applications from pfBC.
SPpf’s exoPOWER wind turbine system is a proprietary, patent-pending technology whose design is based on the wind blades or sails being positioned on the circumference of a ring frame where multiple bearings and supports share the stress and torque of a rotating turbine equally. The outer ring is mounted on a track that is laid on the horizontal. As the turbine rotates, the magnets pass continuously along the mounted coil packs, where power off takes feed the converter, changing alternating current to direct current. The inverter then directs the power to the circuit breaker which flows back to the grid or to a battery storage system for on-demand electricity. Energy from the exoPOWER turbines can be taken off by a number of different methods, including but not limited to coil and magnet, hydraulically and mechanically.
This simple, yet break-through design has created a new class of wind turbines — the external wind axis turbine (“EWAT”). This design allows for the elimination of a central hub that is common to conventional horizontal axis wind turbines (i.e., the three blade wind turbines). In doing so, the nacelle which contains a complex yaw motor, transmission, gear and braking components, along with oil-based lubricants to keep everything in working condition is eliminated.
One of the many benefits of the design of the exoPOWER turbines is that it can be scaled up (or down) at the machine level and can be stacked on top of each other, allowing for maximum use of land, and can be installed directly into buildings or on roof-tops of new and existing buildings, allowing power to be generated where it is needed.
The exoPOWER wind turbine systems come equipped with an exoHOUSING unit that is designed to influence wind flow, resulting in better wind load to propel the blades or sails of the exoPOWER turbines. An added benefit of the exoHOUSING is that it will help prevent birds and other flying objects from striking the blades or sails of the exoPOWER turbines. The exoPOWER turbine and exoHOUSING can be raised using the exoTOWER such that higher wind loads can be exploited to optimize the generation of electrical power. The exoTOWER also creates industrial space that can be further exploited by the Power Farm owner/operator to house energy storage units, or for other commercial use.
The installed capacity of wind power has grown significantly in the past 15 years, going from 7.6 Gigawatts in 1997 to 282.4 Gigawatts in 2012, and is forecasted to reach 500 Gigawatts by 2025. As such, The NOW Corporation is positioning itself to be a provider of the exoPOWER wind turbine systems to replace older model conventional three blade horizontal axis wind turbines (“HAWT”), displace diesel power generators, and to create new markets where the applications of the conventional HAWT are prohibited because of design limitations. Furthermore, the United States ranks second in the world for installed wind power capacity, having been recently unseated as the leader by China. Thus, it is a market that is well developed, but holds great promise for further expansion.
Company President Brian Sims commented, “We are extremely excited about our entry into the wind power generation sector. We believe we have secured certain rights to a technology that will disrupt the market place. Additionally, the alternative energy sector is one that has support from the public and governments all over the world. With the scalability of the exoPOWER wind turbine systems, the application for this technology is without limits. From an economic perspective, wind power generation is competitive, and with favorable governmental policies, coupled with a strong OEM partnership with pfBC, we have an opportunity to grow The NOW Corporation within a rapidly expanding sector.”
On behalf of the Board of Directors,
“BRIAN SIMS” Brian Sims President The NOW Corporation