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247Solar Inc. Purchases Transformative Solar Technology From Wilson Solarpower Corporation

247Solar to Commercialize this Breakthrough Technology that Ignores the Sun’s Daily Cycle

247Solar Inc. announced today that is has purchased all intellectual property related to the 247Solar Plant™ from Wilson Solarpower Corporation. The terms of the purchase were not disclosed.

“The purchase of the remarkable 247Solar Plant™ technology is a huge milestone for our Company and offers enormous potential to combat climate change. The breadth and seriousness of interest throughout the world is enormous.”

Bruce Anderson, CEO

Of particular interest both to the world’s population with no power and to national grids is that the 247Solar Plant operates uninterrupted 24/7. This is in sharp contrast to the two biggest contributors today of intermittent clean electricity: solar and wind. Conventional solar (photovoltaics) operates only when the sun shines, and wind machines spin only when the wind blows.

247Solar Plant maintains this stable, reliable power supply by operating directly from solar energy during the day, then by drawing on solar heat that the Plant stores inexpensively during daylight, and last of all, by switching, as needed, to a backup fuel. Its next-generation energy storage system is 90% cheaper than electric batteries.

247Solar Inc. is a new company organized specifically for the purpose of commercializing the 247Solar Plant. Mr. Andersonpointed out that every 247Solar Plant is 400 kilowatts. Thus, a coal-sized 1000-megawatt plant requires 2500 247Solar Plants. The Plant has the potential to be cost competitive, without subsidies, with virtually all other new generation facilities, including fossil, nuclear, or renewable resources. This is because, like a wind machine, all components are made in factories for rapid assembly on site, benefiting from economies of large-scale production and from minimal site costs.

As a pre-engineered, standardized module, the Plant can be deployed as a single unit or as a large power plant using multiple units, again, like wind machines. It is built primarily of reliable, off-the-shelf components, and there are few moving parts.

Further, instead of being a challenge for grid operators as PV and wind are because of their intermittency, the completely dependable and flexible operation of 247Solar Plants make grids more resilient. In addition, in a manner similar to batteries, they respond smoothly to the changing power demands of the customer. This is because the Plant’s turbine is small enough to respond as quickly as a typical car engine.

Unlike other concentrated solar power plants (CSP) that heat water to drive a steam turbine, 247Solar Plants use air to drive a highly–efficient jet-like engine. This is an extremely attractive attribute because water tends to be scarce in most regions of the world where CSP works best. Also, instead of storing heat in molten salts, as conventional CSP technologies do and which are expensive and have environmental, construction, and operating challenges, the Plants store heat in efficient, low-cost firebrick, which is a proven, centuries-old heat storage technique.

About 247Solar Inc.

247Solar Inc. was formed by Wilson Solarpower Corp, a spinoff from MIT, 25 individual investors, and Bruce Anderson, founding CEO, to commercialize the 247Solar Plant. Anderson, a solar pioneer since the 1970s, was a co-inventor of the technology while Wilson’s CEO. Wilson developed the technology in large part with funding support from the US Department of Energy. The 247Solar Plant is the next-generation CSP technology that the world needs to achieve the full potential of CSP’s inherent ability to store low cost solar heat to supply electricity 24 hours a day. Conventional CSP requires considerable and costly on-site construction work. So instead, the 247Solar Plant is a pre-engineered, standardized module. Its components are all mass-produced in factories and shipped operation-ready to the site. See www.247Solar.com for more information.

For more information, please contact:

Bruce N. Anderson, CEO
617-290-9913
Bruce.Anderson@24solar.com