WEST PALM BEACH, FL--(Marketwired - May 8, 2014)) - Upower, Inc. ("UPI" or the "Company"), an emerging independent power provider, has executed a memorandum of understanding ("MOU") with BG Energy, SA de CV ("BG Energy") of Mexico, BG Energy specializes in promoting and developing electrical power generation projects from renewable sources and environmental improvement projects within Mexico.
The purpose of this MOU is to establish the terms and conditions pursuant to which BG Energy shall secure and obtain all necessary licenses, permits, other approvals necessary and any other required assistance which UPI may need to successfully negotiate and potentially enter into one or more power purchase agreements. BG Energy has initially identified two site locations each of which could be designed for a 30 MW photovoltaic power plant and each site location is within the North and Northeast zones as defined by the CFE (Comision Federal de Electricidad) of Mexico.
Enrique Pallares, UPI's Chief of Business Development, who was instrumental in the Company procuring this MOU and beginning this partnership, was quoted as saying "We are most excited and enthused about being integrally involved with the development and construction of potentially two or more 30 MW photovoltaic power plants which will hopefully, contribute to Mexico's employment, continued economic growth through the use of clean energy and power an estimated 5,000 homes per 30 MW project, such as the 30 MW photovoltaic power plant developed in San Bernardino, CA by Abengoa."
David Macias Chief Executive Officer, commented that "The MOU is an exciting and important step in furtherance of our mission: To generate electricity by building and/or acquiring power plants globally and striving to maximize performance and returns for our shareholders, while remaining environmentally conscious." Mr. Macias continued in stating that, "By Mexico opening its energy sector to foreign investors after 75 years, Mexico has lured in more than American oil companies and up until recently, most of Mexico's clean energy was produced by hydroelectric stations while wind and solar energy combined produced less than 1.5% of the power. With local and foreign companies receiving permits for 215 megawatts of solar plans, over 40,000 homes in the country's sunnier northern regions will receive ample power and Mexico's solar capacity will increase by fivefold".
Forward Looking Statements
Certain statements made by the Company, its subsidiaries and members of its management team on its behalf in this release and other periodic oral and written statements, regarding the Company's operating performance, events or developments that the Company believes or expects to occur in the future, including those that discuss anticipated financial results, strategies, goals, outlook or other non-historical matters, or which relate to future sales, earnings expectations, cost savings, growth of the Company or of the market for its products and services, or general belief in the Company's expectations of future operating results are forward-looking statements. All such forward-looking statements are subject to risks and uncertainties, including but not limited to the need by the Company for substantial additional working capital to materially advance its business plan and the two solar projects discussed in this press release; no assurances that the Company will be able to secure such capital or the terms upon which such capital may be secured, if at all; technology and other challenges involved in the development and operation of the Company's planned products and services, including the performance of technology which may be utilized by the Company, compliance with local, regional and national power generation, environmental and related laws, and local, regional and national governmental cooperation; local, regional and national economic considerations, including residential and industrial energy demand; foreign currency effects; the Company's ability to protect its intellectual property; the ability to integrate acquisitions successfully and the risk that expected synergies may not be fully realized or may take longer to realize than expected; and competitors' product introductions, pricing and other competitive pressures, as well as other risk factors and uncertainties. Forward-looking statements included herein are made as of the date hereof, and the Company undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances. Actual results could differ materially from anticipated results.