Energy Industry Update: February 3, 2010 Substantial Government Funds to be Made Available for Renewables
XsunX, Inc. (OTCBB:XSNX), the developer of advanced, thin-film photovoltaic (TFPV) solar cell technologies and manufacturing processes, updates its shareholders on new stimulus funds available from the U.S. government to the clean energy sector.
Since November, the White House and the Department of Energy (DOE) have announced billions of dollars in new funding as part of their clean energy stimulus plan, plus an additional $710 million in loan guarantees. The additional DOE money includes $1.7 billion for Energy Efficiency & Renewable Energy and $620 million in smart grid/storage awards.
In early January, the Administration announced $2.3 billion in Advanced Energy Manufacturing Tax Credits available through the Recovery Act for clean energy manufacturing projects throughout the U.S., including nearly $900 million for solar and smart grid projects alone. According to Treasury Secretary Tim Geithner, the tax credits have been matched with more than $5 billion in private sector capital, further driving growth in the sector.
To view the Administrations press release announcing the tax credits, click here:
In addition to the tremendous support and opportunities offered by the U.S. government, there are numerous other policy measures that have already been enacted and are waiting implementation around the world, said Tom Djokovich, CEO, XsunX, Inc. What we are seeing in the early stages of 2010 is an inflection point, where broad support to begin implementation of previously enacted policy is occurring in the U.S., China, and other regions. The benefit to the solar sector is as meaningful adoption occurs it helps to further reduce the cost of underlying technologies and help to continue to move the sector toward economic parity with traditional power and energy solutions.
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Safe Harbor Statement: Matters discussed in this news letter contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words “anticipate”, “believe”, “estimate”, “may”, “intend”, “expect” and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.