Energy Industry Update: March 30, 2010 Outlining International Growth to Solar Initiative Investments
Solar Gaining Momentum Outside the Borders of Traditional Clean Tech Powerhouses
XsunX, Inc. (OTCBB:XSNX), the developer of advanced, thin-film photovoltaic (TFPV) solar cell technologies and manufacturing processes, updates its shareholders on the growing number of investments being made worldwide into solar energy technologies.
As the solar industry grows to a predicted $77 billion by 2015, according to a recent report by Lux Research, large solar energy initiatives worldwide are taking place in countries including Algeria, Qatar, Tunisia and Saudi Arabia and most recently, Morocco.
Yesterday, the North-African Kingdom announced an ambitious program saying they will be building a $9 billion solar project that is anticipated to create about 38% of the countrys power by the year 2020. The 2000MW installation will be powered by five generation sites in Ouarzazate, Ain Bni Mathar, Foum Al Oued, Boujdour and Sebkhat Tah.
Solar is being viewed as the most reliable long-term energy source by a growing number of nations, said Tom Djokovich, CEO, XsunX, Inc. Multi-billion dollar solar investments by counties like Morocco, who arent considered main stream green tech pioneers, show the industry growth potential is building immense backing and momentum thats reaching past countries like China, Spain, Germany and the U.S.
The Moroccan solar project, expected to divert 3.7 million tons of CO2 emissions from the air, is supported by an optimal geographic location that allows 5 kWh per square meter per day of solar radiation and 3,000 hours of sunshine per year. In addition to the positive environmental impact, the installation will help reduce Moroccos fossil fuel imports as they are currently the only North African country with no oil production of its own.
Projects such as these set an incredible force into motion that touches private and public sectors as well as the international community, add Djokovich. The foundation for the strong and systematic growth of solar energy has already taken place and continues to take place with announcements like this.
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