We have had some exciting opportunities begin to mature for the Company in March.
In case you missed our recent press, XsunX is working with solar start-up firms in developing regions including Africa and the Caribbean. Customers have provided us with Letter-Of-Intents (LOI) under which XsunX is configuring solutions to deliver CIGS manufacturing capabilities to these firms necessary to meet their initial deployment plans.
Huge Potential in Developing Regions
Globally there are over 2 billion people with little or no access to power. Throughout Africa, the Caribbean, and South America there are hundreds of millions suffering from a lack of access to electricity, or relying on a chronically unreliable and costly electric power grid. Additionally, in these regions significant portions of current power needs are met by burning diesel fuel. The result is that today's costs for delivered electricity in the Caribbean hover at $0.37 a kWh. Compared to the developed world these rates are high.
Only 1% of Total Current Global Solar Installations Deployed in Developing Regions*
The statistic above says it all - with only 1% of global installations deployed to date in developing regions, the long term opportunity is immense.
Importing solar modules is one solution that would be better for these regions than paying repeatedly for diesel fuel to run generators. However, our customers are telling us that governments in these regions are looking for multi-faceted solutions to fill the growing demand for electricity. Job growth is another focus and through the deployment of high tech solar manufacturing facilities and power fields, opportunities exist to develop and diversify jobs markets while increasing employment and the buying power of their populations.
Tapping the Opportunity
Solar start-ups in these regions have provided XsunX with LOI's based on several factors. One of which is the ability to start with one or more CIGSolar® evaporators and add-on in the future while maintaining excellent cost-per-watt production costs. This provides the opportunity to reduce up front capital requirements and operating costs - an instrumental feature to meeting the start-up and growth plans for an emerging industry in these regions.
These promising opportunities are multi-relationship based purchase and system deployment efforts, so the Company is working with customers to tailor system configurations, and our business relationships, to fit the needs of the client and local governments. Stay tuned, we are working hard to capitalize the full potential of CIGSolar® for our shareholders.
For more on this, last Friday Mr. Tom Djokovich, in an interview on MoneyTV, provided some additional insight to the Company's efforts with customers in these developing regions. You can view the brief interview here.
*Statistic Source: Alliance for Rural Electrification
Tom Djokovich, CEO
To learn more about XsunX's' breakthrough technology please visit https://xsunx.com.
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