RENO, NV, Jun 21, 2010 — Hybrid Energy Holdings, Inc. anticipates an immediate increase in the market value and projected revenues of its recently reported Technology Transfer Agreement and Joint Development Agreement with KS IP Holdings, LLC, a private company specializing in clean energy technologies that added $18,000,000 to the Company's balance and increased its assets a further 360%.
In addition to the Technology Transfer portion of the Agreement, the income producing Joint Development portion of the Agreement affords KS-IPH an option to acquire Development and Distribution Rights to certain technologies. The Company now expects finalization of the specific terms of this income-generating Product Development and Distribution Agreement to improve significantly. Further updates will be provided as the Agreements are finalized.
Proponents of a Solar-Energy Act before the New York legislature say it would result in 22,000 new jobs and about $20 billion in economic output over the next 15 years.
Legislative action is near on a measure that, if passed, would put New York on a path to becoming one of the country's leading solar states.
The New York Solar Industry Development and Jobs Act would require utilities and public power authorities to gradually include more solar electricity in their energy mix over the next 15 years.
The measure would raise statewide solar production capacity to at least 5,000 megawatts, from about 34 megawatts at the end of 2009. The 5,000-mw figure is almost triple the existing grid-tied solar-electric capacity of the entire United States, according to the national Solar Energy Industries Association, based in Washington, D.C.
The measure, consisting of identical bills in the Assembly and Senate, is backed by the solar industry and by several environmental and conservation groups.
The Company recently announced its scheduled release of its year-end financials reflecting an 1800% book value increase in Assets.
The Solar Energy Acquisition and Development Project is the first major acquisition and development project under the Company's New Energy Initiative, which calls for the aggressive investment in, acquisition of and development of nascent 'New Energy' technologies, Intellectual Property assets and operations in the Clean Energy, Energy Smart Technologies and Carbon Capture & Storage sectors of the Energy Sector. The Company recently announced Phase II of its growth and acquisition strategy; the diversification and expansion of its current asset holdings with the launch of the 'New Energy Initiative.' The Company has successfully established a strong and growing asset based of clean energy producing assets with strong recurring profits and cash-flows. The company will continue its acquisitions in this sector and expand the scope of its acquisitions.
"The Solar Energy industry will return to high growth in 2010 and also over the next 5 years. Even in the slowest growth scenario, the global market will be 2.5 times its current size by 2014. Under the Production Led scenario, the fastest growing forecast, annual industry revenues approach $100 billion by 2014," according to NPD Group which publishes The Leading Annual World Solar PV Industry Report.
