June 3, 2009
REDCO Chooses IAUS Solar
On Wednesday June 3, 2009, 5:15 pm EDT
SALT LAKE CITY, June 1 /PRNewswire/ -- Renewable Energy Development Corporation (REDCO), announced today that it has chosen to use the IAUS solar thermal technology on all of the solar developments in its pipeline.
REDCO and International Automated Systems, Inc. (IAUS) (Pink Sheets: IAUS - News) have formed a strategic relationship where REDCO will use the IAUS technology on all of its planned solar developments and IAUS will provide REDCO the right to purchase 1,000 megawatts of its solar equipment, including the turbine, over the next 5 years at favorable terms.
Ryan Davies, President & CEO of REDCO said, "I am very excited about the opportunities that REDCO and IAUS have to revolutionize the solar industry. I believe that the IAUS technology will set a new standard for price and performance in the solar arena. Combined with the land holdings and development opportunities of REDCO, we plan to be one of the leading net exporters of solar power in the United States within 5 years."
REDCO plans to purchase 5 megawatts of solar thermal equipment, including the bladeless turbines from IAUS for the construction of a solar project in the Mojave Desert California area. REDCO hopes to break ground on the project this summer and estimates a project completion of 2010. The project is expected to cost $20-30 million. Upon completion, REDCO will begin working on a 49-megawatt solar project in the same region that it plans to bring online in 2011. The estimated cost of the second project is $100-$120 million.
REDCO has aggregated and secured long-term land leases on over 20,000 acres of land for renewable energy projects (wind and solar) in Utah, California, Texas, Wyoming and New Mexico. With a combined potential of approximately 1,000 megawatts of solar and 700 megawatts of wind, REDCO is poised to capitalize on the growing demand for clean energy.
"REDCO management has a proven track record of bringing together sophisticated and accomplished players for project development. The REDCO management team has a strong history of success in its current and past business ventures. We are very confident in their ability and look forward to working with them on upcoming projects," said Neldon Johnson, President & CEO of IAUS.
REDCO - REDCO is a privately held company with offices in Utah. For more information, visit their website at: www.renewdevco.com.
IAUS - IAUS is a publicly traded company with offices in Utah. For more information, visit their website at: www.iaus.com.
Note: Statements contained in this release that are not strictly historical are forward-looking within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements are made based upon information available to the company at the time, and the company assumes no obligation to update or revise such forward-looking statements. Editors and investors are cautioned that such forward-looking statements invoke risk and uncertainties that may cause the company's actual results to differ materially from such forward-looking statements.