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247Solar Inks R&D Agreement to Build Pilot 247Solar Plant™ in Abu Dhabi, UAE

Great Falls, VA  247Solar Inc., developers of the breakthrough 247Solar Plant™, today announced that it has entered into a Collaborative Research and Development Agreement with Masdar Institute of Science and Technology (MI) and Abu Dhabi Future Energy Company PSJC (Masdar Corporation, or Masdar). The purpose of the agreement is to collaboratively build, operate, and monitor a 247Solar Plant™. The installation will be comprised of a single 247Solar Plant of 300kWe capacity, to be constructed as part of the Institute’s Solar Platform, a state-of-the-art facility to build and test innovative solar thermal systems and thermal storage.

The goal of the project is to demonstrate the performance of 247Solar Plants in the harsh climate of the Middle East and North Africa (MENA), which will lead to rapid commercialization in the MENA region and elsewhere around the world. 247Solar has also entered into a Commercialization Agreement with Masdar, setting forth the terms of future collaboration between the two parties to commercialize 247Solar Plants.

“This represents our first definitive agreement to construct a 247Solar Plant in the MENA region,” says Bruce Anderson, 247Solar CEO. “We could not ask for stronger partners than Masdar as we embark upon this project. We are thrilled to have been offered this opportunity, as it speaks to the confidence that the Masdar Institute and Masdar Corporation have in 247Solar’s technology.”

Engineering and construction will begin immediately upon conclusion of funding arrangements for the project, currently in advanced discussions with multiple partners and investors.

About 247Solar, Inc.

247Solar, Inc. was formed in 2015 by solar industry pioneer Bruce Anderson to commercialize the 247Solar Plant™, invented by Wilson Solarpower Corp., a spinoff of MIT, and developed with funding support from the US Department of Energy. The company has signed agreements to develop and deploy its technology in China, South Asia, and South Africa, and is in advanced negotiations with companies throughout the world, including India, Northern Africa and the UAE. For more information see www.247Solar.com

About Masdar Institute

The Masdar Institute of Science and Technology (MI) was established in 2007 in Abu Dhabi, in collaboration with the Massachusetts Institute of Technology (MIT), as an independent non-profit graduate level research university focused on advanced energy and sustainable technology. The Institute has served to develop the intellectual and human capital of relevance to the UAE's knowledge economy transformation through its high-quality academics and research of relevance to local, regional and global needs. In February 2017 MI merged with the Khalifa University of Science, Technology and Research (KUSTAR), and the Petroleum Institute (PI), to produce one world-class, research-intensive institution, to develop world leaders and critical thinkers in applied science and engineering, called the Khalifa University of Science and Technology. http://www.masdar.ac.ae

The Masdar Solar Platform

The Masdar Solar Hub is a state-of-the art solar testing and R&D hub for photovoltaic and solar thermal technology. The facility is located within Masdar City, UAE, and is jointly managed by Masdar and the Masdar Institute of Science and Technology. Launched in January 2015, the Masdar Solar Platform aims to become a globally recognized center of excellence in the areas of photovoltaic and solar thermal energy technologies.

About 247Solar Plants™:

The 247Solar Plant™ is a game-changing system for firmly-dispatchable, 24/7 power generation and energy storage using concentrated solar power (CSP) technology. It has the potential to produce electricity competitively, without subsidies, with virtually all other new power generation facilities, including fossil, nuclear, or renewable resources.

The technology was originated at MIT, and the US Department of Energy provided funding to develop it with the help of the German Aerospace Center (DLR), WorleyParsons, Fraunhofer Institute, and Saint Gobain.

The 247Solar Plant converts sunlight to heat, which powers turbines to produce electricity. Its proprietary storage system stores energy as heat at a fraction of the cost of batteries, enabling un-interrupted operation. It operates at atmospheric pressure and uses no water/steam, oils or molten salts for reduced complexity, lower cost and minimal environmental impact.

247Solar Plants are quickly assembled and easy to maintain, employing pre-engineered, standardized modules that have few moving parts and use mostly commercially-proven components. Each 247Solar Plant requires as little as 4 acres (16,000 square meters). They can be deployed as a single, off-grid system of 400 kilowatts plus useful process heat, or as large utility-scale farms. 247Solar Plants can be built on uneven ground and have no known environmental drawbacks.

Less expensive to build per kWh than PV plus batteries, 247Solar Plants can generate electricity as needed, regardless of weather, and improve grid performance by responding instantly to fluctuating power demand. Use of multiple redundant plants in larger systems guarantees 100% uptime. Co-location with PV and wind farms can convert entire facilities from intermittent output to reliable power 24/7/365.

For more information, please contact:

Bruce N. Anderson, CEO
617-290-9913
Bruce.Anderson@24solar.com