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247SOLAR AND MASEN INK AGREEMENT FOR FIRST OPERATIONAL NEXT GENERATION CSP PLANT

247Solar Inc., developer of the breakthrough 247Solar Plant™, today announced that it has entered into a definitive agreement to build its first operational demonstration plant in Ouarzazate, Morocco, in collaboration with Masen, the Moroccan Agency for Sustainable Energy. Masen is Morocco’s agency responsible for significantly reducing the country’s reliance on foreign sources of energy by turning to renewable energy technology.

The project will be implemented jointly by Masen and 247Solar in order to contribute to the efficient use and industrialization of renewable energy in Morocco, by means of establishing, demonstrating, and deploying 247Solar technology. The objective is to jointly evaluate the outcome of the project with a view toward the deployment of larger-scale installations in Morocco and elsewhere.

The Plant will be constructed at Masen’s Noor-Ouarzazate Complex, the world’s largest concentrated solar power (CSP) facility. Siting is approved and the Plant is expected to be operating before the end of 2019.

“This represents a turning point for CSP technology as a viable alternative to PV, and hopefully the prospects for low-cost baseload solar power generation worldwide,” says Bruce N. Anderson, CEO. “For the first time, we will be able to demonstrate our next generation technologies in operation. We expect that a successful pilot will quickly lead to the adoption of our turnkey system in power projects of all sizes in Morocco and elsewhere around the world.”

About 247Solar Plants™

247Solar Plants are a turnkey solution for producing baseload, clean electricity around the clock at costs competitive with PV today and with coal tomorrow at scale. They eliminate most disadvantages of conventional CSP, PV, wind, and traditional power technologies with a hot-air-driven Brayton Cycle system that operates at atmospheric pressure and requires no steam, molten salts, or heat transfer oils.

Unlike large, custom-engineered, first-generation CSP projects, 247Solar Plants are standardized modules of 400 kW capacity, scalable from a single Plant off-grid to utility-scale farms of virtually unlimited capacity. 247Solar Plants use factory-made components, most of which can be manufactured locally, with few moving parts, for low maintenance and rapid, low-cost deployment.

The 247Solar Thermal Storage System™ stores up to 15 hours of the sun’s energy as heat instead of electricity, using simple firebrick or ceramic pellets instead of molten salts for reduced cost and complexity. To guarantee electricity on demand, the Plant’s turbines can also burn a variety of fuels.

247Solar Plants offer outstanding grid reliability and resilience with no requirement for emergency backup. They provide battery-like response to grid voltage and demand fluctuations, mitigating intermittency from other renewables.

The technology was originated at the Massachusetts Institute of Technology (MIT), with initial funding from the US Department of Energy and development assistance from the German Aerospace Center (DLR), WorleyParsons, Fraunhofer Institute, and Saint Gobain.

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. The company has signed agreements to develop and deploy its technology in China, Saudi Arabia, and Sri Lanka, and is in advanced negotiations with power project developers throughout the world, including Nigeria, Indonesia, Kuwait, and elsewhere in the Middle East.

For more information, please contact:

Bruce N. Anderson, CEO
617-290-9913
Bruce.Anderson@247solar.com