Recently, Axial Vector Energy Corp. announced that it has entered into a Joint Venture Agreement with Constellation Capital Management, LLC (Constellation) of Novato, Calif. The Joint Venture is 80% owned by Axial Vector and will have the exclusive right to market the company's proprietary generating equipment to replace existing generators in the United States wind power industry. Retrofitting existing U.S. wind power projects with AVEC generators will result in substantial increases in power generation, revenues and profits.
Axial Vector's proprietary coreless axial flux permanent magnet generators have significant efficiency advantages when compared to the generators currently being used within the U.S. wind power industry. By using the AVEC generators, wind farms can benefit from increased power generation and revenues, subsequently increasing profitability. The Joint Venture is currently identifying wind projects that can benefit from the AVEC generator's ability to generate power in low wind conditions.
Constellation Capital Advisor and Consultant Dr. Faramarz Yazdani, a senior power industry expert, stated, The retrofit is a cost effective approach that enables each turbine to generate substantially more power without adding more towers or turbines. This in turn translates into substantial additional revenues and profits for the existing wind power generators. California has approximately 1,500 megawatts of installed wind generating capacity. Unfortunately, these California wind projects have only been able to achieve annual operating rates of approximately 25%.
He added, Every 1% California systemwide improvement in capacity factor would result in an additional generation of at least 135,000 mWh, adding close to $10.0 million annually to California wind industry revenues at today's power market prices. Increasing the capacity factor for the existing projects from 25% to 35% would add another $100 million of annual revenues in California alone.
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