World Assurance Group Inc, (OTC Pink: WDAS) today announced that it has added two additional solar power plants to its existing license agreement, generating $750,000 in initial license revenues and ongoing license revenues generated over the life of the project.
This brings the total number of power plants under license by WDAS to 8: 3 in production, 3 in construction phase, 1 fully funded and the last 1 at an advanced funding stage.
These two new solar plants will be located in Japan. The first plant will be for 850kW (3500 power units) and the second will be 600kW (2500 power units). The total funding for these two solar plants is $7.5 million (at $1250 per Power unit), of which WDAS secures 10% in license fees and subsequent ongoing revenue share when these two plants enter production phase. The $750,000 initial license fee will be booked as revenue in the current financial quarter ending June 30, 2014, in addition to the $3.6m booked for the first quarter of 2014.
Mr. Fabio Galdi, CEO of WDAS, said, “These two new power plants establish the WDAS licensing model for our solar technology which in turn is successfully leveraging the Power Cloud’s model of combining green technology with cloud computing logic. WDAS is in the fortunate position of securing a license fee for solar plant set-up as well as an ongoing revenue share for each solar plant. It is also very exciting that the next solar plants will be in Japan, which in itself will bring new challenges. However, I have every confidence in the Power Cloud team’s ability and in particular Roberto Forlani, Power Cloud’s CEO, to successfully overcome these challenges. On a personal level, I am delighted to make a small contribution in Japan’s conversion from nuclear energy to sustainable, green energy sources.
About World Assurance Group