NEW YORK, Aug. 10, 2017 (GLOBE NEWSWIRE) -- PHI Group, Inc., (www.phiglobal.com) (OTCQB:PHIL), a company focused on mergers and acquisitions and investments in natural resources, energy, agriculture and special situations, announced today that it has signed a Memorandum of Understanding (“MOU”) with Aquarius Power, Inc. (“AQP”), a Texas company, to provide renewable energy technology to Vietnam. PHI has also made an investment to become a strategic shareholder of AQP and will continue making additional investments in the near future.
PHI and AQP will form a joint venture company which will have the exclusive right to sublicense, sell, build, own and/or operate the AQP energy systems in Vietnam on an exclusive basis.
PHI will be responsible for: Obtaining all necessary approvals to build, own and operate AQuarius Energy System; Securing a binding and acceptable power purchase agreement (PPA) from the governmental authority; Providing the land for the Aquarius Energy System; Providing the construction and civil engineering know-how to build the energy pools; Providing management, engineering and operational manpower to build and operate the AQuarius Engineering System; and Providing the interconnection of the AQuarius Energy System to the national grid.
AQP’s responsibilities include: Support PHI in obtaining the Power Purchase Agreement; Conduct a site survey and provide blueprints for a tailor made Energy System; Provide technical support for the construction and operation of the Energy System (Includes training for construction, installation and operations); Build, Ship, the AQuarius Energy System(s); and Install and commission the AQuarius Energy System as required.
AQuarius Wave Energy System is a land-based wave energy system that uses a combination of gravity and “buoyancy” found within the interaction between air and water to produce power that can be used to generate electricity and / or produce potable water. AQuarius is a baseload zero carbon footprint that uses no consumables and can be installed virtually anywhere on the planet that is cost effective against any fossil fuel alternatives. The system, which can be built turn-key within 6 months of obtaining permits, has an operating life of over 60 years and is clean, scalable, reliable, and extremely flexible. Its operating cost is comparably low as hydroelectric systems.
Robert Schuster, Founder and CEO of AQP, stated, “We are excited to work with the PHI Group to bring the amazing technology to Vietnam. We believe we can bring affordable baseload renewable energy to the rural areas as well as the urban areas throughout Vietnam.”
Henry Fahman, CEO of PHI Group, said, “We are delighted to cooperate with AQP and look forward to first installing this breakthrough technology for the 100-MW power plant project in Yen Bai Province, Northern Vietnam. We also plan to apply it for other projects in the near future.”
At current electricity price levels in Vietnam, projected average annual revenues and EBITDA during the first 9 years of operation for the power plant in Yen Bai are $101 million and $80 million, respectively.
On another note, PHI Group has recently investigated other innovative, breakthrough technologies including water conditioning systems for agriculture and human consumption, biopesticides, nano-curcumin extraction, and polymer-based building materials, etc. that are environmentally friendly, cost-saving, yield-enhancing and capable of greatly improving the quality of life. The Company expects to introduce a number of these technologies for business applications in the near future.
About PHI Group
PHI Group (www.phiglobal.com) primarily focuses on mergers and acquisitions and invests in select industries and special situations that may substantially enhance shareholder value. PHI Group also provides M&A and consulting services through its wholly owned subsidiary, PHI Capital Holdings, Inc. (www.phicapitalholdings.com)
AQuarius Power Inc. (AQP), a Texas Corporation, was created for the purpose of developing and licensing certain revolutionary technologies with the potential to provide clean, baseload energy technologies.
This news release contains forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward-looking statements pursuant to the “safe-harbor” provisions of the Private Securities Litigation Reform Act of 1995.
CONTACT: Press Contact: Henry Fahman +1-702-475-5430 firstname.lastname@example.org