XsunX, Inc. (OTCQB: XSNX), the developer of CIGSolar®, a patent-pending solar cell manufacturing process offering a capital-efficient, low-cost alternative to the use of silicon solar cells, announced that the Company is working with solar start-up firms in developing regions including Africa and the Caribbean. Working under Letter-Of-Intents (LOI) provided by customers, XsunX is configuring solutions to deliver CIGS manufacturing capabilities targeting the initial deployment plans by firms in these regions.
With hundreds of millions of people throughout Africa, the Caribbean, and South America suffering from either a lack of access to electricity or the use of a chronically unreliable and costly electric power grid, the deployment of solar in these regions is expected to see major growth in both grid and off grid power production*. Additionally, in these regions significant portions of current power needs are met by burning fossil fuels such as diesel. The result is that today’s costs for delivered electricity in the Caribbean hover at $0.37 a kWh.
“Our customers are telling us that governments in these regions are looking for multi-faceted solutions to fill the growing demand for electricity for their huge, and quite often, dispersed populations,” stated Tom Djokovich XsunX’s CEO. “But, providing more reliable and less costly power to satisfy the demand for basic needs represents only one aspect of the focus for governments in these regions. Job growth is another focus and through the deployment of high tech solar manufacturing facilities and power fields, opportunities exist to develop and diversify jobs markets while increasing employment and the buying power of their populations. XsunX is well suited to support this developing market through our low-cost of capital requirements, modular scalability of our technology, and excellent cost-per-watt production costs,” concluded Mr. Djokovich.
These promising opportunities are multi-relationship based purchase and deployment efforts, so in support of these customers, XsunX is providing creative business solutions tailored to the clients’ needs and the regionally based support efforts of local governments. With only 1% of total current global solar installations deployed in these regions* the Company is excited to be working with clients in these important developing markets.