US Department of Energy Funds Solar Program

by Armando Duke

Pennington NJ - Over the last ten years, the DOE's Tribal Energy Program, and its predecessor programs, has provided $17 million in funds for 90 renewable energy projects across Indian Country.

Over the last two years, the Program has entered into agreements with 38 tribes and provided $7.5 million to tribes to explore and pursue renewable energy options.

Friday, the DOE added another tribe to its Program, agreeing to provide grant moneys to the Quinault Indian Nation (QIN) of Washington State to assess implementation of renewable energy systems for the tribe's Quinault Beach Resort and Casino.

The Quinault Indian Nation selected WorldWater Corporation (OTCBB: WWAT) to assess their renewable energy needs and devise a program that can be implemented.

WorldWater announced the QIN agreement Friday. That news marked the first DOE program of this type for the developer of solar powered pumping technology.

Friday's news follows a string of recent projects, each a model for more sales within their respective market applications.

The company's annual shareholders meeting was also held Friday in Hopewell, New Jersey. CEO Quentin Kelly said, "I'm looking forward to telling the shareholders about the past year's many important milestones, especially the successful projects where we've been able to demonstrate the real-world viability of our products and technology in several of the world's largest solar power projects."

Kelly's company introduced new employees and updated shareholders on the move to its Fullerton California office as well showing a video that illustrated WorldWater's products.

Reactions by shareholders were mixed as 3,866,544 shares traded hands Friday, pushing WorldWater's shares down 7 cents or 24.17% in a frenzy of trading more than fifteen times the 90-day average daily trading volume of 246,954 shares.

Alternative energy stocks, known for their sensitivity to market conditions, had mixed results Friday as energy investors grew nervous over rising oil prices and hurricane Ivan's approach across the Gulf of Mexico. WorldWater's shares (OTCBB: WWAT) closed at $.22, down 7 cents. Ultralife (NASDAQ: ULBI) closed Friday at $15.16, off 3 cents. Plug Power Inc. (NASDAQ: PLUG) closed at $6.39, down 19 cents. Fuelcell Energy, Inc. (NASDAQ: FCEL) closed at $10.40, up 44 cents. Quantum Fuel Systems Technologies, Inc. (NASDAQ: QTWW) closed Friday at $5.60, up 13 cents. Vestas Wind Systems (OTC: VWSYF) closed at $13.10, unchanged. Fuel-Tech NV (NASDAQ: FTEK) ended the session Friday at $4.65, up 1 cent.

Source: Source Press

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