LAS VEGAS, NV - (NewMediaWire) - October 15, 2015 - Renewable Energy and Power, Inc., (OTC PINK: RBNW), a diversified corporation with markets in energy-saving technologies of both LED lighting and solar cells, is pleased to announce that the Company has signed a Memorandum of Understanding with Universal Semiconductor, Inc., which opens discussions for the Company to combine its proprietary solar cell technology with conventional silicon solar cells manufactured by Universal Semiconductor, Inc.
"The new joint venture plans to make use of the Company's patents, technology and equipment that has the potential to increase by some 50% the power produced by current solar cells," said CEO Donald MacIntyre. "We're planning to launch our Gen IV multi-junction stacked solar cell design in conjunction with Universal's proven silicon solar cell design. We anticipate that this new design eventually will supplant the current silicon solar cell panels being produced worldwide." The new solar cells will be manufactured in Universal Semiconductor's wafer fabrication facility in San Jose, California.
Renewable Energy and Power, Inc.'s website, www.reappower.com, illustrates the important services and products Renewable Energy and Power, Inc. (REAP) provides to the Green Energy market to make it competitive with fossil fuels by employing proprietary new technologies in combination with existing solar and wind-power electric generation and LED lighting. REAP functions in both domestic and international markets that are in vigorous growth stages with long-term prospects. Federal and state legislation in the United States, including many tax incentives, are driving businesses and consumers to replace older technologies with the new solar and LED alternatives offered by REAP.
This MOU, for Gen IV solar cells, along with the Company's LED light design and manufacturing, provide a state-of-the-art LED light made in the United States which provides a marketing advantage over imported, low-quality LED lights. Every member of the technical staff has over 30 years experience in their respective fields, encompassing mechanical, electrical, control and micro-chip engineering. The U.S. market for LED lighting is expected to continue at an accelerating pace over the next four to five years, reaching $10 Billion in 2020.
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