510Nano poised for growth in utility-scale solar installations

  In North Carolina,  two farms with 3.4 MW (megawatt) of renewable power are in the design process. One solar farm with 1.4 MW of power generation capacity will be located in Garyburg, NC and another  2.0 MW of the projects will be located in Jackson NC.       Parker, 510nano President, said the farms show 510nano's ability to execute its ambitious business plan. The generating facilities will use 14,000 panels from SunPerfect Solar and will use Solectria inverters. Tetratech has been selected to provide engineering, procurement, construction, and maintenance service for the generating facilities.  510nano will look to local subcontractors and labor for the project construction and maintenance.   The graduate of MIT and Georgia Tech is among the 13th annual 50 Most Important African-Americans in Technology, gathering in Washington, D.C. for Innovation & Equity 2013: Keeping America First in Technology: Public Innovation & Supplier Diversity on Jan. 15.   Parker also participated in the Catapulting Innovation Showcase at The Tech Museum of Innovation in June, recognizing the optoelectronics accomplishments of the late Dr. Robert Lawrence Thornton.   Secretaries Salazar and Chu announced in Los Vegas 17 new "solar energy zones" in six states--California, Nevada, Colorado, Utah, New Mexico and Arizona-- covering 285,000 acres.  Previously applicants would identify sites, often running into opposition due to unforeseen impacts on wildlife or the environment. More than 153,000 acres are in southern California.

  The North Carolina project is estimated to have a capital expenditure of $13 million.  The debt is being organized by Meridian Hill Financial Advisors (MHFA).   John Tyson, Managing Director of MHFA, saw 510nano's business plan of developing and owning renewable power plants as a strategic market segment for MHFA.   We are anticipating closing the construction debt in the next few weeks.     Scientific Production Ventures (SPV) has diligently worked to help with an equity infusion.  Dr. Isaac Horton, mentor to Dr. Reginald Parker, is president of SPV.  SPV worked with 510nano to achieve bridge financing for the 2 MW project from Cherokee Investment Partners.  Cherokee is a billion dollar private equity firm in North Carolina.   The Venture Capital Access Program of the National Association of Investment Companies is also working with 510Nano to generate financing for growth.