AlumiFuel Power Corporation (OTC: AFPW), an early-stage renewable energy company participating in the cannabis industry through its NovoFuel subsidiary, recently announced that it has finalized a series of key strategic partnerships that are an integral part of the development and installation of a Michigan-based renewable energy project within the cannabis industry.
“We are pleased with the recent developments that have culminated in a suite of superior products that comprise the hybrid renewable energy systems supporting the cannabis cultivation industry,” said NovoFuel Inc. CEO David Cade. “The partnerships we have forged with leading-edge alternative energy companies give us the opportunity to work with individuals who bring a tremendous amount of value.”
NovoFuel recently entered into a number of partnership agreements that each contribute specialized expertise toward the design and integration of renewable energy systems. By implementing these systems at marijuana cultivation sites, the company hopes to provide an improved cost basis for energy consumption while addressing a key concern for power consumption in certain states.
While the average cost of utility grid power in the U.S. is around $0.13/kWh, marijuana cultivators rely on diesel/gasoline generators to provide fail-safe backup power at a cost of $0.81/kWh. NovoFuel’s renewable energy solutions have costs ranging from $0.18-0.30/kWh – depending on the site – which provides a great source of alternative power with the potential for added tax incentives.
These solutions come at a much-needed time within the marijuana cultivation industry, which relies on heavy power usage for its indoor growing operations. According to a study by Evan Mills, a Lawrence Berkeley National Laboratory researcher, indoor marijuana growing operations already account for about 1% f all electric consumption in the U.S. – a number that could grow significantly.
Shares of Alumifuel Power Corp. were unchanged in mid-day trading on Friday, October 17, 2014 following the news release earlier during the week.
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