PHI Group has signed a Memorandum of Understanding (MoU) with Aquarius Power, a Texas company, to provide renewable energy technology to Vietnam.
PHI has also made an investment to become a strategic shareholder of AQP.
PHI and AQP will form a joint venture company which will have the exclusive right to sublicense, sell, build, own and/or operate the AQP energy systems in Vietnam on an exclusive basis.
PHI will be responsible for: obtaining all necessary approvals to build, own and operate AQuarius energy system; securing a binding and acceptable power purchase agreement (PPA) from the governmental authority; providing the land for the AQuarius energy system; providing the construction and civil engineering know-how to build the energy pools; providing management, engineering and operational manpower to build and operate the AQuarius engineering system; and providing the interconnection of the AQuarius energy system to the national grid.
AQP’s responsibilities include: support PHI in obtaining the Power Purchase Agreement; conduct a site survey and provide blueprints for a tailor made energy system; provide technical support for the construction and operation of the energy system; build and ship the AQuarius energy system(s); and install and commission the AQuarius energy system as required.
AQuarius wave energy system is a land-based wave energy system that uses a combination of gravity and “buoyancy” found within the interaction between air and water to produce power that can be used to generate electricity and / or produce potable water.
Robert Schuster, Founder and CEO of AQP, said, “We are excited to work with the PHI Group to bring the amazing technology to Vietnam. We believe we can bring affordable baseload renewable energy to the rural areas as well as the urban areas throughout Vietnam.”
Henry Fahman, CEO of PHI Group, said, “We are delighted to cooperate with AQP and look forward to first installing this breakthrough technology for the 100-MW power plant project in Yen Bai Province, Northern Vietnam. We also plan to apply it for other projects in the near future.”