Cemtrex to Venture Into Renewable Energy Projects
September 1, 2015
FARMINGDALE, N.Y., Sept. 1, 2015 — Cemtrex, Inc. (CETX) today announced that the company plans to venture into the emerging renewable energy sector in India to participate in a market that is expected to grow from 1,500 Megawatts in 2014 to 100,000 Megawatts in 2022.
The Company is in preliminary discussions with several state agencies in India who are giving incentives to independent developers for procurement of energy in phased manner over a 25 year period. The Company plans to set up a wholly owned subsidiary in India to setup and operate a 100 MW solar power plant and thus carry out its objectives of expansion into the renewable energy sector.
The wider energy goal of the Indian government is to reinforce the country’s energy security, and Prime Minister Narendra Modi has targeted renewable energy as the most likely route to energy independence. The goal is to hit 175 GW of solar PV, wind, and biomass generation by 2022, and the country has earmarked around $200 billion in investment required.
Saagar Govil, Chairman and CEO of Cemtrex said that “The ‘Make in India’ initiative of the Indian government provides a perfect incentive for us to take advantage of lucrative opportunities in this emerging market.”
According to Mercom Capital, India is on course to grow its solar capacity by 2.5 GW in 2015 and is certainly poised to become a leading player in the global solar landscape. “India is replicating Germany’s and China’s systematic electricity sector transformation, with the added advantage that the cost effectiveness of this is accentuated by the fact that the price of solar electricity has dropped by 80% in five years,” said Institute for Energy Economics & Financial Analysis (IEEFA) director of energy finance studies, Tim Buckley.
About Cemtrex, Inc.
Cemtrex, Inc. (CETX) is a world leading diversified industrial and manufacturing company that provides a wide array of solutions to meet today’s technology challenges. Cemtrex provides manufacturing services of advanced custom engineered electronics, emission monitors & instruments for industrial processes, and environmental control & air filtration systems for industries & utilities.
Safe Harbor Statement
This press release contains forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. These forward looking statements are not a guarantee of future performance. This release may contain Non-GAAP financial information and are not calculated or presented in accordance with US GAAP. The Company believes that the presentation of non-GAAP financial measures provides useful information to management and investors regarding underlying trends in its consolidated financial condition and results of operations. The Company’s management regularly uses these supplemental non-GAAP financial measures internally to understand, manage and evaluate the Company’s business and make operating decisions. These risks and uncertainties are discussed in our filings with the Securities and Exchange Commission, including our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. Except as may be required by applicable securities laws, we do not undertake any obligation to revise or update any forward-looking statements contained in this release.
For further information, please contact: