Business
Eco Innovation Signs Clean Energy Technology Deal
Eco Innovation Signs Clean Energy Technology Deal.
About this update from Eco Innovation Group, Inc.
[{"type":"text","content":"\n VAN NUYS, Calif., Oct. 06, 2020 (GLOBE NEWSWIRE) -- Eco Innovation Group, Inc. (\"ECOX\" or the \"Company\") (OTC:ECOX), an innovative clean tech incubator aggregating investments in new technologies that promote environmental and social well-being and the development of green energy solutions, announces the signing of a renewable energy technology manufacturing contract (the “Agreement”) for the manufacture of Renewable Energy power plants (the “Product”). The Company has already received an initial payment of $100,000 for the first tranche of power plants to be manufactured. “This is a significant event for our Company in several ways,” noted Otey-Raudes. “While we are undoubtedly excited to book this initial payment, we firmly believe it represents just the tip of the iceberg given the rising excitement we see attached to this technology as a revolutionary innovation in the clean energy space. The Agreement fits our strategic approach to environmental sustainability and socially responsible technology development, and offers an attractive value proposition to the individual and institutional consumers who are core to the sea change in energy use that Eco Innovation Group promotes. Environmental sustainability and social responsibility are central to this rapidly growing target market recognized for its growth prospects, driven by consumer preference, competitive imperative, regulatory impacts, investor mandates and capital markets.” Under the terms of the Agreement, the Company will manage the installation of the Renewable Energy power plants for end-user customers. While this initial arrangement represents a contract for a single version of the Product, potential expansion into the manufacture of additional models is an included element in the Agreement. According to the Agreement, Eco Innovation Group will provide supply base management, production of the Renewable Energy power plants, inventory of both work in progress and finished goods, physical delivery, and financial services relating to ownership of completed and installed units. The contract allows for expansion of the scope of services to include quality and service level agreements. Management notes that, with this product, consumers can produce clean, green energy at a fraction of its typical cost. The core techno...