Renewable Energy

New Energy Signs Contract with Teixeira

New Energy Corp. (Kaysville, UT) announced that it has contracted with Teixeira Farms Inc. (Santa Maria, CA) to provide the company with high-concentrate photovoltaic (HCPV) solar energy for a period of 10 years. The contract includes four 1MW HPCV generators, to be delivered by the third quarter of 2002.

John McDonald, president and director of New Energy, commented, "This deal with Teixeira Farms is a significant accomplishment for New Energy, as they are the third largest agricultural packaging concern in the US. This first contract with Teixeira is only the beginning of what we expect will be an increasingly lucrative relationship, as they plan a near-term increase in their solar electricity energy needs that will eventually exceed 100MW. Also, our relationship with Teixeira positions us to better take advantage of the vast opportunities that exist within the agricultural marketplace."

Norm Teixeira, president of Teixeira Farms, commented, "By signing this contract with New Energy, we will see an immediate reduction of our energy expenditures by 20 percent, which is unheard of in this time of energy scarcity. Because the generators are provided to us free of cost, there is no downside to the transition from fossil-fuel-derived energy to solar power. Also, we are now able to meet our energy needs without negatively impacting the environment."

Teixeira Farms Inc.
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