Solterra Renewable Technologies’ CEO Stephen Squires announced that the company is well along in vying for a solar cell facility in Saudi Arabia. “We have undergone an incredibly in-depth due diligence review of our science and our business plan,” he remarked. “The due diligence process was conducted on-site by a European consulting and analysis firm. Early discussions have led us to believe that we are a frontrunner in the selection process.” The Government of Saudi Arabia is about six months into a selection process to establish a thin-film quantum dot solar cell manufacturing and distribution facility in the country.
The Solterra solar cell facility, if selected, would be part of the Trans-Mediterranean Renewable Energy Cooperation [TREC]’s initiative to build a transmission super grid of power plants and power lines. TREC is a consortium led by the “Club of Rome,” which includes a number of universities in Europe and the Middle East and the German Aerospace Bureau. The grid would supply energy to Europe and to seawater desalinization plants in the Middle East and North Africa.
Squires affirmed the popularity of this enterprise: “The super grid initiative has attracted a growing number of powerful backers. Nicolas Sarkozy, the President of France, and UK Prime Minister Gordon Brown have both publicly endorsed the super grid project. It is our belief that if we are able to realize this opportunity we will receive significant financial support, facility set up, personnel subsidies and other benefits.”