New technology promises to be faster and more efficient within an estimated billion dollar market
SEATTLE, WA, April 28 /PRNewswire-FirstCall/ -- Mantra Venture Group Ltd. (Mantra) is pleased to announce that its Signal Smoothing Technology has successfully completed field testing and is ready to be commercialized.
Mantra acquired the exclusive, worldwide option to develop the technology from its creators at the University of Toronto. The developer Dr. Reza Irvani has been testing the technology in his laboratory for about three years. Simulation studies and experiments were carried out to ensure that the new technology could meet all possible systems scenarios. A test unit was implemented as a part of the control/protection platform of a wind turbine system and tested under field operational conditions. Dr. Iravani states, "The unit was tested to cover numerous scenarios, including some extreme situations that would not likely happen to the average wind turbine in its lifetime. Such extreme situations included major system blackouts, faults in the utility power grid and lighting strikes." Dr. Iravani went on to say, "results were excellent, the processor performed all expected functions based on design and operational standards."
Mantra's Signal Smoothing Technology is designed to support sustainable energy generation, which tends to be variable due to its natural source. Before the energy created from sustainable sources can be used, it needs to be converted into grid standard power. Mantra's technology converts the power created from sustainable sources such as wind, solar or geothermal, and converts it into usable grid standard power, which can then be fed back into the grid.
According to Mantra's President and C.E.O. Larry Kristof, "we estimate the worldwide potential market for our controller/driver to be valued in the hundreds of millions of dollars per year given the present rate of growth in the industry. Mr. Kristof further stated, "This technology can achieve significant market penetration. The potential sales revenue is substantial enough to encourage its commercialization. Since this new technology is faster, better and more efficient than products currently on the market, our projected income could be greatly enhanced."
This technology can be used with numerous sustainable energy projects both large and small. New patents will be applied for as more improvements are made.
Mantra, through its group of sustainable energy, carbon reduction and consumer product subsidiaries, is set to enter the burgeoning green technology marketplace with an innovative, multi-faceted approach focused on profitability through sustainability. By aggressively seeking out new technologies and innovating solutions for a cleaner earth, Mantra intends to provide a highly profitable and, more importantly, socially and environmentally responsible investment for its shareholders.
Mantra is a public company quoted on the OTCBB under the symbol MVTG and the Frankfurt Stock Exchange under the symbol EDV 5MV.
Forward-Looking Statements:
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements. Actual results may differ materially from those described in forward-looking statements and are subject to risks and uncertainties. See Mantra Venture Group's filings with the Securities and Exchange Commission which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements.
CONTACT: Kol Henrikson, Corporate Communications, Phone: (877) 609-2898, Email: ir@mantraenergy.com, Website: http://www.mantraenergy.com/
Mantra Venture Group Ltd.
