Falling oil prices may mean temporarily lower fossil fuel costs, but
First Titan Corp. (OTCBB: FTTN) continues to eye opportunities in
renewable energy and the energy storage industries, particularly after
some major players indicated they would invest big money in the segments.
General Electric Co. recently said it expects the energy storage market
to quadruple
in size to $6 billion by 2020 and that it is revamping its battery
storage systems accordingly. Meanwhile, AES Advancion Energy Storage
Solutions continues
to build energy storage facilities – with a total of 260 MWs worth
of projects now in the planning or construction stages. Siemens has
launched construction of what it bills as the
world’s largest hydrogen energy storage plant.
“As these news items indicate, the energy storage industry is attracting
major investments and the sector will only grow in size in the coming
years,” said FTTN CEO Sydney Jim. “We consider energy storage to be a
viable future market for FTTN and we are continually evaluating
potential projects we can invest in or participate as a partner. We are
committed to taking the company in a positive direction that will lead
to increased revenues and enhanced shareholder value.”
Worldwide revenues from energy storage systems are expected to top
$21.5 billion by 2024, according to market estimates. While the
majority of that revenue is expected to come from large commercial and
industrial applications, the market for home energy storage units could
become a growing niche segment as one company reports it has now started
installing residential systems in California.
For more information on FTTN’s oil and gas projects, please visit www.firsttitanenergy.com.
About First Titan Corp.
First Titan Corp., through its wholly owned subsidiary, First Titan
Energy, LLC, is committed to the exploration and development of oil and
natural gas resources around the globe. The Company continually seeks to
partner with energy developers that are pursuing innovative new methods
of oil and gas extraction, including the development of new
technologies, cleaner methods and unconventional resources.
Notice Regarding Forward-Looking Statements
Safe Harbor Statement under the Private Securities Litigation Reform Act
of 1995: This news release contains forward-looking information within
the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
including statements that include the words “believes,” “expects,”
“anticipate” or similar expressions. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors that
may cause the actual results, performance or achievements of the company
to differ materially from those expressed or implied by such
forward-looking statements. In addition, description of anyone’s past
success, either financial or strategic, is no guarantee of future
success. This news release speaks as of the date first set forth above
and the company assumes no responsibility to update the information
included herein for events occurring after the date hereof.
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