San Rafael, California. - (Business Wire) Bridgeway GreenTech, Inc. (“Bridgeway”) announced that on August 26^th it applied to the U.S. Department of Energy (DOE) for a $7.8 million grant to support funding of the Company’s 40kWhr distributed flywheel energy storage system.

Bridgeway applied under the Smart Grid Demonstrations program of DOE Funding Opportunity Announcement DE-FOA-0000036, which authorizes approximately $615 million that DOE expects to allocate across seven Areas of Interest. The Company submitted its application under Area of Interest [AOI] 2.5, “Demonstration of Promising Energy Storage Technologies.” DOE anticipates making grant awards within this Area to 5 to 6 applicants totaling an aggregate amount of up to $25 million.

Bridgeway GreenTech is developing a breakthrough energy storage system which will allow renewable power sources to be totally independent of and cost competitive with grid power. This will provide the missing link needed to accelerate the renewable energy market.  This 100kWhr flywheel will cost less than $40,000 in production while meeting the energy storage requirements for both the Distributed Power and Energy Arbitrage markets.  For an on-grid user integrated with renewable power sources, it is feasible to project energy costs at less than 5 cents per kWhr.  Off-grid users will not require back-up systems for their renewable power sources with energy costs of less than 15 cents per kilowatt hour.  In an energy warehouse designed for arbitrage or for renewable energy storage, an ROI of nearly 8% is feasible without considering the available government subsidies.  

Bridgeway Foundation of CA, Inc. receives IRS approval for tax-exempt status under section 501 (c) (3) of the Internal Revenue code.

Frederick H. Schuchardt, founder of Bridgeway GreenTech, forms nonprofit organization under section 501 (c) (3) of the Internal Revenue code to help fund and build a better world through the advancement of education, technology and entrepreneurship.