Sep 21 2010
Industrial Nanotech, Inc. (Pink Sheets:INTK), an emerging global leader in nanoscience energy saving solutions, announced today that the expected orders from Mexico have now started coming in after delays caused by financing documentation required by the Mexican banking system.
The Company reported in an earlier release the award of NOM certification of their patented Nansulate® thermal insulation and mold prevention coating and acceptance as part of the Green Mortgage program by INFONAVIT, Mexico's state owned and largest mortgage provider.
The NOM 018 ENER 1997, for which Nansulate® is now certified, is the Mexico Thermal Insulation Standard and is mandatory for all new construction.
“After initial documentation delays, we are now seeing the first orders come in related to the coating’s recent recognition by Mexico’s Federal Electric Company (CFE) and INFONAVIT,“ stated Francesca Crolley, V.P. of Business Development for Industrial Nanotech, Inc. “Additionally, as anticipated by our Mexican distributor, Distribuidora Nano de America, orders are also coming in from corporate and manufacturing customers looking for a cost effective product to reduce building heating and cooling costs and manufacturing process costs due to the certification of Nansulate® as an effective insulation product by Mexico’s testing authority ONNCCE, the nationally recognized Mexican Standards Organization. We expect market share in Mexico to continue to grow rapidly as this innovative technology is recognized for the energy saving and protective benefits that it provides, as well as the longevity of consistent thermal performance. We look forward to reducing energy costs on a national scale for Mexico, and many other countries.”
The company was informed in June that INFONAVIT has included Nansulate® into the specification for worker’s homes under their Green Mortgage program to increase energy efficiency. They have projected that Nansulate® will initially be used for approximately 15% of the market for this year (Total Market more than 400,000 units) which is at least 60,000 homes.
The Green Mortgage program is designed to promote the incorporation of energy sustainability criteria in the homes that INFONAVIT finances, supporting the National Strategy for Climate Change, ensuring energy and water savings that will make homes more affordable and improve the environment. Since the Green Mortgage program was launched in 2009, Infonavit has originated a total of 150,668 green mortgages for MXN 28.9 billion (USD 2.2 billion) and is financed by its lending operations, by mandatory employer contributions on behalf of the country's 14.4 million salaried workers, and by mortgage bonds. Infonavit plans to make between 475,000 and 525,000 mortgages this year.