ALTER NRG CORP. ANNOUNCES ADVANCEMENT AND SITE LICENSE FOR PROPOSED
COMMERCIAL SCALE ENERGY FROM WASTE FACILITY
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CALGARY, Sept. 20 /CNW/ - (TSX: NRG; OTCQX: ANRGF) Alter NRG Corp. ("Alter NRG" or the "Company") is pleased to announce that it has signed a Technology Site License Agreement ("Site License") with Air Products for US$500,000. The license agreement grants Air Products the right to use Alter NRG's proprietary Westinghouse Plasma Gasification technology at Air Products' proposed 49 MW Tees Valley Renewable Energy Facility in North East England. On February 4, 2009 the companies had signed a Joint Development Agreement that provides Air Products with access to Alter NRG's technology for five sites in North America and the European Union. The Tees Valley Site License represents the first of the five licenses.
The Site License represents another step for both companies toward the construction and commissioning of a safe, reliable 950 tonne per day facility which will convert pre-processed waste to baseload renewable power through a combined cycle power configuration. A combined cycle power configuration, which would be the system employed in the proposed Tees Valley project, has the potential to generate 50% or greater power output than capturing waste heat (as done for incineration) given the same amount of waste.
Alter NRG has already completed gasifier related engineering services to support Air Products' preliminary engineering work and conducted gasification tests with waste for Air Products at Alter NRG's demonstration facility near Pittsburgh, PA. The results of Air Products' engineering work and the success of the gasification tests led to the Site License Agreement.
On July 20th, 2010 Air Products publicly announced the proposed Tees Valley project stating "The UK continues to dispose of large volumes of waste to landfill, some of which could be converted to energy using technology such as advanced gasification. The technology that Air Products is proposing to bring to Teesside provides a safe, reliable alternative solution to the disposal or incineration of waste, with over 90% of the waste arriving to the site being diverted from landfill and used as a renewable energy resource."
Mark Montemurro, President and CEO of Alter NRG, states, "We are very pleased to see one of our key customers moving forward. Upon successful completion this provides a template for more energy-from-waste facilities that benefit communities by significantly reducing their waste footprint and while also creating renewable energy. Air Products is a world leader in industrial gases with strong engineering and execution capability. Working with them to create a combined cycle energy from waste facility is a major milestone for Alter NRG."
ABOUT ALTER NRG
Alter NRG is pursuing alternative energy solutions to meet the growing demand for environmentally responsible energy in world markets. The Company's vision is to commercialize growth technologies through environmentally sustainable and economically viable alternative energy projects. The Company's objectives are twofold: First, is to further commercialize the Westinghouse Plasma Gasification Technology, a wholly owned subsidiary, to provide renewable and clean energy solutions from a wide variety of feedstocks, and providing a wide variety of energy outputs - including liquid fuels like ethanol and diesel, electrical power, and syngas; Second, to capitalize on the rapidly growing geoexchange residential and commercial heating and cooling market through a wholly owned subsidiary CleanEnergy that enables consumers to reduce their carbon footprint and reduce the cost and volatility of energy bills using the energy from the earth.
The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.
Advisory Respecting Forward-Looking Statements:
This news release contains certain "forward-looking information and statements" within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends", "confident", "might" and similar expressions are intended to identify forward-looking information or statements. In particular, this news release contains forward-looking statements pertaining to capital expenditures, schedules and commencement of operations of existing projects and projects under development; availability of project financing; timing of sales; industry trends; factors influencing capital investments and development activities; the Corporation's reputation and market position within the industries in which it operates and the Corporation's strategy and competitive advantages. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release.
The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Forward-looking statements reflect management's current beliefs and assumptions, based on information currently available to management. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, many of which are beyond the control of the Corporation. Among the material factors that could cause actual results to differ materially from those indicated by such forward-looking statements are: that the information is of a preliminary nature and may be subject to further adjustment; unforeseen environmental effects; the completion of strategic partner's projects; arrangements with key suppliers; potential product liability and other claims; risks associated with the proprietary technology; the possible unavailability of financing at competitive rates and the related effect on development activities; changes in government regulation, including changes to environmental regulations; the effects of competition; the dependence on senior management and key personnel, and fluctuations in currency exchange rates and interest rates, as well as those factors discussed in or referred to under the heading "Risk Factors" in the Company's Annual Information Form dated March 29, 2010 available at www.sedar.com. Such information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements.
The Corporation cautions that the foregoing list of assumptions, risks and uncertainties is not exhaustive. The forward-looking information and statements contained in this news release speak only as of the date of this news release, and the Corporation assumes no obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable securities laws.
For further information: Mark Montemurro, President and Chief Executive Officer, (403) 806-3877, [email protected]; Daniel Hay, Chief Financial Officer, (403) 214-4235, [email protected]
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