ALTER NRG CORP. ANNOUNCES COLLABORATION AGREEMENT WITH TECHNIP USA, A MAJOR
EPC COMPANY, THAT PROVIDES COMPLETE WASTE TO ENERGY FACILITY DESIGN SOLUTIONS
TSX- NRG
OTCQX- ANRGF
CALGARY, Oct 7 /CNW/ - (TSX: NRG; OTCQX: ANRGF) Alter NRG Corp. ("Alter NRG" or the "Company") is pleased to announce that it has signed a collaboration agreement with Technip USA, Inc. ("Technip USA") to market the Westinghouse Plasma Technology owned by Alter NRG. Under the agreement, Technip USA will provide industry standard design, engineering, and procurement services as well as overall performance guarantees, in conjunction with Alter NRG, to support project financing for plasma facilities.
Technip USA, a subsidiary of Technip S.A. ("Technip"), is a recognized leader in the energy sector with 23,000 people working in 48 countries globally, and over 6.5 billion Euros of annual revenues. Technip provides engineering, procurement and construction services to the energy, refining and process chemical industries, with project management expertise including complex project integration, risk assessment, conceptual design, preliminary and detailed engineering, global procurement and construction management. Technip has extensive experience in the field of syngas production from conventional and alternate technologies, production of steam and power, syngas conditioning and clean-up, and emission abatement technologies.
Jeroen Snijder, General Manager of Claremont office of Technip USA, Inc. states that "Technip is excited about partnering with Alter NRG and the Westinghouse Plasma Technology that we feel is the industry leading technology in the field of waste-to-energy. During our due diligence period we have become comfortable that this technology can be broadly applied and can make a significant difference in creating sustainable energy for the future. We believe Technip can add technical and commercial value to plasma gasification facilities through efficient execution of these projects."
Under the terms of the agreement Technip USA will act as the preferred EPCM for the complete balance of the plant, with the gasification island which will be designed and provided by Alter NRG. Technip USA will actively market and perform joint proposals with Alter NRG to their customer base for waste-to-energy and also fuel replacement projects in North America, Europe and the Middle East. As well, Technip USA will provide industry standard performance guarantees, on a case by case basis, on the balance of plant for projects which they are involved.
Mark Montemurro, President and CEO of Alter NRG states that "this is a key evolution in the advancement of the Westinghouse Plasma Technology. An optimal design for the balance of the plant as well as overall performance guarantees are important for project financing requirements and also for greater market acceptance of the plasma technology. Technip is a recognized leader in their field and we look forward to having them as a preferred engineering partner and jointly marketing to their large customer base for future plasma gasification projects."
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 new 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; Technip's ability to market projects effectively, arrangements with key suppliers; potential product liability and other claims; risks associated with the proprietary technology; closing on grants and incentives, 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:
Alter NRG Contacts:
Mark Montemurro, President and Chief Executive Officer
(403) 806-3877 [email protected]
Daniel Hay, Chief Financial Officer
(403) 214-4235 [email protected]
Website: www.alternrg.ca
Technip Contacts:
Jeroen Snijder
General Manager
Technip USA, Inc.
Claremont, California, USA
Tel. +1 909 447 3603 (direct)
Email: [email protected]
Poornima Sharma
Vice President
Process/Technology and Engineering
Tel. +1 909 447 3602 (direct)
Email: [email protected]
Press Contact: [email protected]
Website: www.technip.com
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