Alter NRG Corp. Executes a USD$21 Million Agreement for the Sale of a Plasma
TSX - NRG
OTCQX - ANRGF
CALGARY, Nov. 8, 2013 /CNW/ - Alter NRG Corp. ("Alter NRG" or the "Company")
is pleased to announce that it has signed an agreement with Air Products and
Chemicals Inc. ("Air Products") to provide a Westinghouse Plasma Gasification
Solution for $USD21 million. Air Products confirmed its intention to proceed
with a second plasma gasification facility (the "Project") during its recent
fourth quarter earnings call held on October 29, 2013 and its location would
be adjacent to Air Products first project, the Tees Valley 1 Renewable Energy
Facility in Northeast England.
The Company began its relationship with Air Products in January 2009 when it
signed a Joint Development Agreement that provided to Air Products five site
licenses and access to the Westinghouse Plasma Technology. Subsequently, Air
Products developed the Tees Valley Renewable Energy Facility in Northeast
England that is expected to process 950 tonnes per day of household waste and
convert it into 50 MegaWatts of renewable electricity. Alter NRG received
the purchase order for the first project in December 2011 and has now
delivered all of the plasma gasification equipment. The first Tees Valley
project is in late stages of construction, and Air Products has begun the
procurement phase on the second Tees Valley Project which is approximately the
same size and configuration. Based on information released by Air Products,
the total spending on the two combined projects is over $800 million.
Alter NRG and its wholly owned subsidiary Westinghouse Plasma Corp. will
provide gasifier equipment, related control, instrumentation, and engineering
services for a fixed price of approximately USD$21 million. Alter NRG
expects to realize the majority of the revenue within fifteen months. As part
of the agreement, Alter NRG expects to receive a down payment within 15 days
and further milestone payments will be received as fabrication progresses.
Walter Howard, Chief Executive Officer of Alter NRG states that "having an
industry-leading company like Air Products commencing construction of a second
facility utilizing our Model G65 gasifier solution is a significant commercial
milestone. This illustrates Air Products' confidence with and commitment to
the Westinghouse Plasma Technology and is encouraging to our other customers
worldwide. We look forward to supporting Air Products as they continue to
expand their plasma gasification energy from waste business."
ABOUT ALTER NRG
Alter NRG provides alternative energy solutions to meet the growing demand for
environmentally responsible and economically viable energy in world markets.
Alter NRG's primary objective is to further commercialize the Westinghouse
Plasma Gasification Technology, through its wholly owned subsidiary, to
provide renewable and clean energy solutions from a wide variety of
feedstocks, and provide a wide variety of energy outputs - including liquid
fuels like ethanol and diesel, electrical power, and syngas.
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 the commissioning of Tees
Valley 1; the expected starting of Tees Valley 2; the recognition of revenue
by Alter NRG and payments made by Air Products; and the expected size of the
Tees Valley 1 and 2 projects.. 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 Company. 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; failure of
the proposed project to proceed to completion, arrangements with key
suppliers; failure of the customer's board to approve full funding; the
cancellation of the agreement at any time by the customer; potential product
liability and other claims; risks associated with the proprietary technology;
closing on grants and incentive's; changes in government regulation, including
changes to environmental regulations; 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 27, 2013 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 Company 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 Company 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.
SOURCE Alter NRG Corp.
Walter Howard, Chief Executive Officer
Daniel Hay, Chief Financial Officer
(403) 214-4235 email@example.com
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