CALGARY, Feb. 6, 2012 /CNW/ - Genalta Power Inc. and Enbridge Inc. (TSX,
NYSE: ENB) announced that they have finalized a third private placement
agreement, thereby completing a strategic alliance they entered into on
November 19, 2010. Under the agreement, Enbridge has agreed to purchase
a significant equity position in Genalta.
"This is the third investment that Enbridge has made in the last 12
months and it shows the company's continued and ongoing support of both
Genalta and the technology that we are deploying. The funds will be
allocated to specific projects and technologies under development,"
said Graham Illingworth, CEO of Genalta Power. "Enbridge's
relationships and support is much appreciated and we look forward to a
long and mutually beneficial partnership."
"By completing this latest financing agreement, we are meeting
Enbridge's goal of investing in promising alternative energy
technologies and contributing to a greener energy future," said Chuck
Szmurlo, Enbridge's Vice President of Alternative & Emerging
Technology. "Genalta's strong growth and proven ability to advance the
development and commercial viability of clean energy technology make it
clear that the company is a good fit for Enbridge's portfolio."
Genalta Power Inc. is a Canadian-based, clean electrical
power-generating company that is leading the way in using waste energy
to power applications. As a client-oriented solutions provider, Genalta
is able to capture waste energy from sources such as waste heat,
pressure and gas, and to create cost-effective and environmentally
responsible electricity. Genalta is focused on optimizing site
efficiencies and new energy-transfer technologies in the one to ten
Enbridge transports and distributes energy across North America. The
company operates the world's longest crude oil and liquids
transportation system, and has growing interests in alternative and
renewable energy technologies such as waste heat recovery projects,
hybrid fuel cells, and geothermal, wind and solar power generation.
About Genalta Power Inc.
Genalta Power is a privately held Canadian corporation in the business
of developing proprietary technologies that will enhance the operating
output and performance parameters of the projects that it percolates in
by way of owning and operating independent power plants that produce
and sell environmentally-friendly electricity from waste energy
sources. Genalta capitalizes on opportunities in the independent power
market by actively developing dependable, cost-effective and
environmentally responsible power generation facilities. Genalta
pursues a mix of waste heat recovery, waste fuel gas, and waste
pressure projects. Genalta is developing projects in strategic regions
of North America with an emphasis on the oil and gas industry. Visit
www.genaltapower.com for more information.
Cautionary Statement Regarding Forward-Looking Information
Certain statements in this news release may constitute "forward-looking
information" or "forward-looking statements" which involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company or industry
results to be materially different from any future results, performance
or achievements expressed or implied by such forward-looking
information. When used in this news release, such information uses such
words as "estimates", "expects", "plans", "anticipates" and other
similar terminology. This information reflects the Company's current
expectations regarding future events, including the future funding
timing and requirements and speaks only as of the date of this news
release. Forward-looking information involves significant
uncertainties, should not be read as a guarantee of future performance
or results, and will not necessarily be an accurate indication of
whether or not such results will be achieved. A number of factors could
cause actual results to differ materially from the results discussed in
the forward-looking information. Although the forward-looking
information in this news release is based upon what management of the
Company believes are reasonable assumptions, the Company cannot assure
investors that actual results will be consistent with this
forward-looking information. This forward-looking information is
provided as of the date of this news release, and, subject to
applicable securities laws, the Company assumes no obligation to update
or revise such information to reflect new events or circumstances.
SOURCE Genalta Power Inc.
For further information:
Genalta Power Inc.