TSXV - NRG
CALGARY, April 26 /CNW/ - Alter Nrg Corp. (TSX Venture: NRG) ("Alter Nrg"
or the "Company") is pleased to announce that on April 3, 2007, the Company
entered into a technology license agreement (the "License Agreement") with NRG
Energy, Inc., ("NRG"), a Princeton, New Jersey based corporation, as was
described in the final prospectus.
Under the terms of the License Agreement, Alter Nrg granted NRG a five
year exclusive license to use the Westinghouse Plasma Corporation ("WPC")
proprietary gasification technology in the United States, primarily to produce
electric power using coal and certain other feedstocks. WPC, a wholly-owned
subsidiary of Alter Nrg based in Pittsburgh, Pennsylvania, licenses
commercially proven plasma gasification technology.
Plasma gasification technology offers an environmentally responsible
solution for older power plants and works with numerous feedstocks including
solid biomass, coal, and construction and demolition waste. Retrofitting the
coal fired facilities using WPC's plasma gasification technology is expected
to reduce harmful emissions below US environmental guidelines, with reductions
of up to 60% of NOx and SO2 and up to 95% of mercury. Reductions in greenhouse
gas emissions from the retrofitted facilities may be possible with the future
add-on of carbon capture and sequestration technology.
NRG sees a market opportunity to employ this technology at smaller
existing coal fueled power plant facilities. In consideration of the license
grant, NRG has agreed to purchase from the Company all of the plasma
technology materials for each project. Approximately 300 smaller-sized power
plants in the United States could benefit from this technology.
Alter Nrg has the option to make an equity investment of 10% to 25%, at
Alter Nrg's discretion, in any future NRG retrofit projects. Each coal power
plant retrofit project would represent an upfront $15 million to $30 million
sale of WPC technology and also gives Alter Nrg, upon exercise of the option,
an equity interest in the recurring revenues of the power facility.
Mark Montemurro, CEO of Alter Nrg commented "This is a very exciting
opportunity to advance WPC's plasma gasification technology in the rapidly
growing US coal gasification marketplace. Partnering with NRG will provide us
with access to a wealth of technical data and operational experience along
with the potential for rapid growth through our optional equity participation
in future projects."
Please note that Alter Nrg and NRG are distinct, separate, and autonomous
corporate entities. They are not associated or controlled by a common parent
or holding company.
One of the leading electricity generators in the US Northeast, NRG owns
and operates approximately 24,175 MW of power generation assets, most of which
are located in the United States. NRG is a Fortune 500 company and is publicly
traded on the New York Stock Exchange.
ABOUT ALTER NRG
Alter Nrg creates alternative energy solutions to meet the growing demand
for environmentally responsible energy in world markets. The Company's vision
is to become a North American leader in the development of innovative
gasification projects for the commercial production of energy. The Company's
objective for the next decade is to become a senior energy producer of
hydrogen, syngas, and transportation fuels such as sulphur-free diesel,
ethanol, steam and electricity, all of which are fundamental products for the
world's growing energy needs.
Certain statements in this disclosure may constitute "forward-looking"
statements which involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or achievements of the
Corporation, or industry results, to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. When used in this disclosure, such statements use
such words as "may", "would", "could", "will", "intend", "expect", "believe",
"plan", "anticipate", "estimate", and other similar terminology. These
statements reflect the Corporation's current expectations regarding future
events and operating performance and speak only as of the date of this
disclosure. Forward-looking statements involve significant risks and
uncertainties, should not be read as guarantees of future performance or
results, and will not necessarily be accurate indications 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
statements. Although the forward-looking statements contained in this
disclosure are based upon what Management believes are reasonable assumptions,
the Corporation cannot assure investors that actual results will be consistent
with these forward-looking statements. These forward-looking statements are
made as of the date of this disclosure, and, subject to applicable securities
laws, the Corporation assumes no obligation to update or revise them to
reflect new events or circumstances. This disclosure may contain
forward-looking statements pertaining to the following: capital expenditure
programs; supply and demand for the Corporation's services and industry
activity levels; commodity prices; income tax considerations; treatments under
governmental regulatory regimes.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Mark Montemurro, President and Chief Executive
Officer, (403) 806-3877, Mmontemurro@alternrg.ca; Daniel Hay, Chief Financial
Officer, (403) 806-3881, Dhay@alternrg.ca; Investor Relations, (403) 806-3875,