CALGARY, Nov. 25 /CNW/ - Genalta Power Inc. and Enbridge Inc. (TSX,
NYSE: ENB) have entered into a strategic alliance under which Enbridge
will purchase a significant equity position in Genalta.
Genalta Power Inc. is a Canadian-based, clean power generation company
that is leading the way in 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 currently untapped 0.25-megawatt to 5-megawatt
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.
"Our strategic alliance with Enbridge allows us to focus fully on our
core business, which is to develop technologies that enhance the
design, construction, installation and operation of waste energy
projects. Now that we are beginning to gain significant traction in the
marketplace, we feel the timing could not be better," said Graham
Illingworth, CEO of Genalta Power. "We look forward to a long and
mutually beneficial partnership with Enbridge."
"Investing in promising alternative energy technologies is one of the
ways Enbridge is contributing to a greener energy future," said Chuck
Szmurlo, Enbridge's Vice President of Alternative & Emerging
Technology. "Through our Pathfinders program, we're supporting the
innovation offered by companies like Genalta, and helping to advance
the development and commercial viability of clean energy technology
that complements conventional energy production."
With Enbridge's equity position, Genalta has appointed Mr. Szmurlo to
its Board of Directors.
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 font-style="italic" href="http://www.genaltapower.com/">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.
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