QUEBEC, July 8, 2013 /CNW Telbec/ - Innovente Inc. (TSXV: IGE)
("Innoventé" or the "Corporation") announced that it will open a new
plant in Matane following the execution of a power supply contract with
Hydro-Quebec for a term of 25 years for the production of 7.2 megawatt
("MW") of electricity. This agreement, the third in its kind for the
Corporation, brings the total of contracts to 20.6 MW, over the next 25
The Matane plant will be built in the RockTenn board mill closed for
over a year, will employ up to 100 people during the erection period
and will create about forty jobs in the operational phase. The power
delivery will be provided starting in fall 2015. The conversion project
of the facilities, estimated at $20 million, will begin in the upcoming
"This third contract with Hydro-Quebec confirms the leadership of Innoventé in the power production from organic waste. We rejoice
that a community such as Matane has chosen the technology of Innoventé
to revive the plant and implement a new viable, green and sustainable
industry, declares Mr. Richard Painchaud, President of Innoventé. We
are happy to be able to count on the collaboration of all stakeholders
in the field".
For the mayor of Matane, Mr. Claude Canuel, who views his city as the
Mecca of the wind power industry in Quebec, Innoventé's project will
have a positive impact in strengthening the role of Matane in the field
of renewable energy, rationalization of the forestor sector, the
reduction of greenhouse gas emissions, and achieving the City of
Matane's objectives regarding sustainable development. Mr. Mayor Canuel
went further by affirming: "I want to emphasize the determination of
the President of Innoventé, Mr. Richard Painchaud, without which the
revival of the RockTenn plant would have been impossible".
A unique method
The patented technology of Innoventé involves using biodryers that can
transform forest, industrial, agricultural and municipal residues into
biofuel. Innoventé uses this biofuel to supply a cogeneration facility.
In Matane, it will be built from the existing biomass boilers, built in
2009. This will produce useful electricity and heat, in particular for
Hydro-Quebec will pay 10.6 cents per kWh, indexed annually, for the
power supplied by Innoventé's plant in Matane. In accordance with the
terms of this agreement, the Corporation has issued a letter of credit
in the amount of $180,000 as a security deposit.
Innoventé owns a first plant in Saint-Patrice-de-Beaurivage whose
construction is completed. The Corporation, who is currently completing
its test period, just produced its first kilowatt-hour. The second
plant will be inaugurated in Trois-Rivières in 2015. Preparatory work
Based in Québec City, Innoventé produces renewable energy and provides
communities with a green and sustainable solution for the management of
organic residues through its technology patented in Canada and the
United States. Innoventé's shares are listed on the TSX Venture
Exchange under the symbol IGE (TSXV: IGE). www.innovente.ca
Caution Regarding Forward-Looking Information
Certain statements contained in this document, including those that
express management's expectations or estimates regarding the
Corporation's future performance, are "forward-looking information"
within the meaning of applicable securities legislation.
Forward-looking information is necessarily based on a certain number of
estimates and assumptions which, while considered plausible by the
management when they are made, are inherently subject to significant
commercial, economic and competitive risks and uncertainties. We advise
investors not to rely unduly on forward-looking information. The
Corporation further declines any intention or obligation to publicly
update this forward-looking information, whether due to new
information, or future or other events.
Neither the TSX Venture Exchange nor its regulation service provider (as
these terms are defined in policies of the TSX Venture Exchange) bears
responsibility for the adequacy or accuracy of this press release.
SOURCE: Innoventé Inc.
For further information:
and interview requests:
Director of Communications, Innoventé Inc.