TSX - NRG
OTCQX - ANRGF
CALGARY, May 7, 2012 /CNW/ - Alter NRG ("Alter NRG" or the "Company") is pleased to announce that it has performed the necessary technical work with Coen Company, Inc., a leading boiler burner manufacturer worldwide, to provide syngas as a viable replacement fuel to power plants that currently utilize fuel oil. Alter NRG is in commercial discussions with several island nations to provide our fuel replacement solution that delivers significant economic and environmental benefits.
Alter NRG's Westinghouse Plasma Gasification Solution takes household, commercial or industrial waste and converts it into clean syngas. As businesses pay tipping fees to get rid of these types of waste a Plasma gasification facility gets paid to take the feedstock. As a result, the tipping fees significantly improve overall economics with net operating cost per mmbtu of syngas at $0 (e.g. using a $60 tipping fee per ton of waste). At $100 tipping fee per ton, the facility will generate positive cash flow of over $4.00 per mmbtu. As many countries that lack a domestic supply of natural gas are paying $20 per mmbtu for fuel oil (approximately $120 per barrel of oil delivered) significant value is created through the use of a plasma gasification refueling solution.
Tim Webster, President of Coen Company states, "We have reviewed the Westinghouse Plasma Gasification system by Alter NRG and believe it may offer a viable alternative to Fuel Oil. The syngas created from different types of waste materials can be co-fired through Coen's burner technology to reduce the consumption of fossil fuels at existing power plants. We are excited to be pursuing this market opportunity with Alter NRG as it may offer compelling economic and environmental benefits for customers who are looking to reduce their dependence on fuel oil as well as their overall carbon footprint."
Walter Howard, Chief Executive Officer of Alter NRG believes that "the fundamental product that is created from the Westinghouse Plasma Gasification system is syngas. Our competitive advantage is that our solution can create the lowest cost syngas and in many circumstances be generating cash due to the tipping fees paid when we take the waste. By marketing our syngas solution into areas with a high cost of energy the value proposition becomes very simple - a commercially proven syngas solution that replaces the high cost of oil. I am excited to expand our marketing efforts in this and believe this will lead to significant value creation for our shareholders."
Founded in the state of California in 1912, Coen Company, Inc. specializes in the design, manufacture, service and maintenance of combustion systems. With 100 years of experience and a world expansive resource network, Coen is an industry leader meeting customer demand with improvements in energy efficiency, environmental quality, fuel flexibility and system reliability. Coen has offices in San Mateo and Sacramento, California as well as several regional offices in the United States and a global network of sales representatives. Coen also has operations in Mexico through its subsidiary, Coen Sistemas en Combustions, S.A. de C.V.
Coen is an indirect subsidiary of Koch Chemical Technology Group, LLC (KCTG). Together with its parent and affiliated companies, KCTG comprises one of the largest private companies in the world.
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 the syngas created can provide a wide variety of energy outputs - including liquid fuels like ethanol and diesel, electrical power, heat, steam, or replacing fuel oil.
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 capital expenditures, schedules and commencement of operations of existing projects and projects under development; availability of project financing; timing of sales; industry trends; factors influencing capital investments and development activities; the Corporation's reputation and market position within the industries in which it operates and the Corporation's strategy and competitive advantages. 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 Corporation. 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, ability to market projects effectively, arrangements with key suppliers; potential product liability and other claims; risks associated with the proprietary technology; closing on grants and incentives, the possible unavailability of financing at competitive rates and the related effect on development activities; changes in government regulation, including changes to environmental regulations; the effects of competition; the dependence on senior management and key personnel, 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 29, 2010 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 Corporation 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 Corporation 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.
For further information:
Walter Howard, Chief Executive Officer
(403) 806-3877 firstname.lastname@example.org
Daniel Hay, Chief Financial Officer
(403) 214-4235 email@example.com