TSX - NRG
OTCQX - ANRGF
CALGARY, June 15 /CNW/ - (TSX: NRG; OTCQX: ANRGF) Alter NRG Corp. ("Alter NRG" or the "Company") is pleased to announce that it has signed a strategic alliance agreement with SMS EnvoCare Ltd ("SMS") which has constructed and operates two hazardous waste to energy facilities in India using the Westinghouse Plasma technology. Westinghouse Plasma Corp. ("Westinghouse Plasma") is a wholly owned subsidiary of Alter NRG. SMS intends to construct further plasma gasification facilities for itself and other customers in India and other parts of the world. Under the terms of the agreement, SMS will market the Westinghouse Plasma Technology for hazardous waste, municipal solid waste, commercial waste, clinical waste, C&D wood waste, biomass and any combination of the forgoing into energy projects. SMS will provide the balance of plant, effectively offering the market complete waste-to-energy facilities. SMS is part of the SMS Infrastructures Limited Group which is Central India's largest civil engineering and infrastructure development company with over 2,500 employees worldwide.
Mark Montemurro, President and CEO of Alter NRG believes that "signing this strategic alliance agreement illustrates the confidence that SMS has in Alter NRG's Westinghouse Plasma technology. As an experienced owner, constructor and operator of plasma gasification facilities, SMS is the ideal partner to help Alter NRG rapidly deploy plasma gasification systems for treating hazardous and other waste streams in numerous geographic markets but with a focus in India, Southeast Asia, and the Middle East. Alter NRG will provide its plasma gasification technology including plasma torches along with engineering support and expects revenues of $2 to $10 million per project. Alter NRG will also benefit from having access to the operational and environmental data at SMS's two existing facilities as well as future facilities so that Alter can continue to optimize its product offering."
SMS has constructed two facilities, which use the Westinghouse Plasma Technology for treatment and disposal of hazardous waste, at Ranjangaon, Pune and Butibori, Nagpur in India. Each of these facilities is designed to destroy 72 metric tonnes per day of hazardous waste and has the capability to generate 3 Megawatts of electricity through waste heat recovery. SMS's Ranjangaon, Pune facility has been in operation for about 18 months and processes hazardous waste from more than 30 industry sectors including automotive, defense, petrochemical and pharmaceutical. The facility meets all regulatory requirements prevailing in India. SMS has demonstrated expertise in complete design engineering, procurement, fabrication, installation, commissioning, operation and maintenance of balance of plant for waste to energy using plasma gasification.
Hemant Lohda, Director of SMS states "We are pleased to be working with the industry leader, Westinghouse Plasma, and have aggressive plans to develop and build plasma gasification facilities ourselves and for our customers in India and the Middle East. We have received many inquiries from customers who want to construct facilities similar to the plants in Pune and Nagpur. We have dedicated 140 people to expanding our plasma gasification business and we expect to construct up to 4-5 facilities over the next 2-3 years."
Under the terms of the agreement, SMS will operate as Alter NRG's preferred partner for the design and construction of the balance of plant that surrounds Alter NRG's plasma gasifier for hazardous waste applications for facilities under 300 tonnes per day. The agreement is for a term of 2 years and is exclusive in India, non-exclusive in other areas of the world and specifically excludes China, United States, Canada, South America, Iraq and Pakistan.
SMS has the ability to provide complete facilities or turnkey facilities around the world and will offer industry standard performance guarantees and warranties. This turnkey product offering between the two companies is expected to help lower the overall capital costs in many regions and reduce risk for customers through the integration and offering of financeable construction wraps for the project.
ABOUT ALTER NRG
Alter NRG is pursuing alternative energy solutions to meet the growing demand for environmentally responsible energy in world markets. The Company's vision is to commercialize growth technologies through environmentally sustainable and economically viable alternative energy projects. The Company's objectives are twofold; First, is to further commercialize the Westinghouse Plasma Gasification Technology, a wholly owned subsidiary, to provide renewable and clean energy solutions from a wide variety of feedstocks, and providing a wide variety of energy outputs - including liquid fuels like ethanol and diesel, electrical power, and syngas; Second, to capitalize on the rapidly growing geoexchange residential and commercial heating and cooling market through a wholly owned subsidiary CleanEnergy that enables consumers to reduce their carbon footprint and reduce the cost and volatility of energy bills using the energy from the earth.
Established in 1960, SMS employs over 2500 people and is a leader in the handling, processing and conversion of hazardous waste streams throughout India and into other parts of the world. The company also provides works for roads, highways, bridges, flyovers construction, power generation, and irrigation (earthen, gravity, masonry dam, spillways and canals). Its other environmental projects include common effluent treatment facilities for industries, clinical waste treatment and disposal facility and providing environmental services to industries.
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 specific securities laws. 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.
Forward-looking statements require management to make estimates and assumptions with respect to the outcome of future events. These estimates and assumptions could, in the future, turn out to be inaccurate and materially affect the final outcome. The significant estimates and assumptions within the Corporation's forward looking statements include: availability and cost of key materials and labour and availability of funds with respect to the amount of capital expenditures and scheduled commencement of operations; timing of regulatory approval including various permits from the applicable government authorities; the assessment of capital markets including the availability of debt and equity in current market conditions; commodity prices for electricity, natural gas, coal and other resources that impact the Corporation's operations directly and indirectly; extent of investment by government authorities in infrastructure projects; the financial and operational health of key partners in various projects; the continued development of the Corporation's technology and its use in various applications.
Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "propose", "target", "intend", "believe", "should", "anticipate", "estimate" or other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are not based on historical facts but rather on the expectations of management of the Corporation regarding, among other things, the Corporation's future plans and intentions, results of operations, levels of activity, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities.
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; changes to governement laws, regulations and guidelines due to environmental changes, unforeseen environmental effects, and general business, political and economic conditions in India; changes to international trade agreements with India; the completion of strategic partner's projects; arrangements with key suppliers; potential product liability and other claims; other business risks outlined in this news release, including risks associated with the proprietary technology; the possible unavailability of financing at competitive rates and the related effect on development activities; the effect of energy price fluctuations; 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.
The Company 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 Company 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.
SOURCE Alter NRG Corp.
For further information: For further information: Mark Montemurro, President and Chief Executive Officer, (403) 806-3877, firstname.lastname@example.org; Daniel Hay, Chief Financial Officer, (403) 214-4235, email@example.com