TSX - NRG
OTCQX - ANRGF
CALGARY, Nov. 8, 2013 /CNW/ - Alter NRG Corp. ("Alter NRG" or the "Company") is pleased to announce that it has signed an agreement with Air Products and Chemicals Inc. ("Air Products") to provide a Westinghouse Plasma Gasification Solution for $USD21 million. Air Products confirmed its intention to proceed with a second plasma gasification facility (the "Project") during its recent fourth quarter earnings call held on October 29, 2013 and its location would be adjacent to Air Products first project, the Tees Valley 1 Renewable Energy Facility in Northeast England.
The Company began its relationship with Air Products in January 2009 when it signed a Joint Development Agreement that provided to Air Products five site licenses and access to the Westinghouse Plasma Technology. Subsequently, Air Products developed the Tees Valley Renewable Energy Facility in Northeast England that is expected to process 950 tonnes per day of household waste and convert it into 50 MegaWatts of renewable electricity. Alter NRG received the purchase order for the first project in December 2011 and has now delivered all of the plasma gasification equipment. The first Tees Valley project is in late stages of construction, and Air Products has begun the procurement phase on the second Tees Valley Project which is approximately the same size and configuration. Based on information released by Air Products, the total spending on the two combined projects is over $800 million.
Alter NRG and its wholly owned subsidiary Westinghouse Plasma Corp. will provide gasifier equipment, related control, instrumentation, and engineering services for a fixed price of approximately USD$21 million. Alter NRG expects to realize the majority of the revenue within fifteen months. As part of the agreement, Alter NRG expects to receive a down payment within 15 days and further milestone payments will be received as fabrication progresses.
Walter Howard, Chief Executive Officer of Alter NRG states that "having an industry-leading company like Air Products commencing construction of a second facility utilizing our Model G65 gasifier solution is a significant commercial milestone. This illustrates Air Products' confidence with and commitment to the Westinghouse Plasma Technology and is encouraging to our other customers worldwide. We look forward to supporting Air Products as they continue to expand their plasma gasification energy from waste business."
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 provide a wide variety of energy outputs - including liquid fuels like ethanol and diesel, electrical power, and syngas.
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 the commissioning of Tees Valley 1; the expected starting of Tees Valley 2; the recognition of revenue by Alter NRG and payments made by Air Products; and the expected size of the Tees Valley 1 and 2 projects.. 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 Company. 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, arrangements with key suppliers; failure of the customer's board to approve full funding; the cancellation of the agreement at any time by the customer; potential product liability and other claims; risks associated with the proprietary technology; closing on grants and incentive's; changes in government regulation, including changes to environmental regulations; 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 27, 2013 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 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:
Walter Howard, Chief Executive Officer
(403) 806-3877 [email protected]
Daniel Hay, Chief Financial Officer
(403) 214-4235 [email protected]rg.ca