CALGARY, March 12, 2014 /CNW/ - EmberClear Corp. (TSXV: EMB) ("EmberClear" or the "Company") announced today that it has formed a 50:50 partnership (the "Partnership") with Tyr Energy, Inc. ("Tyr Energy"), a subsidiary of ITOCHU Corporation, to complete the development of the Good Spring I & II natural gas combined cycle ("NGCC") power plants. The projects are located in Schuylkill County, northeastern Pennsylvania and each project is planned to produce 337 Megawatts of electricity for the PJM electricity market.
Pursuant to the terms of the Partnership, Tyr Energy has purchased a 50% stake in the Good Spring I & II NGCC power projects with an option to buy the remaining 50% interest in each project when construction on each begins. "Tyr Energy recognized an opportunity to own competitively positioned gas combined cycle power plants to serve the growth markets of eastern Pennsylvania and New Jersey," said Jeff Corder, Senior Vice President, Tyr Energy.
Good Spring I is in the final stages of development and may begin construction as early as June 2014. "EmberClear's development capability and Tyr Energy's power origination and portfolio management expertise will create a great platform to grow in the emerging Marcellus gas play and other fast developing energy markets. The use of abundant natural gas with a high efficiency power plant assures that low cost reliable power can benefit the region. The projects have the potential to create hundreds of jobs and establish a new incentive for companies to locate in the Schuylkill County area," said Nick Cohen, Chief Operating Officer, EmberClear.
EmberClear is an energy developer focused on low emission commercial scale projects primarily in North America. Developing facilities using natural gas as inputs to create electricity or transportation fuels characterizes our plants. We utilize our proven expertise in permitting, site control and engineering feasibility to develop projects that are sold to investors interested in purchasing, constructing and operating such energy projects. EmberClear is developing gas to liquids (GTL) and gas to power (NGCC) generating facilities in North America. Our NGCC Projects benefit from a favorable geographic location that offers access to abundant natural gas reserves and a power market that is served primarily by older, coal fired, electric generation facilities, expected to be phased out over time. EmberClear also holds surface and mineral rights in Schuylkill County, Pennsylvania. This property is situated in the Southern Anthracite coalfield of eastern Pennsylvania, USA. Mineral rights held by the company include Anthracite/PCI coal suitable for the steel making industry. EmberClear's shares are listed on the TSX Venture Exchange under the trading symbol "EMB". For more information, please visit www.emberclear.com
About Tyr Energy, Inc.
Based in Overland Park, Kansas, Tyr Energy, Inc. is wholly-owned by ITOCHU Corp. and ITOCHU International Inc. Tyr Energy represents the North American cornerstone of the ITOCHU global Independent Power Projects (IPP's) strategy. The company and its affiliates own equity interests in 12 IPP's located in Alabama, Colorado, Georgia, Idaho, Minnesota, Oklahoma, Oregon, Texas, Virginia and Wisconsin, with total gross capacity of over 7,000 MW. For more information, visit www.tyrenergy.com.
Forward-Looking Statement Disclaimer
Certain statements contained in this document constitute forward-looking statements or information (collectively "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements are typically identified by words such as "anticipate", "continue", "estimate", "expect", "forecast", "may", "will", "project", "could", "plan", "intend", "should", "believe", "outlook", "potential", "target", "seek", "budget", "predict", "might" and similar words suggesting future events or future performance. All statements other than statements of historical fact may be forward-looking statements. In particular, this document contains forward-looking statements pertaining to, without limitation, the following: our intention and ability through a 50:50 partnership to complete Good Spring I and II natural gas combined cycle ("NGCC") 337 MW power plants and economically create power from natural gas; the intention to tie the power into the PJM electricity market; our ability to progress the NGCC power plant to the construction stage and sell the remaining 50% stake to TYR; the potential to begin construction as early as June 2014; the NGCC plants will have access to affordable natural gas; the high efficiency power plant will produce low cost, reliable power; and the NGCC projects have the potential to create hundreds of jobs. With respect to forward-looking statements contained in this document, we have made assumptions regarding, among other things, the following: the timing of construction; the economic impact on the region; estimates of employment opportunities; access to affordable natural gas; the economic viability and performance of the NGCC power plants; favourable market conditions for natural gas power plants; positive trends in capital markets for natural gas projects; stable investment conditions in North America; and the production of two plants at 337 MW each into the PJM market. Although we believe that the expectations reflected in the forward-looking statements contained in this document, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause our actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, the following: the possibility that EmberClear will not have the financial or other resources to co-develop the NGCC power plants; and, the possibility that EmberClear will not be able to take advantage of the market trends such as the availability and price of natural gas and electricity pricing. Readers are cautioned that this list of risk factors should not be construed as exhaustive. The forward-looking statements contained in this document speak only as of the date of this document. Except as expressly required by applicable securities laws, we do not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: EmberClear Corp.
For further information:
David G. Anderson
Tel: +1 (403) 264-8817