Regulators Give Boost to Future Power PA's Pennsylvania Project
CALGARY, Dec. 8 /CNW/ - EmberClear (TSXV: EMB) today announced that its joint venture, named Future Power PA, Inc. (FPPI), has received all the necessary permits for the development and construction of an electricity power plant that generates up to 270 Megawatts (MW). As previously announced, subject to the receipt of applicable approvals and the satisfaction of applicable conditions, EmberClear intends to acquire Future Ventures LLC ("Future Ventures"), which would result in FPPI becoming a wholly-owned subsidiary of EmberClear.
The project, approved by the Commonwealth of Pennsylvania's Department of Environmental Protection, will use coal in a commercial scale, state-of-the-art configuration of an Integrated Gasification Combined Cycle (IGCC) power plant.
Known as Good Spring IGCC, EmberClear believes that the facility will have the capability to be the lowest emission coal-based power plant in the world. The power generated by this facility will benefit commercial and residential users in the Northeastern United States.
"We are in the enviable position of having tremendous support for our proposed low emission coal-based power plant. Pennsylvania's elected officials, regulators, trade associations, and even future customers are all enthusiastically supporting our effort," stated James Palumbo, president of FPPI.
Engineering for the Pre-FEED (Front End Engineering and Design) stage of the plant will commence in early 2011. During this time, EmberClear will also begin the search for the appropriate partner to construct the plant and serve as long-term owner and operator of the plant in order to realize EmberClear's role as project developer.
"We've made considerable effort to ensure that the high budget necessary to create the world's most advanced coal-based power plant will be offset with savings from low fuel costs, minimal expenses for fuel transportation, and extremely low electricity transmission outlays," said Albert Lin, CEO of EmberClear. "This is a great opportunity for the United States to demonstrate global leadership in climate initiatives. And while everything possible is being done to push this project from the drawing board into reality, federal regulatory clarity - for EmberClear and for the industry - is now becoming crucial."
Good Spring IGCC is modeled after GreenGen of China, which is a near-zero emissions coal-based power plant under construction in Tianjin, China. It uses technology developed by Huaneng Power Clean Energy Research Institute. Following the closing of the acquisition of Future Ventures, Good Spring IGCC will use the same technology licensed from EmberClear with support from Huaneng Power.
While GreenGen was designed to deliver 250MW per gasification island, the original plan for Good Spring IGCC was for it to be a smaller version to ensure the highest probability of success. Permits for Good Spring IGCC's original 150MW design were approved and finalized in May 2010. But with the rapid development of GreenGen and other larger plants using the same technology, FPPI amended the design to more closely approximate GreenGen in size while improving the overall power generation efficiency.
EmberClear develops energy projects around the world and intends to acquire Future Ventures of Houston, Texas USA. Future Ventures' wholly owned subsidiary, Future Fuels LLC, is the joint venture partner with EmberClear in Future Power PA Inc. (FPPI). The combined entities will develop advanced carbon based gasification projects using various technologies in thermal chemistry acquired by exclusive and non-exclusive licenses. The combined entities will hold options to lease land, options to access coal reserves, technology licenses and other project related assets. An information circular has been mailed for a special shareholder meeting on December 17, 2010. For more information please visit www.emberclear.com.
Safe Harbour for Forward-Looking Statements
Certain statements contained in this press release (including statements about the proposal to acquire Future Ventures, the ability of EmberClear to find a partner to construct, own and operate the Good Spring IGCC plant, the anticipated attributes and performance characteristics of the Good Spring IGCC plant, the timing for commencing Pre-FEED activities, the economic viability of the Good Spring IGCC plant, the performance characteristics of the IGCC technology, the performance characteristics of other plants using IGCC technology and the ability of the Good Springs IGCC project to replicate the results of those projects) are forward-looking statements under applicable securities laws, and EmberClear intends that such forward-looking statements be subject to the safe harbour created thereby. Forward-looking statements are subject to numerous assumptions and risks and should not be unduly relied upon as EmberClear can provide no assurance that the expectations contained in such forward-looking statements will materialize as anticipated or at all. Such assumptions and risks include the ability of EmberClear to obtain all necessary approvals and satisfy all necessary conditions that will be necessary to complete the acquisition of Future Ventures, the potential inability of EmberClear to find a partner to build, own and operate the Good Spring IGCC, the potential failure of the Good Spring IGCC and/or the IGCC technology to perform as anticipated, and the potential failure of the Good Spring IGCC to be economically viable. Except as required by applicable securities laws, EmberClear does 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 TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For further information: For further information:
David G. Anderson
Tel: (866) 333-8817