CALGARY, March 14, 2013 /CNW/ - EmberClear Corp. (TSXV: EMB) ("EmberClear" or the "Company") is pleased to announce its subsidiary, Future Power PA Inc. ("FPPI"), has begun the process of obtaining equity financing for the 330 MW natural gas combined cycle ("NGCC") electricity power plant (the "Project") in Good Spring, Pennsylvania.
Being developed within the largest electricity market in the United States, the Project benefits from the expanding production and infrastructure for natural gas in the local Marcellus Shale area. Recently issued emission requirements have resulted in a trend to de-commission older and smaller coal based power plants in the Project's geography. This positions the Project to be more competitive and to capture the maximum amount of energy revenue possible.
EmberClear plans to utilize the latest high efficiency turbines and the abundant mine water for maximum operating output. The beneficial use of the acid mine water improves local streams and watersheds. Further configuration and resource optimization has increased the total facility's production by 10% to 330 MW. The conclusion of the equity financing process is a necessary step towards construction and delivery of power by 2016.
"EmberClear expects the Good Spring NGCC 1 Power Plant to be one of the most efficient generators in the market allowing high utilization and the best possible pricing premiums," stated Nick Cohen, Chief Operating Officer. "We are pleased to see the market respond so positively to our offering."
When construction begins for Good Spring NGCC 1, it could employ approximately 500 workers for two years, culminating in dozens of full-time positions for plant operations. The economic impact to the surrounding area is expected to be more than $1 billion over 15 years.
EmberClear is a global energy development company specializing in low-emission energy projects. The Company is primarily focussed on natural gas in the United States as an input to create electricity, industrial chemicals and transportation fuels. We utilize our proven expertise in permitting, site-control, and engineering feasibility to create turnkey projects with contracted returns suitable for long-term owners and operators of long-life capital assets. EmberClear's shares are listed on the TSX Venture Exchange under the trading symbol "EMB".
For more information please visit www.emberclear.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 to finance, construct, and secure long term off-take contracts for power and gas supply for the natural gas combined cycle ("NGCC") plant or other energy projects on the property which would economically create power from natural gas; to obtain and maintain permits; to build state of the art power facilities with maximum operating efficiency; the decommissioning of coal based power plants; and demand for energy. With respect to forward-looking statements contained in this document, we have made assumptions regarding, among other things, the following: the economic viability of a the NGCC project; the decommissioning of older, smaller coal based power plants; the economic impact on the region; estimates of employment opportunities; growing production and infrastructure for natural gas in the local Marcellus Shale area; access to natural gas and water supplies; the economic viability of a NGCC project; natural gas pricing; favourable market conditions for natural gas power plants; positive trends in capital markets for natural gas projects; stable investment conditions in North America; maximizing value of the natural gas project for shareholders; the benefit of site proximity to natural gas supply, pricing and access to markets; attracting appropriate financial participants; and the timing of construction. 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 develop, construct or operate a NGCC power plant or other project; 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
+1 (403) 264-8817