QUEBEC CITY, Sept. 25, 2012 /CNW Telbec/ - Innovente Inc. (TSXV: IGE) ("Innoventé" or the "Company") has announced the construction of a plant in Trois-Rivières following its signing of a 25-year contract with Hydro-Québec to produce 8.8 MW of electricity. The contract, valued at approximately $255 million, is the second such agreement with the provincial utility for this Quebec-based producer of green energy. Innoventé's Trois-Rivières plant will be the Company's second, after the St-Patrice-de-Beaurivage facility located in the Chaudière-Appalaches region, which will be launched in a few weeks.
The Trois-Rivières plant represents a $30 to $35-million investment and will lead to the creation of 40 jobs when it enters into service in spring 2015. The construction phase, which will begin in autumn 2013 in the Hautes-Forges industrial park, will create employment for about 100 workers.
"This new contract with Hydro-Québec sends a clear message that our Company is beginning to grow," states Richard Painchaud, President of Innoventé. "We have shown that our technology is effective and economically viable for energy production and also for managing residual organic matter, while reducing greenhouse gas emissions. With this solution, everybody wins."
Hydro-Québec will pay 10.6 cents per kWh, indexed on an annual basis, for electricity generated by Innoventé's Trois-Rivières plant.
Innoventé produces green energy by transforming residual organic matter into combustible, thanks to its patented technology.
The Trois-Rivières plant will receive a pre-arranged supply of forest and pulp-and-paper residues. It will generate enough electricity to meet the needs of 10,000 people. The plant will also emit enough heat to meet the needs of a one-hectare greenhouse. Its entry into service will help to reduce greenhouse gas emissions significantly and contribute to the Quebec government's objectives with respect to climate change.
Based in Quebec City, Innoventé produces renewable energy and provides communities with a green and sustainable solution for the management of residual organic matter. Innoventé stock is listed on the TSX Venture Exchange under the ticker symbol IGE (TSXV: IGE). www.innovente.ca
Disclaimer regarding forward-looking statements
Certain statements included herein, including those that express management's expectations or estimates of the Company's future performance, constitute "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by management when they are made, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Investors are cautioned not to place undue reliance on forward-looking statements. The Company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or other development.
Neither TSX Venture Exchange nor its Regulation Services Provider (as these terms are defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE: Innoventé Inc.
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