QUEBEC, July 8, 2013 /CNW Telbec/ - Innovente Inc. (TSXV: IGE) ("Innoventé" or the "Corporation") announced that it will open a new plant in Matane following the execution of a power supply contract with Hydro-Quebec for a term of 25 years for the production of 7.2 megawatt ("MW") of electricity. This agreement, the third in its kind for the Corporation, brings the total of contracts to 20.6 MW, over the next 25 years.
The Matane plant will be built in the RockTenn board mill closed for over a year, will employ up to 100 people during the erection period and will create about forty jobs in the operational phase. The power delivery will be provided starting in fall 2015. The conversion project of the facilities, estimated at $20 million, will begin in the upcoming months.
"This third contract with Hydro-Quebec confirms the leadership of Innoventé in the power production from organic waste. We rejoice that a community such as Matane has chosen the technology of Innoventé to revive the plant and implement a new viable, green and sustainable industry, declares Mr. Richard Painchaud, President of Innoventé. We are happy to be able to count on the collaboration of all stakeholders in the field".
For the mayor of Matane, Mr. Claude Canuel, who views his city as the Mecca of the wind power industry in Quebec, Innoventé's project will have a positive impact in strengthening the role of Matane in the field of renewable energy, rationalization of the forestor sector, the reduction of greenhouse gas emissions, and achieving the City of Matane's objectives regarding sustainable development. Mr. Mayor Canuel went further by affirming: "I want to emphasize the determination of the President of Innoventé, Mr. Richard Painchaud, without which the revival of the RockTenn plant would have been impossible".
A unique method
The patented technology of Innoventé involves using biodryers that can transform forest, industrial, agricultural and municipal residues into biofuel. Innoventé uses this biofuel to supply a cogeneration facility. In Matane, it will be built from the existing biomass boilers, built in 2009. This will produce useful electricity and heat, in particular for greenhouse production.
Hydro-Quebec will pay 10.6 cents per kWh, indexed annually, for the power supplied by Innoventé's plant in Matane. In accordance with the terms of this agreement, the Corporation has issued a letter of credit in the amount of $180,000 as a security deposit.
Innoventé owns a first plant in Saint-Patrice-de-Beaurivage whose construction is completed. The Corporation, who is currently completing its test period, just produced its first kilowatt-hour. The second plant will be inaugurated in Trois-Rivières in 2015. Preparatory work has begun.
Based in Québec City, Innoventé produces renewable energy and provides communities with a green and sustainable solution for the management of organic residues through its technology patented in Canada and the United States. Innoventé's shares are listed on the TSX Venture Exchange under the symbol IGE (TSXV: IGE). www.innovente.ca
Caution Regarding Forward-Looking Information
Certain statements contained in this document, including those that express management's expectations or estimates regarding the Corporation's future performance, are "forward-looking information" within the meaning of applicable securities legislation. Forward-looking information is necessarily based on a certain number of estimates and assumptions which, while considered plausible by the management when they are made, are inherently subject to significant commercial, economic and competitive risks and uncertainties. We advise investors not to rely unduly on forward-looking information. The Corporation further declines any intention or obligation to publicly update this forward-looking information, whether due to new information, or future or other events.
Neither the TSX Venture Exchange nor its regulation service provider (as these terms are defined in policies of the TSX Venture Exchange) bears responsibility for the adequacy or accuracy of this press release.
SOURCE: Innoventé Inc.
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