Date: August 2, 2007
Source: Alter Nrg Corp.
Alter Nrg Corp. Announces Strategic Joint Venture and Option to Invest in World's Largest Plasma Gasification Project
Alter Nrg Corp. is pleased to announce that a newly formed wholly owned subsidiary (collectively Alter or the Company) has entered into a strategic joint venture (JV) agreement with Atlanta-based Jacoby Energy Development, Inc. (Jacoby Energy), parent company of Geoplasma, LLC, to develop large scale and environmentally friendly waste to energy (WTE) projects in Canada and the United States (US). This agreement is the continuation of Alter's strategy to form strategic partnerships with companies with existing market penetration and a proven track record in the Company's target markets.
Alter will own 49% of the JV and contribute its proprietary Westinghouse Plasma Gasification Technology on an exclusive basis for WTE projects, using household, industrial or commercial waste as feedstock to produce steam or electricity. Jacoby Energy will own the remaining 51% and during the term of the JV will contribute the first US$15 million of JV operating capital and its expertise in developing WTE projects. The JV will market the Westinghouse Plasma Gasification Technology and provide project development services to third party WTE project developers. Alter will benefit from receiving 100% of the plasma gasification technology product and service revenues at current prices and the JV will split all other revenues and costs based on the JV ownership percentages.
As part of the JV agreement, Alter has the option to invest up to 25% in Jacoby Energy's St. Lucie, Florida WTE project - to be operated via its Geoplasma subsidiary, which is expected to initially convert 1,000 tons of municipal solid waste per day into 40 MW of electricity using Alter's proprietary Westinghouse Plasma Gasification Technology. The project plans to scale up to 3,000 tons per day, which would result in 120 MW of electricity. The St. Lucie project is planned to be the world's largest plasma gasification facility. The project has received bond allocation from the State of Florida, secured a waste feedstock agreement, and has support from the County of St. Lucie. Construction is expected to commence in early to mid 2008 upon final receipt of various development permits.
Full newswire version: www.newswire.ca/en/releases/archive/August2007/02/c3716.html
For more information on Geoplasma, please visit their Web site: www.geoplasma.com
As well, attached are two further documents of interest on the St Lucie project:
A recent article on the St. Lucie, Florida WTE project
An Information Sheet from St. Lucie County on the benefits of plasma gasification
If you have any questions or would like more information then please feel free to contact one of us:
Mark Montemurro, President and Chief Executive Officer
(403) 806-3877 Mmontemurro@alternrg.ca.
Daniel Hay, Chief Financial Officer
(403) 806-3881 Dhay@alternrg.ca.
Investor Relations
(403) 806-3875 info@alternrg.ca.
Sign up to receive our free Weekly News Bulletin