Date: October 14, 2011
Source: Lime Energy Company
Lime Energy Company (Charlotte, NC) said it is about to begin operating a 2.8 megawatt landfill gas-to-energy plant at the Charlotte County, Florida Zemel Road Landfill in Punta Gorda. The plant employs two GE Jenbacher engines each capable of producing 1.4 megawatts of electricity from the landfill gas. Ultimately, the company hopes to double the output of the project. Lime Energy, which is a diversified developer of clean energy projects across the US, entered the landfill gas arena when it bought the gas rights to the Zemel Road landfill in February from Global Energy Systems for $2.65 million. At the same time it entered into a 20-year power purchase agreement with a utility for the sale of the electricity produced and certain environmental attributes of the project. Global Energy had bought exclusive rights to develop the project from North American Natural Resources-Southeast, LLC in January 2009.
See also: "Global Energy to Build LFGTE Project for Charlotte County, FL," (www.wasteinfo.com/news/wbj20090210I.htm).
PRESS RELEASE
October 14, 2011
Lime Energy Delivers Clean Power to Charlotte County, FL
Lime Energy Co. announced today the onset of renewable power generation at the Zemel Road Landfill in Charlotte County, FL.
Lime Energy Co. announced today the onset of renewable power generation at the Zemel Road Landfill in Charlotte County, FL.
In conjunction with Charlotte County's Solid Waste Division, Lime Energy has installed two GE Jenbacher engines that will produce 2.8 megawatts of electricity capable of providing power to almost 4,000 homes. Eric Dupont, Group President at Lime Energy, expressed his excitement over the completion of this project: "From the initial conceptual design to the delivery of the generators and today's production of renewable power, this project has been a true partnership with the local government and the realization of a great asset for Lime Energy and the people of Charlotte County."
There are currently over 3,000 landfills in the US and together, they account for 20% of all methane gas emissions. The methane gas produced by landfills is a prime contributor to the greenhouse effect and is 20 times more harmful to the atmosphere than carbon dioxide. While consumers and corporations alike struggle with future methods of disposing trash, existing landfills pose an opportunity to create a positive resource from harmful waste. Lime Energy President and CEO John O'Rourke says: "The Zemel Road Landfill Project is an excellent example of Lime's overall commitment to implement economically and environmentally sound projects that drive long term value to both our customers and the communities in which they live."
"Charlotte County is a leader in green energy initiatives and this project keeps us at the forefront of renewable energy," says Charlotte County Commissioner Christopher Constance. "This public/private partnership with Lime Energy helps us to safeguard the environment while generating revenue, with no start-up or ongoing cost to the county." In addition to providing power, the renewable power generation at the Zemel Road facility is equivalent to taking 24,000 vehicles off the road and displacing the use of over 13 million gallons of gasoline. As the methane production at the landfill increases, Lime Energy and Charlotte County will have the option to add additional collection wells and a third engine to increase the output capacity.
"Charlotte County is reducing an air pollutant while generating green energy at no cost to the citizens," says County Project Manager Roger Lescrynski. "It's a win-win-win for everyone."
About Lime Energy Co
As one of the nation's leading providers of clean energy solutions, Lime brings over 20 years of delivering economically viable efficiency and renewable energy solutions that benefit communities and protect the environment. Lime's platform includes the energy industry's most experienced professionals and an expansive geographic footprint with over 400 employees at 20 locations in North America. Lime Energy's services include integrated energy engineering, consulting and the implementation of solutions that enable customers to reduce their facility's energy consumption, lower their operating and maintenance costs and reduce their carbon footprint. The company's stock is traded on NASDAQ under the symbol LIME. Additional information is available at www.lime-energy.com or by emailing info@lime-energy.com.
The Lime Energy logo is available at www.globenewswire.com/newsroom/prs/?pkgid=5171
FORWARD-LOOKING STATEMENTS
This news release includes forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including statements that reflect Lime Energy's current expectations about its future results, performance, prospects and opportunities. Lime Energy has tried to identify these forward-looking statements by using words and phrases such as "may," "expects," "anticipates," "believes," "hope," "intends," "estimates," "plan," "should," "typical," "preliminary," or similar expressions. These forward-looking statements are based on information currently available to Lime Energy and are subject to a number of risks, uncertainties and other factors that could cause Lime Energy's actual results, performance, prospects or opportunities in 2011 and beyond to differ materially from those expressed in, or implied by, these forward- looking statements. These risks include those described in Lime Energy's most recent Annual Report on Form 10-K or as may be described from time to time in Lime Energy's subsequent SEC filings; such factors are incorporated here by reference.
For more information, contact:
Ashley Conger
(704) 892-4442
aconger@lime-energy.com.
NEWS RELEASE
February 15, 2011
Lime Energy Announces Acquisition of Landfill Gas Rights for Development of 4.2MW Electricity Generating Facility
Company creates new subsidiary to develop, own and manage energy assets
Elk Grove Village, Illinois – February 15, 2011– Lime Energy Co. announced today the recent creation of a new subsidiary, Lime Energy Asset Development, LLC (LEAD). LEAD has been created to develop, manage and in some situations own energy producing assets such as landfill gas to electricity, combined heat and power, on-site generation, solar photovoltaic, solar thermal, biomass and geothermal energy projects. Eric Dupont was promoted to President of LEAD and Don White was named Vice President of Business Development for LEAD. Previously, Mr. Dupont was the Chief Financial Officer of Applied Energy Management, Inc. (AEM), a subsidiary of Lime Energy, responsible for its financial controls, management and oversight. Prior to joining AEM, Mr. Dupont was Director of Structured Finance for DukeSolutions/Ameresco where he developed, analyzed and financed numerous multi-million dollar renewable and traditional energy projects for a wide variety of industrial, commercial and governmental clients.Mr. White was previously Vice President of Global Energy Holdings Group responsible for development, marketing and strategy.
As its first project, LEAD has acquired the gas rights to the Zemel Road landfill in Punta Gorda, Florida for $2.65 million and entered into a 20-year power purchase agreement with a utility for the sale of electricity and certain environmental attributes to be generated by a 4.2 megawatt landfill gas to electricity generating facility it will construct on the site. The company projects the construction of the facility will cost approximately $7.3 million and should be operational during the third quarter of 2011. The Company has retained an investment bank to arrange approximately $7.5 million in long-term debt for the project. In addition, the Company believes that the project will qualify for a renewable energy grant from the U.S. Treasury of approximately $2 million.
"I am very excited about this new leadership opportunity to generate additional long-term sustainable revenue sources for the company in this dynamic energy market," stated Eric Dupont. LEAD will have unique strategic advantages in this fast growing market. We will leverage our engineering, implementation and project finance experience and capabilities to provide energy asset development and management services to our large, diversified base of commercial and industrial, utility and public sector customers who wish to benefit from alternative and/or renewable energy sources. In this role we serve two sets of clients: the energy consumer and the project finance investors. For the energy consumer we perform project feasibility assessments, evaluate alternative technologies, estimate economic returns, arrange debt and equity financing, manage the design and construction process, and operate the asset under a long-term power purchase agreement. For our project finance investor clients we source, qualify and structure investment opportunities to maximize risk-adjusted returns, then manage the design and construction process and operate the assets under long-term power purchase agreements. In some limited situations we may take equity positions in these investments."
"Lime Energy is excited about this new business unit and additional opportunity it creates for the company," stated John O'Rourke, Chief Operating Officer of Lime Energy. "LEAD will further leverage the company's platform to grow a business at a time when renewable energy and distributive generation are key components to many of our client's future energy plans."
"The Zemel Road project is an excellent first project for LEAD," concluded Jeff Mistarz, Lime's Chief Financial Officer. "The timing of the project allows us to take advantage of the U.S. Treasury's 1603(b) renewable energy grants, thereby minimizing our capital investment, while establishing LEAD in the energy asset development business. The project should generate long-term recurring revenue and earnings, as well as a strong return for our stockholders."
About Lime Energy
Lime Energy is a leading provider of energy efficiency solutions. Our services include integrated energy engineering, consulting and implementation of solutions which enable our customers to reduce their facilities' energy consumption, lower their operating and maintenance costs and reduce their carbon footprint. We focus on solutions which include lighting, mechanical and electrical upgrade services, water conservation, weatherization and renewable project development and implementation. We provide these solutions to the commercial and industrial markets, utilities, energy service companies (ESCOs) and the government sector across a wide range of facilities including high-rise office buildings, manufacturing plants, retail sites, mixed use complexes and large government sites. The company's stock is traded on NASDAQ under the symbol LIME. Additional information is available at the company's website at www.lime-energy.com or by calling 847-437-1666.
FORWARD-LOOKING STATEMENTS
This news release includes forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including statements that reflect Lime Energy's current expectations about its future results, performance, prospects and opportunities. Lime Energy has tried to identify these forward-looking statements by using words and phrases such as "may," "expects," "anticipates," "believes," "intends," "estimates," "plan," "should," "typical," "preliminary," "hope," or similar expressions. These forward-looking statements are based on information currently available to Lime Energy and are subject to a number of risks, uncertainties and other factors that could cause Lime Energy's actual results, performance, prospects or opportunities in the future to differ materially from those expressed in, or implied by, these forward- looking statements. These risks are referenced in Lime Energy's current Annual Report on Form 10-K and Quarterly Report on Form 10-Q or as may be described from time to time in Lime Energy's subsequent SEC filings; such factors are incorporated herein by reference.
For more information, contact:
Investor Relations
Glen Akselrod
Bristol Capital Ltd.
(905) 326-1888
glen@bristolir.com.
Sign up to receive our free Weekly News Bulletin