Alter NRG Corp. is pleased to report on its corporate activities and financial results for the three and six month periods ended June 30, 2008. The following are the highlights for the second quarter of 2008 and the period up to August 25, 2008:
Q2 HIGHLIGHTS
- Announced Coskata Inc.'s (Coskata) selection of Alter NRG's Westinghouse Plasma Corporation (WPC) plasma gasification technology for a cellulosic ethanol commercial pilot facility in Madison, Pennsylvania. Coskata, which is partnering with General Motors on this project, will utilize its proprietary synthesis-gas-to-ethanol conversion technology. Synthesis gas (syngas) will be generated by our WPC gasifier, using biomass as the feedstock. Alter NRG will earn approximately $2.7 million in revenue for operating our gasifier and feeding syngas to Coskata's demonstration facility. (April 2008)
- Strengthened our executive team with the addition of Ken Willis as Vice President of Project Development. Mr. Willis brings over 20 years of senior power industry experience to Alter NRG. (April 2008)
- Closed a bought deal financing of $46 million, including the over-allotment option, at a price of $4.40 per share. (April 2008)
- Executed engineering service agreements for proposed project in Thailand (200 tonnes/day), California (750 US tons/day) and Minnesota (100-200 tons/day).
- Sale of our Hinton coal lease to a junior TSX Venture mining company for $1 million cash and a 5% net profits royalty on future coal sales. This represents a 466% cash return on investment in less than two years, with significant potential for net profits interest upon successful development of the mine. (June 2008)
- Created a new subsidiary - Alter NRG Gasification Solutions (AGS) - to provide dedicated resources focused on technology sales of plasma gasification. (June 2008)
- Announced Canada's first Coal-To-Liquids (CTL) project, which also involves CO2 capture. Issued preliminary documents, including the Fox Creek Public Disclosure Document and Draft Terms of Reference. (July 2008)
- Advanced engineering and logistics on Canada's first Integrated Gasification Combined Cycle (IGCC) facility. IGCC is a next- generation, low-cost fossil-fuel power facility. The Company expects to close on the acquisition of the Bruderheim, Alberta project site in September 2008, which has existing infrastructure for development of a 100 to 120 MW project. The Company was successful in acquiring initial equipment, such as a steam turbine that would normally have a two year delivery time frame.
- Continued pilot testing and engineering on the NRG Energy Somerset Massachusetts coal power plant retrofit which is the first commercial scale plasma gasification project to obtain regulatory approval in North America. In August 2008, the Department of Environmental Protection of Massachusetts overturned an appeal and upheld regulatory approval on the project. -- www.cnxmarketlink.com
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