Alter NRG Corp., is pleased to report on its corporate activities and financial results for the three and nine month periods ended September 30, 2008. The following are the highlights for the third quarter of 2008 and the period up to November 6, 2008:
Q3 HIGHLIGHTS
- Repositioned Alter NRG's strategic focus to technology sales with large waste services and energy companies able to advance plasma gasification projects. To further our focus on technology sales, we initiated a partner selection process to find credible companies seeking commercially-proven alternative energy solutions through gasification.
- Advanced Project Lighthouse, Coskata Inc.'s (Coskata) cellulosic ethanol commercial demonstration project located at our pilot facility in Madison, Pennsylvania. The demonstration project is expected to begin operations in the spring of 2009. Upon completion, the project will allow Alter NRG to tour customers through our operational pilot facility, which has converted more than 100 different feedstocks into high-quality synthesis gas (syngas).
- Advanced commissioning of the Pune and Nagpur waste-to-energy (WTE) facilities in India, which will double the commercial application of Alter NRG plasma gasification technology in WTE from two to four facilities. SMS Infrastructures Limited (SMSIL), Central India's largest civil engineering and infrastructure development company, is initiating commissioning of the Pune 68 tonne-per-day hazardous WTE plant in November 2008.
- Named as a recipient of the 2008 Deloitte Technology Green 15 Award, which recognizes 15 Canadian companies that offer solutions to global environmental challenges by creating intellectual property and technology that reduce society's environmental impact.
- Filed a Public Disclosure Document with the Government of Alberta outlining further project details on the proposed development of Alter NRG's coal reserves in the Fox Creek Area of Alberta - Canada's first coal-to-liquids (CTL) project with carbon capture and storage (CCS). The project will gasify Alter NRG's coal reserve, which contains enough coal to produce 40,000 bbls/d of liquid fuels, such as diesel and naphtha, for over 50 years.
- Strengthened our Alter NRG executive team with the addition of Alex Damnjanovic as Vice President, Strategic Alliances. Mr. Damnjanovic brings more than 20 years of experience in sales, marketing and business development spanning across the construction, power and petroleum industries.
- Continued to develop plasma gasification opportunities with our strategic partner, NRG Energy. The environmental permit has been received for the Somerset power plant retrofit using Alter NRG's plasma gasification, and Alter NRG and NRG Energy are assessing the optimal project details to advance the project's development. NRG Energy also submitted its statement of qualifications to the City of Taunton in Massachusetts, which is soliciting proposals for a waste treatment facility. NRG Energy is proposing to use Alter NRG's plasma gasification technology.
- Closed the previously announced acquisition of a project site in Bruderheim, Alberta. The Company plans to use the site to develop Canada's first integrated gasification combined cycle (IGCC) facility with CCS. When fully developed, the project will produce approximately 120 megawatts (MW) of electric power.
- Secured a listing on the U.S.-based OTCQX, which will provide Alter NRG with a credible and accessible gateway to access U.S.-based investors. -- www.cnxmarketlink.com
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