Alter NRG Corp. is pleased to report on its corporate activities and financial results for the three-month period ended March 31, 2008. The following are the highlights for the first quarter of 2008 and the period up to May 22, 2008:
Q1 HIGHLIGHTS (TO MAY 22, 2008)
- Announced a $2 million sale to Kiplasma Industries and Trade Inc. Alter NRG's plasma torch system will be used in their 144-ton/day waste facility in Turkey, scheduled for completion in 2009. (January 2008)
- Received Massachusetts Department of Environmental Protection approval for a NRG Energy's coal power plant retrofit project in Somerset, Massachusetts. Alter NRG has an option to invest from 10 to 25% in this project. The project also represents approximately $40 million in technology sales revenues upon successful development. (January 2008)
- Entered into a purchase and sale agreement to acquire an equipped site near Bruderheim, Alberta for $2.5 million. The Bruderheim Project will feature an integrated gasification combined cycle facility expected to produce 75 to 80 MW of electricity through gasification of petroleum coke and oil field waste, both readily available in the immediate vicinity. (February 2008)
- Announced Coskata's selection of our existing WPC plasma gasification pilot facility in Madison, Pennsylvania as the site for a cellulosic ethanol commercial demonstration project. Coskata, which has partnered with General Motors, will install its proprietary synthesis gas to ethanol conversion technology and use syngas generated by WPC's gasifier and using biomass as the feedstock. The pilot plant is expected to generate approximately $2.5 million in revenues for Alter NRG in 2009. (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 services agreements for proposed projects in Greece (1,600 tons/day), Minnesota (100 tons/day), Florida (1000 tons/ day), and Kentucky (400 tons/day).
- Initiated the regulatory process, and a strategic partner selection process for the Fox Creek polygeneration project, which will utilize our 468 million tonne coal reserves.
- Continued to make gasification design and engineering advancements to our proprietary gasification systems, resulting in an application for two additional patents. -- www.cnxmarketlink.com
Comment and add to the story without registration, but keep the comments meaningful please. Links are not accepted.
