Report for the quarter is out:
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CEO'S MESSAGE
In our last Annual report, I talked about hitting the tipping point as Westinghouse Plasma Technology has become the dominant and recognized leader in next generation waste treatment solutions and sets the standard for the industry. This accomplishment is illustrated by recent events whereby Alter NRG was asked to co-host the Gasification Technology Council ("GTC") India Trade Mission jointly with General Electric. Several other gasification companies involved with coal gasification including KBR, CBI and others also attended. A month later, we attended the GTC conference, the most prestigious industry event, and spoke on Day 1 with the likes of Siemens and Shell. Most others still commercializing their technologies spoke on Day 2 or Day 3. It has become clear that we are past the tipping point which is an exciting time for our Company.
Currently, there are 4 facilities in construction or commissioning which further illustrates the market acceptance and industry leadership position of our technology. This is in addition to our commercial pipeline which continues to mature with several other projects in the environmental approvals process, and later stage development. In the 18 months I have been at the helm, I have witnessed a strengthening of the pipeline which now includes relationships with numerous larger, more credible companies and projects that we look forward to announcing in the coming quarters. These opportunities usually move a little slower than we would like in this long sales-cycle business, but we continue to persevere.
Sales are paramount but we have to back that up with a quality product. I am pleased to say that we are also executing effectively. During the quarter, we substantially completed delivering our portion of the Tees Valley 1 project, which is to take 950 tonnes per day of waste and convert it into 50MW of renewable energy. This is a major milestone and now we look to focus on the successful commissioning and start-up of that facility.
The Tees Valley 1 facility is now being followed up with Tees Valley 2, which is a replica facility on the adjacent site. The fact that our customer is moving forward on a second facility before the first one is fully constructed and commissioned illustrates the confidence in our technology and ability to execute. Of course, we were ecstatic when we heard that they have kicked off the project which will anchor our 2014 revenues and cashflow.
It is sometimes understated how many market applications our technology has. Converting virtually any waste product into syngas allows for further conversion downstream into liquid fuels, electricity, or replacing fuel oil or LNG, which makes this technology broadly applicable to energy markets. With reference facilities taking biomass to diesel fuel, large-scale household waste to electricity, smaller-scale hazardous waste to electricity, auto-shredder residue to steam, we have many applications already completed and more being worked upon.
One unique application is highlighted in this report which is an incinerator "turbo charger" a facility is being commissioned in China that will eliminate the hazardous ash from incinerators and increase their energy efficiency and output. I am excited to see multiple markets and applications for our technology by multiple customers as it increases the pace of the commercial roll-out of this industry leading technology.
The reality of our marketplace is that industry events focused on the technical aspects of the Westinghouse Technology completely recognize our strategic and commercial value, garnering attention from leading multi-national companies. Recognition of that value amongst investors must naturally follow that in due course. Our technology has significant value and we will continue efforts to ensure this gets reflected in our stock price, and through increased revenues and cashflow.
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