March 13, 2000
TURBO GENSET ANNOUNCES SIGNING OF AN MOU WITH DTE ENERGY AND PRATT AND
WHITNEY FOR DISTRIBUTED POWER GENERATION
Turbo Genset Inc. (CDNX: TUR.A and TUR/A on Bloomberg) today announced that
its wholly owned subsidiary, The Turbo Genset Co. Ltd, has signed a
Memorandum of Understanding with DTE Energy Technologies, a subsidiary of
DTE Energy Co. and Pratt & Whitney Canada Corporation for funding the
immediate development of a 333kW generator set. This new product is targeted
for distributed generation applications for small to medium commercial and
industrial customers and micro-grids serving both residential and commercial
development projects.
The MOU contemplates that a joint venture will be created between the
companies for the design and integration of specially designed and
manufactured turbine engines from Pratt & Whitney and high-speed generator
systems from Turbo Genset. DTE Energy Technologies will provide overall
system controls for integration into micro-grids as well as interfaces to
traditional utility grids. DTE Energy Technologies will also be responsible
for the marketing of the packaged systems to both end users and utilities.
The business arrangements are subject to the negotiation of definitive
agreements and approvals by the respective Boards of Directors.
"This agreement represents a significant step forward in the Company's
development of distributed power generation systems," said Colin Besant,
Chairman of Turbo Genset Inc.
"The addition of this mini-turbine product line to our portfolio represents
a key step toward attaining our vision of DTE Energy Technologies as a
pre-eminent supplier of distributed generation products and services," said
Paul Horst, president of DTE Energy Technologies.
Packaged systems in this size range are intended to satisfy the market needs
of customers with electric loads too large for available products which
typically employ reciprocating or turbocharger based engines. Instead,
these products will utilize Pratt & Whitney's state-of-the? art
aero-derivative engine as the core of the package. These engines will drive
high-speed generators with associated power electronics. Pre-commercial
units are expected to be available in approximately 12 months with
commercial production beginning in 2002.
DTE Energy Technologies' parent company, DTE Energy, is an $11 billion
(assets) diversified energy company involved in the development and
management of energy-related businesses and services nationwide. Its
principal operating subsidiary is Detroit Edison, an electric utility
serving 2.1 million customers in Southeastern Michigan.
Pratt & Whitney Canada (P&WC) is a world leader in aviation engines powering
helicopters, corporate and regional aircraft. It also builds advanced
engines for industrial applications. The company operates in many countries
and manages an extensive worldwide service network. In 1999 sales were in
excess of $1.5 billion. P&WC is a subsidiary of United Technologies
Corporation, a high technology company based in Hartford, Connecticut.
Turbo Genset Inc., through its wholly owned subsidiary, The Turbo Genset
Company Ltd, based in London, UK, has developed and initiated
commercialization of it's technology relating to high-speed permanent-magnet
machine systems for power generation, transportation and industrial
applications. With its low weight and small size, applications for the
technology include mobile power generation, distributed power, standby power
and hybrid turbochargers for medium to large Diesel engine for trucks and
locomotives. The technology also has a promising future for use in hybrid
vehicle power trains in which it can provide for higher efficiency and lower
emissions with the advantage of its small size and weight.
The shares of Turbo Genset Inc. are listed on the Canadian Venture Exchange
(www.cdnx.ca). A dealing facility for the Company's shares also is available
on OFEX (www.ofex.co.uk). Additional information on Turbo Genset Inc. is
available on the internet at turbogenset.com.
The Canadian Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information, please contact
Turbo Genset Inc.
Professor Colin Besant, Chairman and Chief Executive + 44 181 570?2946
Michael Holland, Senior Administration Officer + 44 181 570?2946
Powerpoint Investment Communications Inc.
Allan McGirr 604?708?2462
amcgirr@turbogenset.com
Square Mile Communications
Nick Oborne + 44 171 691 1000
This press release includes forward-looking statements and although
management of Turbo Genset Inc. believes that its expectations are based
upon reasonable assumptions, it can give no assurance that its goals will be
achieved. Important factors that could cause actual results to differ
materially from those in the forward-looking statements contained herein
include, among others, the success and timing of certain projects,
agreements and orders, the success of previous or further acquisitions,
growth of the Corporations revenue base, the ability to generate reasonable
gross profit margins on revenues that realised, and changes in the demand
for the Corporation's products during the periods covered by the forward
looking statements. Interested parties are urged to refer to additional
information regarding Turbo Genset Inc. which is contained in its reports to
the Alberta Securities Commission and Quebec Securities Commission. |
