Alter NRG Corp. announces capability for syngas to replace fuel oil
CALGARY, May 7, 2012
TSX - NRG
OTCQX - ANRGF
CALGARY, May 7, 2012 /CNW/ - Alter NRG ("Alter NRG" or the "Company") is pleased to announce that it has performed the necessary technical work with Coen Company, Inc., a leading boiler burner manufacturer worldwide, to provide syngas as a viable replacement fuel to power plants that currently utilize fuel oil. Alter NRG is in commercial discussions with several island nations to provide our fuel replacement solution that delivers significant economic and environmental benefits.
Alter NRG's Westinghouse Plasma Gasification Solution takes household, commercial or industrial waste and converts it into clean syngas. As businesses pay tipping fees to get rid of these types of waste a Plasma gasification facility gets paid to take the feedstock. As a result, the tipping fees significantly improve overall economics with net operating cost per mmbtu of syngas at $0 (e.g. using a $60 tipping fee per ton of waste). At $100 tipping fee per ton, the facility will generate positive cash flow of over $4.00 per mmbtu. As many countries that lack a domestic supply of natural gas are paying $20 per mmbtu for fuel oil (approximately $120 per barrel of oil delivered) significant value is created through the use of a plasma gasification refueling solution.
Tim Webster, President of Coen Company states, "We have reviewed the Westinghouse Plasma Gasification system by Alter NRG and believe it may offer a viable alternative to Fuel Oil. The syngas created from different types of waste materials can be co-fired through Coen's burner technology to reduce the consumption of fossil fuels at existing power plants. We are excited to be pursuing this market opportunity with Alter NRG as it may offer compelling economic and environmental benefits for customers who are looking to reduce their dependence on fuel oil as well as their overall carbon footprint."
Walter Howard, Chief Executive Officer of Alter NRG believes that "the fundamental product that is created from the Westinghouse Plasma Gasification system is syngas. Our competitive advantage is that our solution can create the lowest cost syngas and in many circumstances be generating cash due to the tipping fees paid when we take the waste. By marketing our syngas solution into areas with a high cost of energy the value proposition becomes very simple - a commercially proven syngas solution that replaces the high cost of oil. I am excited to expand our marketing efforts in this and believe this will lead to significant value creation for our shareholders."
ABOUT COEN
Founded in the state of California in 1912, Coen Company, Inc. specializes in the design, manufacture, service and maintenance of combustion systems. With 100 years of experience and a world expansive resource network, Coen is an industry leader meeting customer demand with improvements in energy efficiency, environmental quality, fuel flexibility and system reliability. Coen has offices in San Mateo and Sacramento, California as well as several regional offices in the United States and a global network of sales representatives. Coen also has operations in Mexico through its subsidiary, Coen Sistemas en Combustions, S.A. de C.V.
Coen is an indirect subsidiary of Koch Chemical Technology Group, LLC (KCTG). Together with its parent and affiliated companies, KCTG comprises one of the largest private companies in the world.
ABOUT ALTER NRG
Alter NRG provides alternative energy solutions to meet the growing demand for environmentally responsible and economically viable energy in world markets. Alter NRG's primary objective is to further commercialize the Westinghouse Plasma Gasification Technology, through its wholly owned subsidiary, to provide renewable and clean energy solutions from a wide variety of feedstocks, and the syngas created can provide a wide variety of energy outputs - including liquid fuels like ethanol and diesel, electrical power, heat, steam, or replacing fuel oil.
The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.
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