IDM Environmental To Build
$50M Power Plant In Poland
Dow Jones Newswires
SOUTH RIVER, N.J. -- IDM Environmental Corp.
(IDMC) will build a $50-million waste-to-energy power
plant in Poland.
Terms weren't disclosed.
In a press release Thursday, the company said it received
a letter of intent for the project from the City of Szczecin,
Poland, with which it will work in partnership.
Annual revenue from operation of the plant will be an
estimated $30 million, with margins at least comparable
with average industry returns, the company said.
Expected daily capacity for the plant is 1,750 tons of
waste, which will generate between 15 megawatts and 20
megawatts.
Construction is to take 24 months, following completion of
a waste profile study that will begin immediately.
IDM Environmental excavates, demolishes industrial
plants and has hazardous waste operations.
_____________________________________________________________
IDM Environmental Receives Letter of Intent to Build
Waste-To-Energy Power Plant in Poland
Business Wire - April 30, 1998 13:29
%IDM-ENVIRONMENTAL IDMC %NEW-JERSEY %ENMED %ENVIRONMENT %ENERGY V%BW
P%BW
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SOUTH RIVER, NJ--(BUSINESS WIRE)--April 30, 1998--IDM Environmental Corp.
(NASDAQ:IDMC, IDMCW) today announced that it has received a Letter of Intent from the
City of Szczecin, Poland, pursuant to which IDM will undertake (in partnership with the city) the
design, construction and operation of an estimated 1,750-tons-per-day (approximately 15-20
megawatts) municipal and industrial waste-to-energy power plant. It is anticipated that the plant
will utilize IDM's proprietary "G-2" solid waste gasification technology. The sale of energy
generated by the plant for an initial 20-year period will be accomplished in accordance with the
Polish "Power Engineering Law," which requires the electric power be purchased by the Polish
Distribution Network.
It is estimated that annual revenues from the operation of this plant will be $30 million. Operating
margins are expected to be at least comparable with energy industry average returns. Design,
permitting, and construction of the plant is anticipated to commence following the completion of
a detailed waste-profile study, which is scheduled to begin immediately. Following the
completion of this study, a preliminary design (developed jointly with the city) will be established
after which the city and IDM, together, will negotiate a final price structure for the sale of
power to the distribution grid, as mandated by the Power Engineering Law.
Total construction costs for the plant are estimated at $50 million. It is anticipated that the plant
will be operational within 24 months after commencement of construction. Szczecin, and its
environs, having a population of approximately one million, is one of Central Europe's fastest
growing and most economically dynamic regions.
In announcing the Letter of Intent, IDM Chairman Frank Falco commented, "We are excited
about our involvement with the City of Szczecin and the utilization of our proprietary gasification
technology. Our partnership with the City is the culmination of more than six months of
negotiations."
The foregoing discussion contains forward looking statements which are based on current
expectations. Actual results, including the timing and amount of revenues recognized, contracts
awarded and performed and net income, may differ materially due to risks and uncertainties,
including: inability to negotiate an acceptable pricing structure for the sale of electricity; possible
fluctuations in demand for energy; the present lack of a funding source to finance construction
of the proposed facility; possible cost overruns in the construction or operation of the facility;
delays in payment on contracts due to dealing with governmental and foreign entities;
fluctuations in operating costs associated with changes in project specifications and general
economic conditions; substantial fluctuations in revenues; economics, and other conditions
affecting the ability of prospective customers to finance projects; and other risks generally
affecting the timing and financing of projects.
IDM Environmental Corp., headquartered in South River, is a diversified services company
globally offering a broad range of design, engineering, construction, project development and
management, and environmental services and technologies. The company, through its domestic
and international affiliates and subsidiaries, offers services and technologies in three principal
areas: Energy Project Development and Management, Environmental Remediation, and Plant
Relocation Services. Capitalizing on more than 20 years of project engineering experience in
environmentally sensitive settings, IDM (1) has entered into and is actively involved in the
design, development, ownership and operation of energy facilities in the developing nations of the
world, (2) has entered into and is actively involved in the decommissioning and site
industrialization and revitalization of nuclear power plants, (3) has established a position as a
world leader in plant dismantlement, relocation and re-erection services, and (4) is a leading
provider of full-service turnkey environmental remediation services. In addition, IDM is active in
the development and commercialization of a number of proprietary technologies in the fields of
bioremediation/superoxygenation of water, gasification of solid waste, and soil remediation.
CONTACT: BGS Associates Inc.
Leonard Bogner, 212/593-5323 or 212/689-1214
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