September 8, 2008
Sustainable Power Corp. Moves Forward With Strategic Alliance With Pemco Energy AS
Sustainable Power Corp. (PINKSHEETS: SSTP) announced today that in furtherance of its agreements with Pemco Energy AS, a Norwegian company, a team of five principals and scientists from Pemco met with the Company at the Company's facilities in Baytown on August 27 through August 29 and witnessed and assisted with production of biofuel products through the Company's reactors. Samples of the biofuel products produced and test results have been sent to Norway for analysis.
As part of the previously announced Strategic Alliance with Pemco, the Company will shortly be forwarding a mini-reactor developed by the Company to Pemco's facilities in Norway for development and testing, and will be training Pemco associates at the Company's Baytown facility.Even Ketil Stave of Pemco, advised that, "We were very well taken care of and satisfied with the test operations of the mini-reactors, as well as introduction to reactor 1."
M. Richard Cutler, SSTP CEO, advised, "I met personally with the team from Pemco during their recent visit and was thrilled by the excitement they have for the potential of the technology. We will be working closely with the Pemco team to make our SSTP Europe project thrive and assist in implementation of the technology throughout Europe with their assistance and expertise."
SSTP Europe was formed by the Company and Pemco to be the exclusive representative for SSTP across Europe. The joint venture intends to install, own and operate plants, produce and market green biofuels, including the use of biofuel for power generation, as well as generate green certificates. Pemco will be responsible for the setup of necessary organization to enable SSTP Europe to perform operations of all the plants across Europe, including setup of long-term contracts with power companies. Pemco, in close cooperation with SSTP, will seek to secure long term agreements of low-cost sustainable feed stock from major land areas in Eastern Europe, as well as network to South America, Australia, and Africa.
About Pemco Energy AS
Pemco Energy AS is part of the Pemco Group which is a European trading and industrial group with manufacturing, distribution and sale of oil and chemical based products. The group is represented in 18 countries, and has a major international profile. Pemco is headquartered in Oslo, Norway.
About Sustainable Power Corp.
Sustainable Power Corp. is an international green energy total service provider focused on environmentally safe power generation. The company has the exclusive rights to develop and manage a portfolio of green energy plants utilizing a renewable fuel source able to be produced from non-food feed stock. For more information please visit www.sstp.us
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate,""believe,""estimate,""may,""intend,""expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors available from the Company.
Investor Contact: Fusion Consulting Group, LLC. (702) 434-8692
SOURCE: Sustainable Power Corp.