PowerVerde Announces Shipment Date of its First Commercial 50kw Renewable Electricity Generating Waste Heat Recovery System, The Liberator, for European Distribution
PHOENIX, July 5, 2011 /PRNewswire/ — PowerVerde, Inc. (OTCBB: PWVI) today announced the completion and successful testing of their 50kw electric power renewable waste heat recovery system named the “Liberator.” Under a previously announced Letter of intent (“LOI”) with Newton Investments BV, (“Newton”) PowerVerde will ship the first of five planned systems, the week of July 4th.
PowerVerde Director Rick Davis commenting on the Liberator and PowerVerde’s relationship with Newton, stated, “We are more than satisfied with the Liberators performance and happy to have met our Dutch partners launch date. We believe the Liberator may be the most efficient waste heat recovery system ever demonstrated and are confident that the opportunities this system can create for Europe and the rest of the world may forever change the renewable energy landscape— historically dominated by photovoltaic, geothermal and wind type systems. Newton Green Power BV is in final negotiations with PowerVerde to offer the Liberator technology to private factories, farms, greenhouses, biomass plants, geothermal and Government funded programs.”
Newton’s President Piet van der Hoop stated, “I just returned from Arizona and witnessed the Liberator producing 50Kw’s of green electricity. PowerVerde certainly lived up to our agreement entered into last February and we’re very pleased to have this system arriving in Europe next week. We have been evaluating renewable power systems over the past 12 years, and finally have an opportunity to offer continuous green power to our European clients utilizing newly created Government incentives for this type of technology. After reviewing hundreds of renewable power companies, we believe PowerVerde has the best ability to deliver an industrial style non-intermittent continuous power product capable of creating distributed energy solutions. With several European Governments mandating the eventual closure of all nuclear power plants in the aftermath of the Japanese tsunami disaster we hope to replace much of this lost capacity with megawatts of totally green power.”
About Newton Investments BV
Newton, based in Leeuwarden, the Netherlands, is a renewable energy investment company which actively pursues green energy opportunities and products covering variety of energy sources including, but not limited to, wind, biomass, photovoltaic, and thermal. Their investment objectives are to offer green renewable energy products in the EU utilizing available credits and incentives. Their relationships with sophisticated Dutch and German manufacturers and knowledge of these industries allow them advantages well beyond mere distribution.
PowerVerde, Inc. (OTCBB: PWVI) manufactures advanced renewable power generator systems comprised of gas pressure and gas expansion motors. These systems operate without combustion or fossil fuel creating electrical power from any low grade heat source or adequate pressure forum. PowerVerde is an environmentally friendly green company producing zero emissions or waste stream byproducts. For more information about PowerVerde, please visit our web-site http://www.PowerVerdeEnergy.com.
This news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company’s current views with respect to future events that involve risks and uncertainties. Among others, these risks include the failure to meet schedule or performance requirements of the Company’s contracts, the Company’s liquidity position, the Company’s ability to obtain new contracts, the emergence of competitors with better products and/or greater financial resources, the impact of competitive pricing and the termination or limitation of alternative energy incentive programs. In the light of these uncertainties the forward-looking events referred to in this release might not occur.
SOURCE PowerVerde, Inc.