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Elemental Power Group, LLC Announces the Funding of Its Fuel Cell Development Business

Posted on: Friday, 9 March 2007, 15:00 CST

Today, Elemental Power Group, LLC, a New York based renewable energy development company, announces the funding of its fuel cell development subsidiary, EPG Fuel Cell, LLC.

Elemental Power Group has sold 50% of EPG Fuel Cell to Catamount Energy Corp. of Rutland Vermont for an undisclosed sum, including funding commitments for power generation projects based on fuel cells. Catamount Energy Corp. is one of the leading developers of wind generation projects in the United States and is backed by private equity firm, Diamond Castle Holdings, LLC. Catamount and Diamond Castle recently announced their intention to expand their development activities beyond the wind sector into other renewable energy activities.

"We formed EPG Fuel Cell in 2006 to focus on the development of electrical generation projects using fuel cell technologies," said Robert Babcock, President of Elemental Power Group. "Teaming with Catamount Energy gives us a well-funded partner, with significant experience in the renewable energy sector, that shares our goal of expanding and developing the only truly viable urban renewable energy technology."

EPG Fuel Cell has developed and proposed two 30-megawatt projects to the state of Connecticut's Clean Energy Fund Project 100 program. Each $120 million project is designed to run on the ultra clean, quiet and highly-efficient DFC3000 technology produced by FuelCell Energy, Inc. of Danbury Connecticut. Awards under Project 100 are anticipated at the end of March, 2007. Additionally, EPG Fuel Cell is pursuing further opportunities in Connecticut, New York and throughout the country.

"Diamond Castle is using Catamount Energy as its' alternative energy platform and the fuel cell technology provides a complementary addition to our existing wind energy business," said James Moore, CEO of Catamount. "The investment in EPG Fuel Cell puts us in business with an excellent entrepreneur, Rob Babcock, who we know well and who has established a robust pipeline of project opportunities."

EPG Fuel Cell, LLC will operate as a 50/50 joint venture between Elemental Power Group and Catamount Energy. Mr. Babcock will remain as the President and CEO of EPG Fuel Cell. The company will continue with the development of projects under the CT Project 100 program and actively seek to open new markets for fuel cell based power plants in other urban, transmission constrained regions of the country that embrace renewable and clean energy. The company hopes to build a portfolio of several hundred megawatts of ultra-clean generation within the next 5 years.

About Elemental Power Group, LLC

Elemental Power Group, LLC ("EPG") is an independent developer of renewable energy projects located in New York. EPG focuses its activities on non-wind renewable energy technologies, especially solar and fuel cell projects. Through its subsidiary company, EPG-Fuel Cell, LLC, EPG endeavors to identify locations, design, permit, contract, finance, build and operate fuel cell power plants in locations where such technology qualifies as a renewable energy resource. Fuel Cells are one of the few truly "urban renewable" technologies that are commercially available and technologically proven. Running on a variety of fuels, fuel cells produce electricity electrochemically and without combustion. The lack of combustion means that there are practically no harmful emissions from fuel cell power plants and their emissions of carbon dioxide are dramatically reduced. This, coupled with their relatively small footprint, gives them great advantages in energy production over other renewable technologies in an urban environment. For more information on the company, and its activities, please visit on the web www.elemental-power.com.

About Catamount Energy Corp.

Catamount is a developer, owner, and operator of wind energy projects and has been in the business of providing clean, cost-competitive electricity in the U.S. and Europe for 19 years. More information regarding Catamount is available on its web site at www.catenergy.com.

Source: Business Wire

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