• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

Environmental Power Corporation Announces Long-Term Renewable Natural Gas Deliveries to Begin Under Offtake Agreement With Pacific Gas & Electric Co. From Huckabay Ridge Facility

Posted on: Tuesday, 9 October 2007, 09:00 CDT

PORTSMOUTH, N.H., Oct. 9 /PRNewswire-FirstCall/ -- Environmental Power today announced that its wholly owned subsidiary Microgy, Inc. will begin deliveries of Renewable Natural Gas (RNG(R)) from its Huckabay Ridge Facility beginning October 1, 2008 to Pacific Gas & Electric Company (PGE). Microgy and PG&E signed a 10-year agreement in October 2006 which allows PG&E to purchase up to 8,000 million cubic feet of pipeline quality renewable natural gas daily from Microgy's facilities. Deliveries from the Huckabay Ridge project, at up to 2,000 MMBtu per day, will allow Microgy to begin deliveries under this contract. The Huckabay Ridge facility has been delivering pipeline quality gas to Lower Colorado River Authority (LCRA) since April of this year.

"We are very pleased to have a firm delivery date to sell PG&E our pipeline grade renewable natural gas from our first full-scale production facility," stated Richard E. Kessel, President and CEO of Environmental Power. "Our partnership with PG&E is a win-win proposition-it provides PG&E's customers with a reliable, cost-effective source of renewable energy, and it allows our companies to begin working together while our California projects proceed through the permitting process. At the same time, we greatly appreciate our relationship with Lower Colorado River Authority (LCRA) and the support they have provided during the start up of our Huckabay Ridge facility. We will continue to explore opportunities to work with LCRA on future projects."

ABOUT ENVIRONMENTAL POWER CORPORATION

Environmental Power Corporation is a developer, owner and operator of renewable energy production facilities. Its principal operating subsidiary, Microgy, Inc., holds an exclusive license in North America for the development and deployment of a proprietary anaerobic digestion technology for the extraction of methane gas from animal wastes for its use to generate energy. For more information visit the Company's web site at http://www.environmentalpower.com/ .

CAUTIONARY STATEMENT

The Private Securities Litigation Reform Act of 1995, referred to as the PSLRA, provides a "safe harbor" for forward-looking statements. Certain statements contained in this press release, such as statements concerning planned manure-to-energy systems, our sales pipeline, our backlog, our projected sales and financial performance, statements containing the words "may,""assumes,""forecasts,""positions,""predicts,""strategy,""will,""expects,""estimates,""anticipates,""believes,""projects,""intends,""plans,""budgets,""potential,""continue,""targets""proposed," and variations thereof, and other statements contained in this press release regarding matters that are not historical facts are forward-looking statements as such term is defined in the PSLRA. Because such statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to: uncertainties involving development-stage companies; uncertainties regarding project financing, the lack of binding commitments and/or the need to negotiate and execute definitive agreements for the construction and financing of projects, the sale of project output, the supply of substrate and other requirements and for other matters; financing and cash flow requirements and uncertainties; inexperience with the development of multi-digester projects; risks relating to fluctuations in the price of commodity fuels like natural gas, and our inexperience with managing such risks; difficulties involved in developing and executing a business plan; difficulties and uncertainties regarding acquisitions; technological uncertainties; including those relating to competing products and technologies; risks relating to managing and integrating acquired businesses; unpredictable developments; including plant outages and repair requirements; the difficulty of estimating construction, development, repair and maintenance costs and timeframes; the uncertainties involved in estimating insurance and implied warranty recoveries, if any; the inability to predict the course or outcome of any negotiations with parties involved with our projects; uncertainties relating to general economic and industry conditions, and the amount and rate of growth in expenses; uncertainties relating to government and regulatory policies and the legal environment; uncertainties relating to the availability of tax credits, deductions, rebates and similar incentives; intellectual property issues; the competitive environment in which Environmental Power Corporation and its subsidiaries operate and other factors, including those described in our most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q, well as in other filings we make with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date that they are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACT: Company Contact Mark Hall, Senior Vice President Environmental Corporation (630) 292-3914 mhall@environmentalpower.com Public Relations Contact John Abrashkin Power Ricochet Public Relations (212) 679-3300 x121 jabrashkin@ricochetpr.com Investor Relations Contact John Baldissera BPC Financial Marketing 1-800-368-1217 ir@barrettopacific.com

Environmental Power Corporation

CONTACT: Mark Hall, Senior Vice President for Environmental Corporation,+1-630-292-3914, mhall@environmentalpower.com; or Public Relations, JohnAbrashkin of Ricochet Public Relations for Environmental Power Corporation,+1-212-679-3300, ext. 121, jabrashkin@ricochetpr.com; or Investor Relations,John Baldissera of BPC Financial Marketing for Environmental PowerCorporation, 1-800-368-1217, ir@barrettopacific.com

Web site: http://www.environmentalpower.com/

Source: PRNewswire-FirstCall

More News in this Category