DGAP-News: CLENERGEN CORPORATION SIGNS AGREEMENT WITH YUKEN INDIA LIMITED TO INSTALL A 4 MW/h GASIFICATION POWER BIOMASS PLANT
(firmenpresse) - Clenergen Corporation / Key word(s): Contract
16.11.2010 15:10
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Chennai, India, November 16, 2010: Clenergen Corporation (OTC:CRGE - BOERSE
FRANKFURT: 9CE) today announced that it has executed a Memorandum of
agreement with Yuken India Limited (BSE: 522108) (for the installation of a
4 MW/h gasification biomass power plant (the 'Plant')operating on gas
engines at their manufacturing facility near Bangalore, India. The plant
will provide Yuken a secure and sustainable supply of renewable electricity
on site.
Yuken was set up in 1976 under a technical and financial collaboration with
Yuken Kogyo Company Limited, Japan, for the manufacturer of oil hydraulic
equipment. In the last 29 years, Yuken has achieved one of the fastest
growth rates in the Indian oil hydraulics industry.
A special purpose vehicle, which will be a 100% subsidiary of Clenergen
India Private Limited, a wholly owned subsidiary of Clenergen Corporation,
will be set up to own and operate the plant and to enter into a minimum 15
year power purchase agreement ('PPA') to supply Yuken with up to 2.5MW/h of
power, with the balance of electricity generated being sold to the state
electricity board or other parties.. It is intended that the Plant will be
installed and operational within 10 months upon signing of the PPA and
other final documentation.
Clenergen India will lease up to 800 acres of currently non arable land
near the Yuken's site in order to grow its proprietary high yielding
species of bamboo as a source feedstock for the Plant.
Commenting on the agreement, Mark Quinn, Executive Chairman of Clenergen
Corporation said 'The signing of this agreement represents an important
expansion into the mining and manufacturing markets where security of
uninterrupted and cost effective supply is critical to production
requirements. The cost savings created from the cultivation of our own
biomass feedstock allow us to supply electricity at a price lower than the
current market prices and extend our vertical market penetration into these
market sectors'.
About Clenergen Corporation
Clenergen Corporation is a publicly-traded company with its common stock
quoted in the USA on the OTC Market (Symbol: CRGE) and in Germany on the
First Quotation Board, Open Market of the Frankfurt Stock Exchange (Symbol
: 9CE) Clenergen offers strategic clean energy generation and supply of
biomass feedstock to address the requirement for renewable and sustainable
supplies of electricity. Clenergen has developed a unique modular system
for gasification and localized plantation management. Clenergen also plans
to provide biomass feedstock for producing wood pellets for co firing with
coal to produce low emission electricity.
Clenergen Corporation uses biomass feedstock to implement sustainable
supplies of clean energy for captive end users, islands, mining companies,
government or privately-owned power grid systems and other end users. The
'Distributed Environmental Power System' marries significant proprietary
advancements in plant science with proven long standing engineering
technologies to achieve this goal. For further information on Clenergen
Corporation and its products and services, go to: www.clenergen.com.
Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 (the 'Securities Act') and
Section 21E of the Securities Exchange Act of 1934 (the 'Exchange Act').
To the extent that any statements made in this press release contain
information that is not historical, these statements are essentially
forward-looking. Forward-looking statements can be identified by the use
of words such as 'expect,' 'plan,' 'will,' 'may,' 'anticipate,' 'believe,'
'should,' 'intend,' 'estimate,' and variations of such words.
Forward-looking statements are subject to risks and uncertainties that
cannot be predicted or quantified and, consequently, actual results may
differ materially from those expressed or implied by such forward-looking
statements. Such risks and uncertainties include, without limitation,
those risks and uncertainties contained in this press release and those
identified in the periodic reports that the company files with the
Securities and Exchange Commission (the 'SEC') pursuant to the Exchange
Act.
Jessica Hatfield
Clenergen Corporation
Mail: jhatfield(at)clenergen.com
Tel: 0044 (0)207 739 0028
Fax: 0044 (0)207 657 3275
www.clenergen.com
16.11.2010 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Datum: 16.11.2010 - 15:10 Uhr
Sprache: Deutsch
News-ID 32637
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