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THIS IS NEW: DNRG & ANGOLA IPP Letter posted on DOM's site
http://dominovasenergy.com/dec-angola-ipp-letter/
Andrew Herscowitz; Meeting w/ the @google team to find ways to #PowerAfrica together from #SiliconValley
Spending the day exploring #renewableenergy opportunities #PowerAfrica in Silicon Valley. Meeting w/ @TeslaMotors
Andrew Herscowitz
US #PowerAfrica Coordinator: Facilitating private investment to bring cleaner #energy & #electricity to millions across #Africa
PATT App got a MAJOR update today. Try opening it!
PATT DISCLAIMER
LOOKS LIKE "ESIA STATUS" is gone
DNRG STILL LISTED ON PATT APP
Emails
powerafrica@usaid.gov (this is actually Andrew Herscowitz email Power Africa Coordinator)
juliewood@usaid.gov (Julie Wood handles The Democratic Republic of Congo)
Katrina.Pielli@hq.doe.gov
sjeffrey@usaid.gov
mburton@usaid.gov
pretoriainfo@usaid.gov (USAID/South Africa)
TWay@usaid.gov (Torina Way)
*If you are serious about getting in contact with Dominovas Energy I would explain your many failed attempts to Herscowitz & Wood. Ask kindly if they would provide you with the updated contact information. I've found it usefully to CC a few individuals (the 1st three will likely get you an answer within 24hrs) Bound to get very useful info...
Selecting & Fine-Tuning the Project Shortlist
"A good candidate for possible acceleration is a project that is at a stage where it has generated sufficient achievements to inspire confidence (or soon can), but is not so advanced as to seem “low-hanging fruit”. In general, projects that are easy to accomplish or very close to completion will be the least in need of acceleration. Rather, candidates for acceleration must show a good balance between the difficulty of completing the project and its likely benefits. It is not unusual for there to be tension between the public- and private-sector views of this balance, with public sector actors most interested in accelerating projects that are difficult to complete and the private sector actors more focused on projects likely to generate quick results. Private companies will be most attracted to high-visibility, high-impact projects whose potential reputational benefits outweigh their perceived risks.
The public and private sectors should be closely engaged in any project that is a candidate for acceleration. That means the project’s requirements – especially what is needed to accelerate it – should be clearly understood by all stakeholders. Those needs should match closely with a potential private partner’s abilities. The expectations of all stakeholders about a project’s risks and rewards should be closely aligned"
Technology/Energy Source
**Eagerly awaiting to specifically read this portion of DNRG's ESIA Report!!!
"Priority should be given to projects that provide clean, renewable forms of energy, including wind, solar, geothermal, hydro, and biomass. That said, there is a clear recognition of the need to develop and utilise responsibly other forms of energy that are being discovered and exploited, in particular “gas-to-power” (associated gas, non-associated gas and liquefied natural gas in combined cycle configuration, or fuel cells). APV will support transactions that will replace dirty and/or high-cost sources, such as diesel, kerosene, and other forms of heavy fuel oil. If the technology is innovative, project scale-up and its readiness for commercial application on have to be reasonable. For example, care must be taken to ensure that what works in a laboratory setting will also work in a pilot plant, a larger demonstration unit, and finally at full commercial scale. With respect to a project’s construction and operations, 1) the development plan has to be reasonable, 2) a fixed-price, date certain, full-wrap turnkey EPC contract with liquidated damages should be obtainable, and 3) an O&M contract with efficiency bonus provisions should be obtainable.
Financial & Commercial Viability
We'll see Dominovas is viable and real with the ESIA report!
"A number of conditions must be met for a project to demonstrate financial and commercial viability. One such condition is whether there is demand and market for the electricity, including the adequacy of 1) the current and future local/regional demand and market, and 2) the current and future transmission and distribution infrastructure to ensure that there are no overarching system constraints (that is, the existing or proposed distribution network must ensure that the local network has the capacity to accept new power generation for distribution to end users or for regional export). Others include the 1) availability of a long-term PPA (and a take-or-pay structure), 2) a creditworthy off-taker and credit enhancements if necessary, 3) a cost-reflective and competitive tariff , 4) strong cash flow to repay project debt and maintain an adequate debt service coverage ratio (DSCR), and 5) a reasonable rate of return (IRR) to the project developers when combined with equity."
At this point I'm embarrassed to involved in this company. And for good reason USaid/Power Africa may release Dominovas Energy from their agreement. There is one other energy company that involved with Power Africa called Xaris Energy that is currently being sued, they were granted preferred bidder status but Xaris did not have an approved ESIA from the Ministry of Environment and Tourism.
Look up Xaris Energy on the Power Africa App (they are STILL listed for Namibia)
Looks to be in the GHS toxic death spiral. R/S is on Neal Allen's mind..
Lesson learned for sure. No MGMT Team who is serious functions in this way.
Trust me Neal Allen isn't a humble as he writes in the DNRG description.
Not really the case. Here is a the 4 stages explained in detail. This may take a total of 4 years (they are 1 year in this month with Power Africa)
READ pg.12 "Power Africa defines four project stages in a typical power project as described in Exhibit 7" Very detailed - Loads of great information & insight
The nepad report: AFRICA POWER VISION CONCEPT NOTE & IMPLEMENTATION PLAN from Vision to Action
http://www.nepad.org/sites/default/files/documents/files/Africa_Power_Vision_Concept_Note_%26_Implementation_Plan.pdf
Stage 1 to stage 4, exactly what the PATT App describes will take 4 years (with the lengthiest being Stage 4, "Project Construction & Completion"). Stage 3, part A "Project Structuring" DNRG looks to be mostly completed? Stage 3 part B "Financing" DNRG should be totally completed with S3 PB (I say this do to Eric M. Fesh and his departure from Dominovas Energy as CFO unless Dom hires a NEW CFO which they have)
Review Technology and Project Agreements
• Review and evaluate the technical aspects of the project and any risks inherent in the technology it will employ (integration, scale-up, etc.).
• Review the project’s permitting and licensing status (tax, tariff , customs, duties, fiscal, and regulatory framework) that could potentially cause delays in construction.
• Review and evaluate draft project agreements and counterparties. All project agreements must be financeable; this is necessarily dependent on reviewing a complete set of financing agreements. Among other things, the creditworthiness of the off-takers/power purchasers needs to be examined, and whether a guarantee of the host government and/or other credit enhancement features are contained in the project agreements.
Review Financial Model and Apply Stress Tests and Sensitivity Analysis
• Advise and assist in the preparation on and review of financial forecasts and a model for the project showing projected revenues and cash flows under a range of business and financial assumptions. These would include building a lender’s base case and sensitivity cases, which will then also be stressed tested under a variety of financial assumptions (different changes in capital expenditures (CAPEX), operating expenditures (OPEX), price, volume, operating efficiency scenarios, etc.). The financial model is a spreadsheet used to evaluate the project’s economics by analysing cash inflows and outflows during the construction on and operations phases from the perspective of each of the project’s stakeholders: project developers, the host government, and banks.
o The project developers need to determine their investment/funding requirements and expected economic returns.
o The host government needs to determine its “government take” (i.e., revenues received by the project) and any associated regulatory costs for monitoring the project. Any tax incentives the host government is prepared to give the project developers need to be examined, such as lower tax rates (income, dividends, interest, royales, etc.), tax holidays, value added tax (VAT) exemptions, import duty exemptions on services and/or equipment, production and investment tax credits, accelerated depreciation, etc.
o The banks need comfort that the debt will be serviced with a margin of safety in compliance with the covenants contained in the project agreements, i.e., the debt service coverage ratio (DSCR).
To do this, a “base case” (a forecast of future cash flows) must be developed. Then stress tests and a sensitivity analysis must be performed on the financial aspects of the project. These tests and analyses are used to evaluate different economic cases/scenarios and their impacts on the project’s financial performance and ultimately, on the tariff . They show the impact on the project’s financial performance and tariff by changing one or more assumptions if they differ from what was previously assumed: CAPEX, OPEX, fuel prices, inflation, construction on period, loan term, interest rate, etc. The debt capacity of the project can then be determined against minimum DSCRs under down-side scenarios. Then the project’s IRR is calculated and a comparison made with the equity returns that are available on alternative investments whose “riskiness” is similar to that of the project. This analysis also helps the host government in pricing concessions to private contractors.
You might have better luck contacting Mr. Mansur M. Nuruddin CFO mansur@mncapital-africa.com
I've reached out to him but it's only a day and half.
Mr. Nuruddin says, “It is an honor to join Dominovas Energy, a company I have long-admired for its leadership." *interesting perspective*
Mr. Nuruddin will assume responsibility for Dominovas Energy’s capital raising, project financing, capital markets, and advisory activities, as well as advising the Company on specific issues relating to corporate governance, corporate finance, and investor relations
From Power Africa; "The Power Africa team has capitalized on these opportunities to make new connections and advance vital transactions. While in Rwanda for WEF, for example, Power Africa helped move two mini-hydro projects forward, and visited several communities where we—and you—are making a difference."
Interesting question about the Rubicon.
Over the weekend, I read up on the company Nedstack (they are doing business in Johannesburg) what makes these two fuel cell systems different? Both use reformers for fuel flexibility
Rubicon
Particularly, the thermal and mechanical steps incur significant efficiency loss within steam/gas turbine plants. One significant advantage of the RUBICON™ is its embedded state-of–the-art SOFC stack, which allows for significant percentages of higher electrical efficiency (~ 60 %).
Fourthly, the RUBICON™ SOFC provides the flexibility of cogeneration, i.e. simultaneous generation of power and useful heat. The RUBICON™ SOFC emits useful heat from the SOFC stacks. Depending upon our clients’ needs and process specifics, the rejected heat from the RUBICON™ SOFC can be utilized further for space heating, cooling or to generate hot water, steam or additional electricity, which allows us to improve the overall efficiency (80– 85%) of the RUBICON™ SOFC, significantly.
The power output from a single SOFC is relatively low wattage, and hence, SOFC cells are stacked to obtain meaningful power output (kW, MW). Between each SOFC cell, there is an “Interconnect” that helps to combine the cells in series. The “Interconnect” is an electrical conductor and within the RUBICON™ is chemically stable, both at reducing (anode, 10-23 atm) and oxidizing (cathode,10-1 atm) conditions. “Interconnects” are made of either metal or metal-ceramic composite.
The RUBICON™ SOFC is a fuel-flexible power solution that can generate electricity from almost any of the hydrocarbon fuels. The hydrocarbon fuel is reformed upstream of the SOFC stack in order to avoid potential ‘coking’ and ‘sulfur poisoning’ issues at the anode. Several components including a desulfurizer, a reformer and a number of heat exchangers are integrated in the RUBICON™ SOFC. The desulfurizer, the reformer and the associated heat exchangers are collectively known as the Fuel Processor.
Nedstack
Fuel flexibility
Using a fuel specific reformer, PEM fuel stack systems can be made to operate on a wide range of fuels. Examples include methanol, ethanol and ammonia. This enables the operator to choose the most cost efficient fuel that is locally available. It is important to realize that some hydrogen carriers, like liquid methanol and ammonia, contain more hydrogen per m3 than liquid hydrogen.
Nedstack focuses on the production and development of Proton Exchange Membrane (PEM) fuel cells, the most versatile of currently available technologies. Essential parts of PEM fuel cells are the Membrane Electrolyte Assembly or MEA, and the bipolar plates to separate the MEAs.
Nedstack produces stacks that can easily be integrated into a system to provide an operational power system tailored for a specific application or market. Nedstack has developed this system integration know-how and provides support to system integrators who want to build systems using our stacks.
Fuel cells produce ultra-pure water vapour as a by-product. This is removed from the stack by the airflow through the bipolar plates. This water can be reused in the cooling loop and/or to humidify the incoming air and hydrogen.
As the electrochemical process is exothermic, it generates heat. With PEM cells this heat is of limited use as the cooling water exit temperature is in the range of 60°C, however, the heat can be used for preheating feed streams within or outside the fuel cell system
PEM fuel cells convert hydrogen into energy, with pure water as their only by-product. Depending on the way the hydrogen is produced, our fuel cells have low to zero emission. With the growing awareness of environmental issues, this is an important consideration wherever your operations are located. Additionally, PEM fuel cell systems have no moving parts. They do not cause vibrations or noise pollution.
"Active" status has been there since the PATT APP was released in late January.
No prediction lets keep it a "surprise"?
10-Q coming out soon.
Dominovas needs to hurry with substantial news. I've read that GE is also entering into the Fuel Cell market as well as Nedstack and Africa is in their sights.
GE is already part of Power Africa; In support of Power Africa, GE is committed to work with Governments and private partners to help bring online about 5 GW of new, affordable energy in Nigeria, Ghana, Kenya, and Tanzania. GE intends to provide technology based on a variety of fuel sources as appropriate for each project, including solar, wind and natural gas, to deliver the power, and support partners in arranging financing for these projects.
https://www.usaid.gov/powerafrica/privatesector#ge
http://www.geventures.com/content/new-business-creation
GE FUEL CELLS
GE Fuel Cells is commercializing solid oxide fuel cells to provide businesses and communities around the world the ability to efficiently generate cost-effective, reliable power at the point of use. An advanced manufacturing breakthrough and innovative hybrid system design developed at GE’s Global Research Center enables cost and performance advantages. Pairing GE’s solid oxide fuel cell technology with our natural gas engines, this hybrid system can achieve efficiency levels of 65% in small or large scale distributed power systems.
Using GE’s FastWorks model, GE Fuel Cells built a team and robust pilot manufacturing operations within months. GE Fuel Cells has the speed and agility of a start-up, yet has access to the breadth and strength of GE. By leveraging technology from the Global Research Center, GE operating tools and processes, access to world class experts, established supply and market channels GE Fuel Cells developed a new industrial business at an unprecedented pace.
It's critical that their product works as MGMT describes in detail. Nedstack is another fuel cell company that has started to do business in South Africa (1st stop for Nedstack is a Johannesburg deal) and could very well gobble up what would have been Dominovas Energy's PPA's.
I looked into Nedstack and their fuel stacks are also fuel flexibility as is the Rubicon. From Nedstacks site;
Using a fuel specific reformer, PEM fuel stack systems can be made to operate on a wide range of fuels. Examples include methanol, ethanol and ammonia. This enables the operator to choose the most cost efficient fuel that is locally available. It is important to realize that some hydrogen carriers, like liquid methanol and ammonia, contain more hydrogen per m3 than liquid hydrogen.
http://www.nedstack.com/applications/telecom-continuous-power
High reliability and availability
Currently, over a 1000 fuel cell stacks have been supplied for commercial operations worldwide, both for back up and primary power applications. Nedstack fuel cell stacks have passed lifetimes of more than 23000 hours in field operation. Currently a number of systems are being built to power telecom base stations and other applications in India and Africa. These systems are based on ammonia reformate or electrolysis.
Michael Watkins posted a response on fb a month or so ago to someone who posed that exact reverse split question. Watkins didn't say no or yes exactly only that "they are in the business of doing good business".
With Dom failing to keep us informed about the Delphi MOU is no longer being on the table, who knows really?? Nothing has been filed paperwork wise with Solid Power deal or Edison agreement, the new manufacturers of the rubicon.
Let's see how August's deployment of the Rubicon plays out & the ESIA goes. The deployment & ESIA progress are now critical for this company, both need to go as planned 100% . ,
Katrina Pielli
Senior Energy Advisor at U.S. Agency for International Development (USAID)
https://www.linkedin.com/in/katrina-pielli-07788429
Katrina.Pielli@hq.doe.gov
202-287-5850
Neal Allen has just posted a letter from Power Africa (dated a year ago) the letter is from
Andrew Hercsowitz who heads up ALL of Power Africa.
http://dominovasenergy.com/key-partners/
Neal Allen (could be sending us a message?) Dominovas Energy on their site under "Strategic Partners" has added a letter from Power Africa addressed directly to Neal Allen (dated just about a year ago)
http://dominovasenergy.com/key-partners/
"Power Africa conducts non-financial due diligence on all partners interested in joining Power Africa to assess the likelihood of a partner having business practices that could reflect poorly on the US Government. Of primary concern is working with companies that are: not banned by the Foreign Corrupt Practices Act; have sufficient technical expertise or experience to further the energy goals of Power Africa; reasonably financially sound based on 3rd-party reports (when available), and; labor, environmental and social compliance.
Please note that the inclusion of any activity or transaction in PATT does not constitute an official endorsement, recommendation, sponsorship or approval by Power Africa. If you would like more information on Dominovas, please visit their website: dominovasenergy.com/. Thank you for your interest in Power Africa"
Power Africa on Dominovas Energy.
ESIA Completed: http://www.afdb.org/fileadmin/uploads/afdb/Documents/Environmental-and-Social-Assessments/Multinational_-_Burundi-Rwanda-RDC-projet_hydroélectrique_de_Ruzizi_III-Resume_EIES_-_EN-_08_2015.pdf
ESIA; Environmental and Social Impact Assessment
READ pg.12 "Power Africa defines four project stages in a typical power project as described in Exhibit 7" Very detailed - Loads of great information & insight
Stage 1 to stage 4, exactly what the PATT App describes will take 4 years (with the lengthiest being Stage 4, "Project Construction & Completion"). Stage 3, part A "Project Structuring" DNRG looks to be mostly completed? Stage 3 part B "Financing" DNRG should be totally completed with S3 PB (I say this do to Eric M. Fesh and his departure from Dominovas Energy as CFO unless Dom hires a NEW CFO)
The nepad report: AFRICA POWER VISION CONCEPT NOTE & IMPLEMENTATION PLAN from Vision to Action
http://www.nepad.org/sites/default/files/documents/files/Africa_Power_Vision_Concept_Note_%26_Implementation_Plan.pdf
I'd appreciate it if we could have a conversation via email not message board. Let me know if you are willing to.
I'll give you that.
Your "DATE" is wrong 3/5/2016 is wrong news wasn't released until 5/3/2016.
Why the "Date: 03/05/2016 20:12 (GMT+02:00)"
News on Edison Power Group wasn't released until 5/3/2016
Please add information to the contrary.
I emailed several folks at Power Africa. Last email from them about Dominovas;
"Power Africa conducts non-financial due diligence on all partners interested in joining Power Africa to assess the likelihood of a partner having business practices that could reflect poorly on the US Government. Of primary concern is working with companies that are: not banned by the Foreign Corrupt Practices Act; have sufficient technical expertise or experience to further the energy goals of Power Africa; reasonably financially sound based on 3rd-party reports (when available), and; labor, environmental and social compliance.
Please note that the inclusion of any activity or transaction in PATT does not constitute an official endorsement, recommendation, sponsorship or approval by Power Africa. If you would like more information on Dominovas, please visit their website: dominovasenergy.com/. Thank you for your interest in Power Africa"
You are on the correct track! Really nothing left here just wonder how Power Africa will spin this once they release Dominovas Energy from the Initiative?
I emailed several folks at Power Africa. Last email from them about Dominovas;
" Power Africa conducts non-financial due diligence on all partners interested in joining Power Africa to assess the likelihood of a partner having business practices that could reflect poorly on the US Government. Of primary concern is working with companies that are: not banned by the Foreign Corrupt Practices Act; have sufficient technical expertise or experience to further the energy goals of Power Africa; reasonably financially sound based on 3rd-party reports (when available), and; labor, environmental and social compliance.
Please note that the inclusion of any activity or transaction in PATT does not constitute an official endorsement, recommendation, sponsorship or approval by Power Africa. If you would like more information on Dominovas, please visit their website: dominovasenergy.com/. Thank you for your interest in Power Africa"
I would imagine if ESIA Report is not to Power Africa's or DRCs liking meaning in their (Africa's) best-interest DNRG will be released from the Initiative altogether. I'd have think DNRG knew this day was coming hence no 8k on the important business relationships.
KEEP ON EYE ON THE PATT APP (ESIA REPORT "in progress")
Don't mistake activity with achievement.
Dom has not achieved anything when you dissect their activities.
GHS deal was like a bad pay day loan.
Does someone know why we need MORE financial capital at this point?
I would also have to imagine that NEAL ALLEN & MICHAEL WATKINS might have actually sold their shares without reporting of having done so (it wouldn't be far-fetched). If they sold it was likely done many months ago.
I only investors from now until August will be of the short variety. I do not see the introduction of 1 new personal who has an actual REAL 1st job doing much of anything. I also find the timing of the new CFO odd given all the changes.
Has anyone reached out to him? (I have not).
The timing of the NEW PERSONAL is in my opinion too suspicious. Why did it take so long for them to let go of Fresh?
Now hiring a new CFO after they made some bad decisions that were very costly for us not them. Now without a missing a beat we have a new company manufacturing the rubicon but no 8k or even a MOU, doesn't sound like real business practices for a public company.
The simplest conclusion here may be the correct one. Don't mistake activity with achievement.
Dom has not achieved anything, if you dissect their activities.
I would rather not believe this, but I think given all we know today this stock is done.
I would imagine if ESIA Report is not to Power Africa's or DRCs liking meaning in their (Africa's) best-interest DNRG will be released from the Initiative altogether. I'd have think DNRG knew this day was coming hence no 8k on the important business relationships.
Has anyone written to Solid Power & Andritz Hydro and received a reply?
I very much doubt we see a rubicon deployed & I imagine that the ESIA Report will have "errors" so that we never actually have the chance to read DNRG's Report.
I will say, I have never seen a company act like this that claimed so much to be on the up & up. They've fooled most of us here and did it while we still "wonder" about the lack of 8Ks. Any real company would have an investor relation's that would easily answer that question.
The end of this stock will be the deployment of the rubicon in 10-12 weeks. They have issued NO 8k with Solid Power, NO 8k with Edison Group, NO 8k with Andritz Hydro with NO explanation as to why that is either.
Delphi is definitely out! And Dominovas has in a not so upfront way confirmed it.
"Strategic Partners" Dom's site has taken down Delphi, now it lists only AVL & Power Africa
http://dominovasenergy.com/key-partners/
The reply I received from Delphi back on May 21, 2016 inquring about Dominovas & the MOU
"Delphi has placed our Solid Oxide Fuel Cell Development on the shelf; the technology is ready for commercialization however the applicable markets are not. If there is a specific question on Dominovas, we recommend you speak with them directly"
Sincerely,
Delphi Investor Relations
Delphi is definitely out! And Dominovas has in a not so upfront way confirmed it.
"Strategic Partners" Dom's site has taken down Delphi, now it lists only AVL & Power Africa
http://dominovasenergy.com/key-partners/
The reply I received from Delphi back on May 21, 2016 inquring about Dominovas & the MOU
"Delphi has placed our Solid Oxide Fuel Cell Development on the shelf; the technology is ready for commercialization however the applicable markets are not. If there is a specific question on Dominovas, we recommend you speak with them directly"
Sincerely,
Delphi Investor Relations
“Standard Chartered has partnered with USAID, to deliver a term loan worth USD60 million to Zambia’s Electricity Supply Corporation (ZESCO),” read the company’s statement.
It was also reported that this initiative will become one of the largest facilities that the United States Agency for International Development (USAID) has delivered within President Obama’s ‘Power Africa’ partnership since the campaign’s launch in 2013.
http://www.cnbcafrica.com/news/special-report/2016/05/30/stanchart-us-power-africa/