LLEG .09/.10 some DD:
Renewable Energy... NY project financed and moving forward; looking to expand into New Hampshire with aquisition; and 2 Massachusetts projects in the works for 2007/2008.
Low O/S and tiny float.
As per company June 2006:
100,000,000 A/s
20,000,000 O/S
slightly less than 3,000,000 Float
Excerpts from PR's below. Please rely on *your* own DD...
New York, NY (PRWEB via PR Web Direct) June 1, 2006-- Laidlaw Energy Group, Inc. (Ticker Symbol: “LLEG”) announced today that it has closed on a significant round of growth financing that will be used to fully fund the development of its Western, New York Biomass Energy Project. The Project involves the conversion of an existing natural gas fired power plant to exclusively use clean wood biomass fuel. In addition to nearly 7 megawatts of gross capacity that will be sold pursuant to a long-term power purchase agreement, the Project will also supply electricity and process heat to a hardwood lumber drying business under common ownership. The New York State Energy Research and Development Authority (NYSERDA) has also provided LLEG with $1 million of grant funding for the Project.
Separately, LLEG announced today that it has entered into a memorandum of understanding, along with its joint venture partner, EcoPower, LLC, to acquire a 16 megawatt biomass energy facility located in New Hampshire. LLEG and EcoPower are currently engaged in due diligence on the acquisition
and expect to make further announcements in the future as the project develops.
New York, NY (PRWEB) February 7, 2006 -- Laidlaw Energy Group, Inc. (Ticker Symbol: “LLEG”) and EcoPower, LLC jointly announced today that they have entered into a Strategic Alliance and Joint Development Agreement. The Joint Venture involves the development of two biomass energy projects to be located in the New England power market. The projects will have a combined gross capacity of approximately 40 megawatts.
One of the projects involves the construction of a new 20 megawatt biomass energy facility in Massachusetts that will utilize certain types of wood waste. The project will benefit from this abundant and highly cost effective fuel source, since certain types of wood waste will no longer be allowed in landfills after July 2006 per the Massachusetts DEP’s new Solid Waste Master Plan. This project has been under development for 18 months and has received a Beneficial Use Determination from the Massachusetts DEP allowing for the use of Construction & Demolition Wood as fuel. The project has also received approval for pre-development funding from the Massachusetts Technology Collaborative and an Advisory Ruling from the Massachusetts Division of Energy Resources approving the proposed design as “low-emission, advanced biomass power conversion technology,” and pre-qualifying the facility as a New Renewable Generating Unit. It is anticipated that this plant will be among the most advanced biomass facilities in the country, providing long-term clean and dependable renewable energy to the New England region.
The second project involves technology upgrades to an existing biomass generation facility, as well as an expansion of existing plant capacity, in order to provide an additional 20 megawatts of renewable biomass energy in the New England region.
Commenting on the Joint Venture, LLEG President and CEO Michael Bartoszek stated, “The Joint Venture with EcoPower is an excellent opportunity for us. The principals of EcoPower bring a wealth of biomass energy development and operations experience to this partnership, along with great connections for future business opportunities. We feel that this will allow us to significantly expedite our expansion into the Massachusetts and New England marketplace, where renewable energy currently commands a strong premium.”
LLEG and EcoPower are currently targeting a 2007 and 2008 start-up for the projects.
