Sunday, December 03, 2006 7:17:27 PM
I think the 100 BBD plant is done. I think you ment the 1000 BBD plant ? From the Aug 28th news..
W2 Energy Inc. to Acquire $10M in Project Finance
NEW YORK, Aug. 28, 2006 (PRIMEZONE) -- W2 Energy Inc. (Pink Sheets:WWEN), a developer of green energy, is pleased to announce it has passed the application process and is in underwriting with a mid-size south western banking firm to provide debt financing for a 1000 bbd (barrels per day) diesel fuel project. This project once completed will provide the company with a cash flow of approximately $20M per year.
The company is continuing to execute on its business plan to scale our plants to a size of 10,000 bbd. Our 100 bbd plant which has been primarily funded by the company will be utilized as a research facility and will be located near Drexel Plasma Institute in Philadelphia. The intent of this plant will be for research and development of new fuels that are more environmentally friendly as well as easily integrated into today's fuel distribution infrastructure.
The 1000 bbd plant will be the first plant W2 Energy will operate for profit and begin to fill our outstanding requests for production which currently run over US$2.0 billion. The plant will be a scale model of our 10,000 bbd design and will act as a working example for scale up to the larger systems. Once the finance is complete the project completion time will be approximately 1.5 years from ground breaking to completion.
The company continues to push forward on other projects including designs for 10,000 bbd plants and also plants designed specifically for electrical energy production. The corporation intends on financing these projects through both debt and joint venture partnerships.
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