Sustainable Power Corp. Announces Green Energy Consortium
Signs Co-Development Agreement With Blue Harbor Energy, Inc.
Sustainable Power Corp. (PINKSHEETS: SSTP) is proud to announce a reached agreement of a new project named Green Energy Consortium (GEC) based in Baytown, Texas. This agreement is to use SSTP's technology of the conversion of agricultural recycled feedstock to a variety of Green-based products that will produce biocrude, biogasoline, pharmaceutical grade glycerin and 500 megawatts of green power.
Imagine multiple types of fuels that are derived from the same feed stocks as cellulosic ethanol like grass, sugar cane, and corn stover; soy hulls but contain at least 300% more energetic content and are made by a process that uses 90% less energy. Unlike cellulosic ethanol, these fuels can be distributed by using existing oil pipelines, rather than uneconomical trucks and trains, dispensed through existing gas stations, rather than specialized pumps, and used in existing engines, rather than modified "flex-fuel" engines. In short, these are biofuels that can be substituted directly and immediately for gas or diesel on a gallon-for-gallon basis.
Sustainable Power Corp. (SPC) announced today that it has entered into a co-development agreement with Blue Harbor Energy, Inc. (Blue Harbor) to move forward its Baytown, Texas renewable fuel production and renewable energy electricity production facility. The Baytown project in envisioned to bring together SPC's propriety liquid biofuel generation and refining technology with electric power generation and a concrete plant to create a facility that produces liquid fuel suitable for use in current internal combustion engines, electric power that is generated solely from renewable sources and concrete that is produced using green power. Capacities and outputs for each phase of the operation are not yet final.
"We have been proposed financing offers for the project from undisclosed parties and expect more to come," stated Keith Mazer, President of Sustainable Power Corp. Mr. Mazer continued, "This is a monumental project and we're very excited to see the interest and confidence shown by some of the industry's largest capital investment groups. The world is in desperate need of green fuel and energy and we now have the ability to meet that need."
Under the terms of the agreement Blue Harbor will begin work immediately to work with SPC senior management to complete the development work necessary for securing the equity investment into the project. No time frame was announced for completion of this initial phase.
Texas was chosen by Sustainable Power because of its industrial and oil friendly environment. The Baytown property has rail, truck, pipeline and power grid access on site and barge access only a few miles down the road to support our feedstock needs.
Mr. Mazer stated, "We are pleased to have Blue Harbor as part of our team, and look forward to working with them."
"We have looked at this project and are excited about a renewable energy power generation of this magnitude," said Dr. White of Blue Harbor Energy, a co-development company. "We are looking forward to working with Mr. Mazer and the SPC team to finalize the development effort and bringing the project online as quickly as possible to realize its reduction of GHG and positive environmental impact."
About Sustainable Power Corp.
Sustainable Power Corp. is an international green energy service provider focused on environmentally safe power generation. The company has the exclusive rights to develop and manage a portfolio of green power plants utilizing the USSEC biofuel discovery, a renewable fuel source able to be produced from one-fifth of the soybean acreage traditionally associated with biodiesel. For more information please visit www.sustainablepower.com.
About Blue Harbor Energy, Inc.
Blue Harbor Energy is the energy project co-development company which provides management, technical management, commercial back-office and contract negotiation services to energy project developers. For additional information contact Dr. Jeff White at white@blueharborenergy.com
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors available from the Company.
Investor Contact:
Redwood Consultants, LLC
415-884-0348
Source: Marketwire (November 30, 2007 - 11:33 AM EST)
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