Peat intends to sign big peat deal with Altentech
2008-05-27 11:05 MT - News Release
Mr. Peter Telford reports
PEAT RESOURCES LIMITED: STATEMENT OF INTENT WITH ALTENTECH POWER INC.
Peat Resources Ltd. has formed a statement of intent with Altentech Power Inc.
Over many years of intense international research and strategic relationship building, Peat Resources has distinguished itself as one of the pre-eminent experts in the field of environmentally sensitive, sustainable biomass energy fuel commercialization.
In addition to its worldwide connections, Peat Resources has contractually secured a strong, evergreen resource base in Ontario and Newfoundland, and is currently establishing a pilot plant facility in Stephenville, Nfld., for production of peat fuel pellets. In its 2007 energy plan, the government of Newfoundland and Labrador recognized the abundant peat resources of the province and its potential for contributing to future energy needs.
Peat Resources is seeking applications and markets for its peat fuel -- a biomass fuel that offers significant economic and environmental benefits.
Altentech Power is the developer of a unique, biomass-fuelled power generation system. Its proprietary technology results in vastly improved combustion efficiencies while substantially reducing critical emissions into the environment.
While there are many applications for Altentech's system(s), its business plan calls for establishment of the first of several 10-megawatt peat-powered plants in Canada before proceeding on in a timely manner to other international peat- and non-peat-fuelled energy systems.
Altentech will build and operate these Canadian plants to feed power into local and North American energy grids and/or potentially in some cases, to supply co-generated power and heat (steam) to remote off-line communities or industrial customers. For example, remote communities around the shores of Newfoundland and Labrador are potential locations for these peat-fuelled energy systems.
Clearly there is synergy between the two companies: Peat Resources as the holder of vast peat inventories and developer of a way to harvest them in an environmentally acceptable, even beneficial way; and Altentech Power with the groundbreaking technologies to convert said fuel into highly saleable electrical power in an efficient and environmentally superior manner.
To that end, Peat Resources is working with Altentech to facilitate location of Altentech's first plant adjacent to Peat's Newfoundland peatholdings and on consummating a long-term (20-year) contract that provides Peat Resources with a high-volume customer and Altentech Power with a consistent fuel supply.
Phase two of the engagement calls for similar mutually beneficial Altentech/Peat related projects in Ontario, linking established peat resources and bioenergy consumers.
