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VIASPACE, Inc. (VSPC) Nears Finalization of 7 MW

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VIASPACE, Inc. (VSPC) Nears Finalization of 7 MW Power Purchase Agreement

Today before the opening bell, VIASPACE provided the investor community with an update on the Tibbar Energy 7 MW anaerobic digestion power plant project. As reported by the St. Croix Source last week, Mr. Hugo Hodge, executive director of the Virgin Islands Water and Power Authority (WAPA), stated that the authority was nearing a purchase agreement with Tibbar Energy, a proposed biomass electricity company on St. Croix. Hodge said that, in a few years, St. Croix will have 10 MW of electricity coming from industrial solar, 5 MW from net metering and 7 MW from Tibbar, for a total of 22 MW being produced by alternative sources. He estimated that at peak consumption, the St. Croix grid only needed 45 MW, which means the WAPA power plant would only need to supply an additional 23 MW.

Tibbar continues to plant Giant King™ Grass nurseries, and aims to create a 1,000+ acre plantation to fuel the 7 MW anaerobic digestion power plant. The company is currently testing irrigation options and large scale planting procedures. “We have started to develop an impressive farming operation in preparation of our finalized power purchase agreement (PPA),” stated Tibbar CEO Tania Tomyn. “We have purchased tractors and additional equipment. We are proud of our new farm staff and they are integral to the progress so far.”

Tomyn continued, “As WAPA stated in the St. Croix Source article, there is a lot of work that goes into balancing Tibbar’s base load power with WAPA’s. Tibbar will be unlike intermittent wind and solar as we will produce continuous dispatchable power 24/7. Our computer system will be tied to WAPA’s and will use the latest technology to efficiently work together.”

Tibbar is also educating the public and generating awareness on a variety of levels. For example, on April 17th and 18th, Tibbar sponsored and presented at the St. Croix Earth Day Eco-Fair. According to Tibbar CEO Tania Tomyn and Farm Manager Bob Peets, “We educated hundreds of children from dozens of St. Croix schools about renewable energy. Tibbar was the major sponsor and we had a fantastic turn out teaching children about Giant King Grass and why bio-energy crops are part of our future.”

VIASPACE Chairman, Dr. Kevin Schewe, commented, “Giant King Grass is growing incredibly well in St. Croix and our partnership with Tibbar Energy is progressing nicely. The planned 7 MW anaerobic digestion power plant using Giant King Grass to create continuous, eco-friendly, carbon neutral, green electricity on St. Croix is already demonstrating intangible benefits of educating children about the merits of renewable green energy and has attracted tourists interested in green energy.”

“We believe that using Giant King Grass as a continuously renewable biomass/bioenergy platform is the perfect green solution for the energy needs of tropical island nations and our partnership with Tibbar Energy can prove this concept on St. Croix in the very near future,” Schewe added. “This project paves the way for other island economies to model similar green electricity projects using Giant King Grass. Every day at VIASPACE, we grow more excited about our future corporate role and place in the evolution of economically viable and successful green energy production.”

For more information, visit www.VIASPACE.com


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