Clenergen Corporation Announces an Agreement to Retain 100% Ownership of Its Subsidiary Operations in Ghana, Guyana and the P...
14 Marzo 2012 - 6:03AM
Marketwired
Clenergen Corporation (OTCQB:CRGE) today announced that it has
reached an agreement with Futenco AG to retain 100% ownership of
its operating subsidiaries in Ghana, Guyana, and the Philippines.
Given diverging strategic visions for regional and market
development between the two companies, shareholders of both
companies agreed that their best interests would be served by
cancelling the agreements that they signed on September 5, 2011.
Demand for biomass fuel resources has increased exponentially
recently, supported by countries across the globe, such as Germany
and India, legislating cessation of nuclear energy production in
the wake of the Japanese nuclear meltdown last year. Renewable
energy sectors are increasingly operating under government mandated
minimum production quotas. Therein, biomass is proving a
demonstrably more efficient renewable source of fuel than either
wind or solar.
Contributing to the surge in demand for biomass, major European
coal fired power plants are answering calls from continental
regulators to reduce emissions and meet obligations for biomass
fuel use by increasing sourcing of co-firing wood pellets to 20% of
total fuel supply sourced within five years. According to the EU
Biomass Association, the EU will increase use of biomass
consumption from 13 million tonnes annually today to 100 million
tonnes by 2020.
In North America, state and provincial level renewable portfolio
standards are now mandating that utilities begin the process of
embracing biomass in certain jurisdictions. It is possible that
within several years, the U.S. biomass landscape may more closely
resemble that of Europe.
In this context, Clenergen restructured its operations in 2011
and re-directed its focus to the cultivation of energy crops in
each of Ghana, Guyana, and the Philippines to supply wood chips and
off-grid power plants for captive end users, such as the mining
companies, in an effort to expand global plantation footprint and
engage pelletization companies for the export market.
Commenting on today's developments, Mark Quinn, Chief Executive
Officer of Clenergen Corporation said " the decision to retain
ownership in these regions, has resulted from a renewed interest in
the funding and execution of both existing and new projects, where
revenues can be generated in short term from supplying turn key
energy solutions for clients and in the long term from the
cultivation of large scale energy crops under joint ventures with
equipment suppliers and end users".
About Clenergen Corporation
Clenergen Corporation is a publicly-traded company with its
common stock quoted in the USA on the OTC (Symbol: CRGE). Clenergen
offers strategic clean energy generation and supply of biomass
feedstock to address the requirement for renewable and sustainable
supplies of electricity. Clenergen has developed a unique modular
system for gasification and localized plantation management.
Clenergen also plans to provide biomass feedstock for producing
wood pellets for co-firing with coal to produce low emission
electricity.
Clenergen Corporation uses biomass feedstock to implement
sustainable supplies of clean energy for captive end users,
islands, mining companies, government or privately-owned power grid
systems and other end users. The "Distributed Environmental Power
System" marries significant proprietary advancements in plant
science with proven long standing engineering technologies to
achieve this goal. For further information on Clenergen Corporation
and its products and services, go to: www.clenergen.com. To receive
future news, investor newsletters, and other information on
Clenergen by email, visit www.cleanenergyleaders.com and
subscribe.
Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 (the
"Securities Act") and Section 21E of the Securities Exchange Act of
1934 (the "Exchange Act"). To the extent that any statements made
in this press release contain information that is not historical,
these statements are essentially forward-looking. Forward-looking
statements can be identified by the use of words such as "expect,"
"plan," "will," "may," "anticipate," "believe," "should," "intend,"
"estimate," and variations of such words. Forward-looking
statements are subject to risks and uncertainties that cannot be
predicted or quantified and, consequently, actual results may
differ materially from those expressed or implied by such
forward-looking statements. Such risks and uncertainties include,
without limitation, those risks and uncertainties contained in this
press release and those identified in the periodic reports that the
company files with the Securities and Exchange Commission (the
"SEC") pursuant to the Exchange Act.
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Contacts: Clenergen Corporationinvestor@clenergen.com
www.clenergen.com
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