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Environmental Power Corp.: Investment by Technology Provider Xergi A/S
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Environmental Power Announces Investment by Technology Provider Xergi A/S and New Cooperation Agreement
* On Tuesday April 28, 2009, 5:30 pm EDT
TARRYTOWN, N.Y., April 28 /-- Environmental Power Corporation, a leader in the renewable bioenergy industry, today announced that Xergi A/S of Denmark has entered into a new technology agreement better reflecting EPG's build / own / operate business model. In addition, Xergi has agreed to acquire, in a private placement transaction, $3 million of EPG's 14% convertible notes on the same terms as the $5 million of EPG convertible notes issued in March 2009. Upon next month's expected closing, Xergi's $3,000,000 payment obligation for the notes will be netted against Microgy's $3,000,000 payment obligation for technology rights for certain upcoming projects.
Under the terms of the new agreement, EPG and its wholly owned subsidiary, Microgy, Inc., will continue to have exclusive licensing rights for Xergi's anaerobic digester technology in North America, while reducing the license fees on Microgy's current and future projects. In addition, EPG and Xergi will continue to collaborate on development and use of other technologies and techniques such as the use of micro-organisms and enzymes, which enhance the production of biogas from manure and other organic substrates.
"This investment and agreement demonstrate Xergi's continued confidence in Environmental Power's business model and its commitment to support the company's growth in the renewable energy market in North America. Together with Xergi, we will continue our work on technological advancements that will increase energy production from existing feed stocks, while lowering capital and operating costs for large-scale renewable energy projects," said Rich Kessel, President and CEO of Environmental Power. "We look forward to developing innovative solutions that maximize renewable energy from agricultural and other waste organic feed stock."
"Environmental Power and its subsidiary Microgy have established themselves as the leader in development and commercialization of RNG® projects in North America," said Frank Rosager, President and CEO of Xergi. "We look forward to learning more about how to produce the equivalent of Environmental Power's RNG® product in Europe while supporting Environmental Power's continued growth in North America. This is truly a mutually beneficial relationship."
Rich Kessel added, "Environmental Power would like to thank Xergi for making this strategic investment as an indication of its continued confidence in Environmental Power and commitment to support Environmental Power's growth."
ABOUT ENVIRONMENTAL POWER CORPORATION
Environmental Power Corporation is a developer, owner, and operator of renewable energy production facilities. Our principal operating subsidiary, Microgy, Inc., develops and operates proven large scale, commercial anaerobic digestion based projects which produce a versatile methane-rich biogas from livestock waste and other organic sources. For more information visit the Company's web site at http://www.environmentalpower.com.
ABOUT XERGI A/S
Xergi A/S is a contractor and O&M operator with more than 20 years of experience within development, delivery, operation and maintenance of turnkey energy and environmental plants. The biogas and manure separation activities of the company are focused on exploitation of energy and nutrients in organic waste, while effective energy transformation of biogas, natural gas and landfill gas is the main element when it comes to power, heating and/or cooling solutions. For more information visit the Company's web site at http://www.xergi.com.
CONTACT:
Company Contact Public Relations Contact
Micky Thomas, Chief Financial Officer John Abrashkin
Environmental Power Corporation Ricochet Public Relations
(914) 631-1435 (212) 679-3300 x121
[email protected] [email protected]
Environmental Power Announces Investment by Technology Provider Xergi A/S and New Cooperation Agreement
* On Tuesday April 28, 2009, 5:30 pm EDT
TARRYTOWN, N.Y., April 28 /-- Environmental Power Corporation, a leader in the renewable bioenergy industry, today announced that Xergi A/S of Denmark has entered into a new technology agreement better reflecting EPG's build / own / operate business model. In addition, Xergi has agreed to acquire, in a private placement transaction, $3 million of EPG's 14% convertible notes on the same terms as the $5 million of EPG convertible notes issued in March 2009. Upon next month's expected closing, Xergi's $3,000,000 payment obligation for the notes will be netted against Microgy's $3,000,000 payment obligation for technology rights for certain upcoming projects.
Under the terms of the new agreement, EPG and its wholly owned subsidiary, Microgy, Inc., will continue to have exclusive licensing rights for Xergi's anaerobic digester technology in North America, while reducing the license fees on Microgy's current and future projects. In addition, EPG and Xergi will continue to collaborate on development and use of other technologies and techniques such as the use of micro-organisms and enzymes, which enhance the production of biogas from manure and other organic substrates.
"This investment and agreement demonstrate Xergi's continued confidence in Environmental Power's business model and its commitment to support the company's growth in the renewable energy market in North America. Together with Xergi, we will continue our work on technological advancements that will increase energy production from existing feed stocks, while lowering capital and operating costs for large-scale renewable energy projects," said Rich Kessel, President and CEO of Environmental Power. "We look forward to developing innovative solutions that maximize renewable energy from agricultural and other waste organic feed stock."
"Environmental Power and its subsidiary Microgy have established themselves as the leader in development and commercialization of RNG® projects in North America," said Frank Rosager, President and CEO of Xergi. "We look forward to learning more about how to produce the equivalent of Environmental Power's RNG® product in Europe while supporting Environmental Power's continued growth in North America. This is truly a mutually beneficial relationship."
Rich Kessel added, "Environmental Power would like to thank Xergi for making this strategic investment as an indication of its continued confidence in Environmental Power and commitment to support Environmental Power's growth."
ABOUT ENVIRONMENTAL POWER CORPORATION
Environmental Power Corporation is a developer, owner, and operator of renewable energy production facilities. Our principal operating subsidiary, Microgy, Inc., develops and operates proven large scale, commercial anaerobic digestion based projects which produce a versatile methane-rich biogas from livestock waste and other organic sources. For more information visit the Company's web site at http://www.environmentalpower.com.
ABOUT XERGI A/S
Xergi A/S is a contractor and O&M operator with more than 20 years of experience within development, delivery, operation and maintenance of turnkey energy and environmental plants. The biogas and manure separation activities of the company are focused on exploitation of energy and nutrients in organic waste, while effective energy transformation of biogas, natural gas and landfill gas is the main element when it comes to power, heating and/or cooling solutions. For more information visit the Company's web site at http://www.xergi.com.
CONTACT:
Company Contact Public Relations Contact
Micky Thomas, Chief Financial Officer John Abrashkin
Environmental Power Corporation Ricochet Public Relations
(914) 631-1435 (212) 679-3300 x121
[email protected] [email protected]