Green Energy Resources: $300 million dollar contract
Green Energy Resources received a 10 year, $300 million dollar contract to supply wood biomass to coal burning plants in the US. American power generators are in the process of obtaining Federal test permits to conduct co-firing with coal to conform to the new EPA rules.
Co-firing is the simplest most cost effective means to reduce green house gas emissions and is one of the primary solutions utilized by European power generators who are 2-3 years ahead of their American counterparts. Co-fire tests will likely take 6-12 months to complete and commence in the spring of 2010. Once power generating facilities are fully operating Green Energy Resources is expected to supply approximately 1.5 million tons of wood biomass annually. Green Energy Resources will receive financing assistance through the newly implemented US Federal Biomass crop assistance program (BCAP) that makes matching payments to biomass suppliers.
The International Climate Conference in Copenhagen got underway yesterday with substantial optimism to reduce carbon producing green house gases further than the Kyoto treaty. The United States has not yet passed the Cap N trade bill in the US Senate. The lack of US action is substantially hindering international efforts to create energy security from oil producing nations, missing opportunities to create millions of green jobs as clearly evidenced by Europe's rapid recovery from the economic recession.
Green Energy Resources is an environmentally friendly company sourcing its wood from urban wood waste streams, storm damage, Cities and municipalities .The company is currently engaged in exports of woodchips to power plants in Europe. The supply contract was previously announced in June of this year.
Except for historical information contained herein; the statements in this release are forward-looking statements that are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties that may cause the companies' actual results in future periods to differ materially from forecasted results. Such risks and uncertainties include, but are not limited to, market conditions, competitive factors, the ability to successfully complete additional financings, ship availability, fuel costs and other risks.
Green Energy Resources
Joseph Murray, 631-375-7921