CanGEA | Canadian Geothermal Energy Association

The largest clean energy/technology companies traded on Canada’s two major stock exchanges dramatically outperformed the overall Canadian and United States equity markets in 2009, according to the latest update of the Hoggan 20-10 Clean Company List released today.

• The average value gain of the 20 largest clean energy/technology companies traded on the Toronto Stock Exchange (TSX) was 75% compared with the TSX composite average’s 31% gain.
• The average value gain of the 10 largest clean energy/technology companies traded on the Toronto Stock Exchange Venture (TSXV) market was 161% compared with the TSXV composite average’s 91% gain.
• In the U.S., the S&P 500 increased 23.5%, the Dow Jones Industrial Average increased 7.37% and the NASDAQ composite average increased 43.9%.

The Hoggan 20-10 Clean Company List includes the 20 largest clean energy/technology companies traded on the TSX and the 10 largest clean energy/technology companies traded on the TSXV as measured by market value at close of trading December 31, 2009.

Also released today was Hoggan’s B.C. Clean 15 list of the 15 largest clean energy/technology companies trading on either the TSX or the TSXV based in British Columbia.

The lists are updated quarterly by Hoggan & Associates, a Vancouver-based communication firm that specializes in the clean energy/technology sector, and based on market data reported by the Toronto Stock Exchange.

Shafiq Jamal, Hoggan & Associates Executive Vice President, said the best of these companies have received investor support because they have been able to effectively demonstrate their increasing operating revenues from renewable energy projects or from sales of technology.

“Investors have shown they are not interested in pie-in-the-sky ideas. They are interested in companies that can fill the huge need for commercial alternatives to fossil fuels and energy waste,” said Jamal. “Clean energy/technology companies that want to compete successfully for investor attention must effectively demonstrate that their business plans are leading to commercial products and services that generate revenue and profits.”

“The Toronto Stock Exchange has become the global leader for clean energy/technology listings - and the Hoggan 20-10 and B.C. Clean 15 lists are scoreboards highlighting the success these companies are having at attracting investors,” said Jamal.

Hoggan 20-10 Clean Company List

The biggest market value increases for TSX clean energy/technology companies in 2009 were achieved by:

• Brookfield Renewable Power Fund, which owns, operates and invests in hydroelectric generating stations located on nine river systems in three provinces and New England, whose market value increased $128% to $2 billion.
• Azure Dynamics Corporation, a Michigan-based manufacturer of hybrid electric vehicle powertrains, whose market value increased 434% to $81million;
• Alter NRG. Corp, engaged in plasma gasification technology sales and services for clean energy projects, whose market value increased 184% to $129 million; and
• BioteQ Environmental Technologies Inc., a B.C.-based company which finances, builds, owns, and operates water treatment plants that recover saleable by-products from waste water, whose market value increased 210% to $80 million

The biggest market value increases for TSXV-listed clean energy/technology companies in 2009 were achieved by:

• Shear Wind Inc., a wind farm developer with several projects in feasibility and development phases in Canada, whose market value increased 367% to $32 million
• Catch The Wind Ltd. , a Virginia-based developer and manufacturer of laser-based wind sensor systems for the wind power generation industry, whose market value increased 333% to $124 million; and
• Western Wind Energy Corp., a B.C.-based company which produces 75 billion watt hours per year from more than 500 wind turbine generators in California, whose market value increased 299% to $84 million.

B.C. Clean 15

The biggest market value increases for TSX or TSXV clean energy/technology companies based in British Columbia in 2009 (excluding BioteQ Environmental Technologies Inc. and Western Wind Energy Corp. which are described above) were achieved by:

• Sierra Geothermal Power Corp., explorer and developer of geothermal power with rights to 90,000 acres of geothermal properties in Nevada and California, whose market value increased 194% to $24 million
• Nevada Geothermal Power Inc., developer of four projects in Nevada and Oregon, one of which began producing power in 2009, whose market value increased 186% to $95 million;
• Run of River Power Inc., which develops renewable, sustainable energy through its portfolio of run-of-river and biomass projects in British Columbia, whose market value increased 161% to $8 million, and
• Westport Innovations Inc., supplier of products and technology that enable engines to operate on clean-burning fuels, whose market value increased 102% to $404 million.

The Hoggan 20-10 Clean Company List and B.C. Clean 15 List are not intended in any way as investment recommendations. Hoggan & Associates recommends that investors conduct their own research into the investment merits of these or other companies and/or consult qualified investment advisors.

to see full press release click here

Posted by | Filed under: | 0 Comments | Permalink

Sierra Geothermal Drills Deep at Silver Peak

Congratulations to CanGEA member Sierra Geothermal Power Corp for their progress made at Silver Peak.

VANCOUVER, BRITISH COLUMBIA—(Marketwire - Jan. 20, 2010) - Sierra Geothermal Power Corp. (TSX VENTURE:SRA) (“SGP”) today provides an update on the exploration drilling program at its 100% owned Silver Peak project.

Today, SGP commenced drilling of a core-slim-well at its Silver Peak project. Well 38-11 is being drilled to a maximum depth of 2,133 metres or 7,000 feet and targets multiple zones of high geologic interest. Well 38-11 will be the first deep well test at Silver Peak. This well follows SGP’s recent shallow temperature gradient drilling and geophysical surveys. Well 38-11 is funded on a 50:50 cost share basis by the U.S. Department of Energy’s Geothermal Technologies Program grant which was awarded to SGP in 2009.

SGP has contracted Major Drilling Group International Inc. to drill the well with an LF230 mounted core drill rig. Drilling is supervised by senior geologist Mr. John Deymonaz. Core samples are being collected from the top of competent bedrock to the bottom of the hole to provide geological information on subsurface rock types, faults, and fractures. This information will be integrated into SGP’s 3D geologic model for Silver Peak. The primary objective of the well is to test temperature and permeability in the subsurface. A secondary objective is to compare core drilling rates to conventional and coil-tube rig drilling rates.

“This a great step forward in the advancement of the Silver Peak project. Our plan here is to drill a coil tube slim well next and, pending results, drill the first production assessment well. If successful, we can then continue drilling production wells to feasibility, execute a Power Purchase Agreement and secure plant permits,” said President and CEO Gary Thompson.

About Silver Peak

The Silver Peak geothermal power project is part of SGP’s Paymaster district and located in Esmeralda County, Nevada, 240 kilometres (150 miles) northwest of Las Vegas, and covers 7,873 acres. GeothermEx’s independent analysis estimates a resource capacity of 15-40 MW of power. The Silver Peak property has two 55 kV transmission lines connecting to the Nevada and California power grids and a substation located on the lease itself. Many geothermal features are visible on the property. The recent shallow drilling measured a maximum temperature of 88 degrees Celsius or 190 degrees Fahrenheit at a depth of 140 meters or 459 feet. Chemical geothermometers that have been applied to the thermal waters suggest that temperatures may reach 200-230 degrees Celsius (400-440 degrees Fahrenheit) at depth.

for full press release click here

Posted by | Filed under: | 0 Comments | Permalink

First Use of the Code - Magma Energy Awarded Pellado Geothermal Property in Chile

This is the first use of The Canadian Geothermal Code for Public Reporting and CanGEA is so pleased that the code is already being utilized by big players in the geothermal industry. Brian Toohey, Canadian Reporting Code Committee Member & Business Development Coordinator, had this to say, “Magma Energy Corp. and Sinclair Knight Mertz have now set the standard for the Canadian Geothermal Energy Industry. With the use of the Code, Magma demonstrates its support of transparent and consistent reporting of geothermal information. We hope that all companies involved with CanGEA will adopt the Code as Magma has for both benchmarking purposes and to increase investor confidence in geothermal reporting. I’d also like to acknowledge Sinclair Knight Mertz for understanding the importance of being a Qualified Person under the Code which ensures competence in third party evaluations.”

Report Estimates 320 Megawatt Inferred Resource at Pellado and Adjoining Maule Property

VANCOUVER, BRITISH COLUMBIA—(Marketwire - Jan. 20, 2010)

Magma Energy Corp. (TSX:MXY) announces that it has been awarded the 100,000 hectare Pellado property, 300 km south of Santiago, by the Government of Chile. Pellado adjoins the Maule property upon which Magma previously reported a 140 megawatt (“MW”) Inferred Resource.

Slim hole drilling and a magnetotelluric geophysical program carried out by Magma in 2009 discovered a large heat anomaly (the “Mariposa Geothermal Resource”) that straddles the Pellado and Maule properties. Magma’s consultant, Sinclair Knight Mertz (“SKM”), estimates that Mariposa contains an Inferred Resource of 320 MW of electrical generation capacity, including the previously reported 140 MW Inferred Resource. In July 2009, Magma submitted a geothermal development plan for a 50 MW power project at the Maule property, approval of which is pending.

Magma is currently completing a 13 km access road that will enable additional drilling to commence in February, 2010. The US$15 million 2010 exploration program will include two wells on each of the Pellado and, when granted, Maule properties, plus related work.

Ross Beaty, Magma Energy’s Chairman and CEO, commented, “Award of the Pellado property now allows Magma to aggressively explore and develop the Mariposa Geothermal Resource. This major geothermal discovery by our outstanding Chilean exploration team increases Magma’s attributable geothermal resources to 784 MW, in addition to Magma’s producing reserves of 86 MW. This is a great start to what I expect will be another successful year of large scale geothermal discovery and development for Magma.”

About the resource estimate:
The resource estimate has been prepared in accordance with The Canadian Geothermal Code for Public Reporting (the “Code”) 2010 Edition, published by the Canadian Geothermal Energy Association. The report was prepared by Philip James White who is responsible for its content. Dr. White, a Senior Geologist with SKM, is a “Qualified Person” under the Code, a member of the Society of Economic Geologists and is independent of Magma.

About Magma Energy Corp:
Magma Energy Corp. is a geothermal power company which operates, develops, explores and acquires geothermal energy projects. We have an extensive portfolio of properties throughout the western United States, Iceland and Latin America, including one operating power plant in Nevada and an interest in two other operating power plants in Iceland.

To see this article in its entirety click here

Posted by | Filed under: | 0 Comments | Permalink

Cabinet Shakeup ushers in new Natural Resources Minister

CanGEA welcomes the appointment of Christian Paradis as Minster of Natural Resources.  We look forward to working together with Minister Paradis and his staff to reform policy and advance geothermal energy development in Canada.

taken from CBC News:

Harper moves 10 in cabinet shakeup

Prime Minister Stephen Harper has shuffled 10 cabinet positions, tapping Stockwell Day to lead the Treasury Board and demoting Lisa Raitt from Natural Resources to Labour. Prime Minister Stephen Harper has shuffled 10 cabinet spots, tapping Stockwell Day to lead the Treasury Board and demoting Lisa Raitt from Natural Resources to Labour.

The changes were unveiled in a ceremony Tuesday morning at Rideau Hall in Ottawa.

The Prime Minister’s Office described the shuffle as a “fine-tuning,” and none of the major ministers - including Finance Minister Jim Flaherty, Defence Minister Peter MacKay and Foreign Affairs Minister Lawrence Cannon - was shifted in the changes.

The shuffle also comes as Parliament remains prorogued until March 3.

Raitt, who was dogged by controversy at Natural Resources, heads to the Department of Labour, while her replacement, Christian Paradis, moves from Public Works.

New cabinet jobs

Treasury Board: Stockwell Day

Public Works: Rona Ambrose

International Trade: Peter Van Loan

Public Safety: Vic Toews

Labour: Lisa Raitt

Natural Resources: Christian Paradis

Veterans Affairs: Jean-Pierre Blackburn

National Revenue: Keith Ashfield

Minister of State-Seniors: Diane Ablonczy

Minister of State-Small Business and Tourism: Rob Moore

Rona Ambrose, who faltered in her previous post as environment minister, is getting another chance at a big department, moving from Labour to Public Works.

Vic Toews, who was Treasury Board president, moves to Public Safety, replacing Peter Van Loan.

Van Loan moves to International Trade, replacing Day, who moves to fill the Treasury Board post. Day also takes on the role of minister for the Asia Pacific Gateway.

Harper stressed Day’s role as the government shifts from economic stimulus back toward tighter budgets.

“As we look ahead to the end of our time limit in the stimulus programs, and for the need of deficit reduction once the economy has recovered, it will be essential for government to constrain the growth of spending,” Harper said after the swearing-in ceremony.

“The president of the Treasury Board plays a critical role in overseeing government expenditures. I’m assigning this task to one of the most senior members of the cabinet, a former provincial treasurer who has distinguished himself in every portfolio he has held and I refer, of course, to the honourable Stockwell Day.”

At Veterans Affairs, Jean-Pierre Blackburn takes over from Greg Thompson, who resigned from cabinet on Saturday.

A cabinet newcomer, New Brunswick MP Keith Ashfield has replaced Blackburn as minister of National Revenue. Ashfield also took on the role of minister for the Atlantic Canada Gateway from Peter MacKay, and retained his role as minister of the Atlantic Canada Opportunity Agency.

A second New Brunswick MP, Rob Moore, is making his cabinet debut as minister of state for small business and tourism.

Alberta MP Diane Ablonczy was named minister of state for seniors.

Controversies dogged Raitt

Raitt jumped into a cabinet position after her first election win in 2008, but she has been dogged by controversies at Natural Resources.

She took heat for her handling of the government’s message on Atomic Energy of Canada Limited, particularly after an audio recording was made public in which she called the medical isotopes crisis a “sexy” problem and expressed doubts about Health Minister Leona Aglukkaq’s handling of “hot” issues.

Raitt also came under scrutiny in the fall after a fundraiser organized on her behalf allegedly made use of the resources of the Toronto Port Authority, a federal agency.

Harper said Raitt “has a great future, and I think this move will give her a little more varied experience in government.”

The prime minister praised Raitt’s replacement, Quebec MP Paradis.

“Christian has demonstrated sound management of complicated issues and files and is deserving of more varied and challenging experience,” Harper said.

Ignatieff says Raitt demotion ‘overdue’

Opposition Leader Michael Ignatieff said the changes in the cabinet represent a “shuffling of the same deck of cards.”

“It doesn’t seem to be changed,” he said. “It’s a government unusually dominated by one figure, the prime minister.”

But he did call the apparent demotion of Raitt “overdue.”

“I wish the government had admitted it nine months earlier that she wasn’t up to the job,” he said. “I think it’s Stephen Harper admitting nine months late that they mishandled the isotopes file, and they are still mishandling it.”

NDP Leader Jack Layton also panned the move of Raitt.

“Demoting Lisa Raitt to the minister of labour, that’s as though they indicate that labour and work is not a very important thing,” Layton said. “It’s the penalty box, as far as Mr. Harper is concerned.”

to read the rest of the article click here

Posted by | Filed under: | 0 Comments | Permalink

Magma Top Pick for 2010

CanGEA member Magma Energy has been chosen by Lou Schizas, radio-show host, analyst and professor of finance at Sheridan College, as his top pick for 2010 in the Globe Investor article “The challenge: Pick one stock for one year”

from the Globe:

It’s a wide open field for our 2010 contest. Three-time champion Jean-François Tardif bowed out at the top of his game last year and a record number of contestants have now lined up for a run at the crown.The challenge: seize onto the stock that will soar higher than all others this year and ride it to victory. But you only get one chance, and one stock, to get it right

Let the games begin for 2010:

LOU SCHIZAS
Radio-show host, analyst, and professor of finance at Sheridan College

The Pick: Magma Energy Corp.(MXY-T1.83——%)
Dec. 31 close: $1.81

The Rationale: The stock has a chart that looks ready to move higher, a corporate calendar that will have the company actively taking its story to investors in 2010, and a seasoned management team, which has been able to raise capital under horrid conditions. The last two factors are that I like the potential of the geothermal story and finally, the fact that the name was brought to me by Jim, a user of the globeinvestor.com website, who asked me to conduct some research on his behalf in September, 2009.

To read the rest of the article click here

Posted by | Filed under: | 0 Comments | Permalink

CanGEA Announces the Release of the Canadian Geothermal Code for Public Reporting

THE CANADIAN GEOTHERMAL ENERGY ASSOCIATION (CANGEA) ANNOUNCES THE RELEASE OF THE CANADIAN GEOTHERMAL CODE FOR PUBLIC REPORTING

CALGARY, ALBERTA—(Jan. 18, 2010) – The Canadian Geothermal Energy Association (CanGEA) announces the release of the Canadian Geothermal Code for Public Reporting. The Canadian Geothermal Code for Public Reporting provides a minimum set of requirements for the public reporting of Exploration Results, Geothermal Resources and Geothermal Reserves. The Code will provide a basis for transparency, consistency and confidence in the public reporting of geothermal information.

The Canadian Geothermal Code for Public Reporting was prepared by the Canadian Geothermal Code Committee (CGCC), established in December 2008. The primary objectives determined by the Committee were to provide a reporting basis that would be satisfactory to investors, stakeholders and capital markets such as the Canadian Securities Exchanges, and to develop a Code that would be applicable to geothermal plays in both Canada and internationally. The Code, a first in Canada, will serve to increase investor confidence and interest in the geothermal energy sector through the standardization of geothermal reporting.

Lee Deibert, CanGEA Director and CGCC Chairman had this to say about the Code, “This key initiative has been completed for the benefit of our members and the industry overall. With the increasing level of activity in Canadian geothermal public and private financings, mergers & acquisitions, and the development of geothermal opportunities in Canada, the Code represents a key part of any investment and development strategy”.

It is anticipated that public reporting using the Code will be undertaken by all CanGEA members involved in exploration and/or operation of geothermal properties. The use of the Code will be on a voluntary compliance basis (industry self-regulation) until 2011 when Code compliance will be a mandatory requirement for CanGEA membership. CanGEA members involved in the financial community, including geothermal investors, financial advisors and financial institutions will also benefit from standardized and transparent reporting of geothermal assets.  CanGEA will be holding Code training seminars throughout the upcoming months.

Alison Thompson, CanGEA Founder and Chair commented, “The Canadian Geothermal Code for Public Reporting establishes the industry standard and we are pleased that CanGEA has strengthened our leading role in the international geothermal community. The Canadian Securities Exchanges are already host to many of the premier players in the geothermal world and this Code is expected to further facilitate the industry’s growth.”

CanGEA collaborated with the Australian Geothermal Energy Association (AGEA) in the development of the Code.

About CanGEA

CanGEA is a national, not-for-profit association that works on behalf of our members to facilitate and promote the responsible and sustainable growth of high temperature geothermal energy in Canada, which, we believe, can provide competitive, emissions free, renewable, base-load energy to Canadians and export markets. 5,000 MW by 2015!

For more information please contact:

The Canadian Geothermal Energy Association (CanGEA)
Brian Toohey, B.Eng
Reservoir Engineer
Canadian Geothermal Code Committee Member & Business Development Coordinator
.(JavaScript must be enabled to view this email address)
http://www.cangea.ca

Posted by Brian Toohey | Filed under: CanGEA Press Release | 1 Comments | Permalink

ADK/Borealis/CanGEA Geothermal Demonstration Project selected for Clean Energy Fund

Borealis Geopower, in conjunction with the Native Community of the Acho Dene Koe and CanGEA, are pleased that our ADK/Borealis Geopower Demonstration Project has been selected and the funding amount is in the range of $10-20 million.  Nineteen successful projects have been selected in response to a call for proposals under the Renewable and Clean Energy portion of the Clean Energy Fund. Up to $146 million will be invested over five years in these projects to support renewable, clean energy and smart grid demonstrations with evidence of collaboration among partners and the potential to reduce barriers to technology implementation.

The ADK/Borealis Geothermal Demonstration Project is an innovative renewable heat and power project for a remote community in Ft. Liard, NWT

It will consist of a geothermal plant which will deliver a minimum of +/- 1 MWe of electrical power (sufficient for ~750 homes or the entire community) and also +/- 1 MWth of direct heat, sufficient to power a local greenhouse complex for local food production. This renewable heat and power green energy project will be completely ‘green’ and sustainable, with minimal emissions of any air pollutants or GHG’s, and expected to be indefinitely renewable.  This project will demonstrate how a northern community can use a geothermal, “earth heat” resource to generate electricity and heat thereby reducing the entire community’s fossil fuel demand and reduce energy costs.

The Government of Canada will now invite the project proponents to begin negotiations toward formal contribution agreements to set the conditions under which funding will be delivered. The funding amount is in the range of $10-20 million for our project.  Of note, until a written contribution agreement is signed by both parties, no commitment or obligation exists on the part of the government of Canada to make a financial contribution to these projects.

We at CanGEA would also like to congratulate the City of Yellowknife for their “Northern Application of a Geothermal District Heating System” Project which has also been sponsored by the Clean Energy Fund

For NRCan Press Release and information on all 19 projects sponsored by the Clean Energy Fund click here

Posted by | Filed under: | 0 Comments | Permalink

Page 1 of 2 pages  1 2 >