News
Mar 31, 2010Ram Power announces fourth quarter and 2009 year end results
RENO, NV, March 31 /CNW/ - Ram Power, Corp. (TSX: RPG) (“Ram Power” or the “Company”), today reported its financial and operating results for the fourth quarter and fiscal year ended December 31, 2009. This earnings release should be read in conjunction with Ram Power’s MD&A and financial statements, which are available on the Company’s website at http://www.ram-power.com and have been posted on SEDAR at http://www.sedar.com.
Concurrent with today’s release, Hezy Ram, CEO of Ram Power, commented, “This has been an exciting start for Ram Power since its inception on October 20, 2009. The merger of the three predecessor companies, Polaris Geothermal Inc., Western Geothermal Corp. and Ram Power, Inc. along with an equity financing of CDN $179.4 million has provided our company with critical mass and a promising future. We have an established management team, an extensive inventory of geothermal properties and the balance sheet to develop them. We expect the first of our projects, the 36 MW San Jacinto Phase I expansion in Nicaragua to be on-stream in early 2011 and the second 36 MW Phase II expansion by year end 2011. In California, drilling of the 49.9 MW Orita project in the Imperial Valley started this month and successful drilling could allow construction to start in 2011. Other projects are under active investigation and we expect to be able to make further announcements during the year ahead.”
He continued, “While the year end loss of $37 million is significant, it is largely due to the many pre-acquisition costs incurred by Polaris and Western before the merger, which are non-recurring. Losses of such magnitude are unlikely to be encountered going forward this year. We look forward to being able to report substantial progress in subsequent quarterly releases.”
OVERVIEW
Ram Power’s results for the fourth quarter and for the twelve months ended December 31, 2009 were negatively impacted by one time charges originated from its subsidiary Polaris and from the business combination completed on October 20, 2009.
Included in the Company’s net loss are the following Polaris’ carry-over transactions: $1,239,000 in consulting fees related to Polaris financings; $1,275,870 (3 months - $566,416) of a write-down in Polaris’ investment in Geysir Green Europe GmbH; $10,715,350 (3 months - $1,801,107) in accretion charges related to Polaris’ CDN$27 million bridge loan and $10 million preferred share financings; $3,857,261 (3 months - $492,918) in foreign exchange losses due to the conversion of the CDN$27 million bridge loan financing by Polaris to US dollars; and $4,171,357 in interest and penalties.
Other transactions that had a negative impact on Ram Power’s earnings and are not expected to recur in 2010 include a foreign exchange loss of $5,102,672 on the conversion of Ram Power’s equity financing to US dollars and $1,305,780 in professional fees related to the business combination that closed on October 20, 2009.
Ram Power expects that without these one-time charges the Company will show improved results in 2010, while increasing its asset base at its geothermal power projects in Nicaragua and the United States.
OUTLOOK
Since October the Company has completed a project financing facility of $77 million for the Phase I expansion at the San Jacinto project in Nicaragua and construction is well underway and within budget for this 36 MW expansion. International Finance Corporation (IFC) is leading a syndicate to provide a project debt facility for the Phase II expansion phase to 72 MW. Construction of Phase II is planned to be conducted in parallel to Phase I. Planning and engineering for Phase II is already at an advanced stage. The Orita project is expected to go on line by the end of 2012 with 49.9 MW of generation capacity. The Company’s New River project and other potential projects in the Imperial Valley, California are currently under consideration. Permitting has commenced for the Clayton Valley project in Nevada that has a 32 MW power purchase agreement with NV Energy.
With respect to the Geysers property acquired through Western, the Company expects to make an announcement shortly about plans to develop this project in the most beneficial way for the Company. Other geothermal concessions will continue to be evaluated in Nicaragua and Chile during 2010.
For the year 2010, Ram Power expects to record revenue from the sale of power and carbon credits of approximately $6 million. Ram Power is still in the early development stage and 2010 will be characterized by extensive development and construction activities. Ram Power plans to spend approximately $178 million in 2010 to advance its geothermal projects. Ram Power has sufficient financial resources through a combination of its funds and the committed loan proceeds to meet all of its anticipated obligations in the year 2010.
Hezy Ram, CEO of Ram Power, concluded, “Ram Power’s mission is to be a world leader in geothermal power supply, and to this end, we are continuing on our course to bring our projects closer to their commercial operation and to bring clean, renewable energy to the people of North and Latin America.”
About Ram Power, Corp.
Ram Power is a renewable energy company based in Reno, Nevada, engaged in the business of acquiring, exploring, developing, and operating geothermal properties and has an interest in geothermal projects in the United States, Canada, and Latin America.
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Mar 31, 2010
Alberta approves of geothermal baby step
CanGEA Member Borealis GeoPower is featured in the Toronto Star article “Alberta approves of geothermal baby step”. This article highlights the Swan Hill Geothermal project which was recently approved to receive a $2.6 million grant from the Alberta Energy Research Institute (AERI)
From the Toronto Star
By Tyler Hamilton Energy and Technology Columnist
For a province that doesn’t hesitate to throw billions of dollars behind oil, gas and coal research, $2.6 million may seem small. And don’t get me wrong – it barely hits the radar.
But it’s a start.
Earlier this month the Alberta Energy Research Institute (AERI), which recently became part of the new provincial research agency Alberta Innovates, approved a $2.6 million grant for a project that aims to produce geothermal power from hot water within mature oil wells.
The project is being led by environmental-technology supplier Free Energy International of Vancouver and Calgary-based engineering outfit Borealis GeoPower, which was founded in 2007 by former Shell Canada engineer Daniel Yang. Their aim is to build a power plant at an unnamed but fairly mature oil-and-gas production site in Swan Hills, Alta.
Oil wells have been active in the region for two decades, and the oil that comes out of them is known to be mixed with high levels of water. But here’s the thing: that water is 75 degrees C or higher when it comes to the surface, and once separated from the oil it’s usually pumped back down into the well.
Craig Dunn, another Borealis founder, says the oil and gas industry refers to that hot water as waste water – a cost, not a resource.
“But this waste water is really no different than the water used in geothermal systems,” he explains. “I like to say in the oil and gas industry we drill for gold and throw the silver out.”
Free Energy and Borealis plan to extract the heat from that waste water and use it to generate electricity, which can be used on site to reduce the need for Alberta’s coal-dominant grid power or diesel generators or natural gas-fired equipment.
The companies figure that on this project they’ll be able to tap “multiple megawatts.” If they can pull it off, it could raise much-needed awareness of the potential of geothermal resources in Alberta.
“It will open a lot of doors,” says Dunn. “We’re probably the first in Canada to receive (government) funding for a geothermal power project. We’re grateful. AERI really went out on a limb to help fund a project like this.”
It’s sad, frankly, that a government agency’s support of such an obvious and necessary project would be described as going “out on a limb,” but this is the hard sell the geothermal industry faces in the west.
To be fair, AERI has begun to show a progressive streak. It highlighted the importance of geothermal in its five-year business plan last year and said it is “championing” the use of this valuable Alberta resource in hopes that it, along with biomass and other renewables, can supply 20 per cent of the province’s electricity by 2020.
“Medium-depth geothermal sources are readily accessible because of Alberta’s extensive oil and gas infrastructure. Deep-well geothermal, while below the depths reached by oil and gas wells, nevertheless warrants examination,” it reported.
“Alberta has significant expertise in drilling, which, when coupled with the impact that access to this source of energy could have on meeting the province’s energy needs, makes deep-well geothermal a credible alternative to conventional sources of energy.”
Free Energy and Borealis are going after the low-hanging fruit. The wells are there – hundreds, even thousands of them across the province. We know how hot the temperature gets in these well the deeper down we go. Existing wells also offer temperature data that will guide the drilling of new wells.
Imagine if a thousand wells could be equipped with heat-exchange equipment that generates electricity from hot water as oil is extracted? It’s called distributed generation in the oil patch, and it could go a long way in reducing Alberta’s use of coal and natural gas for power generation – currently 90 per cent of all grid electricity.
Over the next few weeks we should have an even better idea of the potential of geothermal, not just in Alberta, but across Canada. Scientists at the Geological Survey of Canada, which is part of Natural Resources Canada, have just completed the first study of “enhanced” geothermal resources across the country. It’s expected to be published later this year.
Enhanced geothermal systems, or EGS, are power plants that rely on heat extracted from wells that are much deeper than conventional geothermal wells and which require a certain degree of engineering – fracturing of rock, for example – to make them work properly. Studies, including one ground-breaking study from the Massachusetts Institute of Technology, show that this baseload energy resource is immense if we can figure out how to economically tap it.
Alberta, I’m convinced, can figure this out. It just needs to get its head out of its oil patch.
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Mar 30, 2010
Sierra Geothermal Power Corp. selected as winner in BC Permit Auction
CanGEA member Sierra Geothermal Power Corp. submitted the winning bid in the BC Ministry of Energy, Mines, and Petroleum Resources permit auction of March 29, 2010. The Knight Inlet parcel was the only parcel on the block at the first of three auctions proposed for 2010. Subsequent auctions are to take place in June and September.
For more information on the auction please visit BC Ministry of Energy, Mines, and Petroleum Resources
The Ministry has also extended the deadline for tenure requests to May 5, 2010. For more information on tenure requests please see BC Tenure Requests
Mar 26, 2010
S&P, TSX Launch S&P/TSX Clean Technology Index
CanGEA Member TMX Group and Standard & Poor’s announce the launch of the S&P/TSX Clean Technology Index which measures the performance of companies listed on TSX whose core business is in the development and deployment of green technologies. CanGEA member Ram Power Corp., has been listed as a constituent of the S&P/TSX Clean Technology Index.
TORONTO, March 25 /CNW/ - Standard & Poor’s, the world’s leading index provider and TMX Group Inc., operator of Toronto Stock Exchange (TSX), announced today the launch of the S&P/TSX Clean Technology Index. The S&P/TSX Clean Technology Index measures the performance of companies listed on TSX whose core business is in the development and deployment of green technologies.
“A growing number of investors are interested in the clean technology investing theme,” says Jasmit Bhandal, director of S&P Indices in Canada. “This new index provides a gauge for investors to assess the hypothesis that global interest in clean technology will lead to a favourable environment for clean technology companies.”
The S&P/TSX Clean Technology Index draws companies from the investable universe of public companies whose activities provide value-added solutions to environmental problems. S&P and TSX chose Jantzi-Sustainalytics, one of the world’s leading providers of environmental, social, and governance research and analysis, to develop and maintain the Clean Technology Classification System.
“In building the classification system for the index, our team at Jantzi-Sustainalytics drew on our knowledge of how global environmental trends are impacting capital markets,” states Bob Mann, Managing Director, Jantzi-Sustainalytics. “Jantzi-Sustainalytics is a leader in this space and is uniquely positioned to identify the Canadian securities whose core business is in the development and deployment of green technologies.”
Jantzi-Sustainalytics screened TSX listed securities according to a methodology which first evaluates companies for inclusion based on involvement in and strategic commitment to five environment themes: Renewable Energy - Production and Distribution, Renewable Energy - Specialized Suppliers, Energy Efficiency, Waste Reduction and Water Management and Low Impact materials and products. We believe it is the first comprehensive index of Canadian companies that are focused on addressing environmental issues such as climate change.
“Toronto Stock Exchange has become a key listing, financing and trading destination for clean technology companies,” says Ungad Chadda, Senior Vice President, Toronto Stock Exchange. “The creation of the S&P/TSX Clean Technology Index is a significant step forward for this important new industry sector.”
See a complete list of constituents for the S&P/TSX Clean Technology Index below:
TICKER COMPANY
GNA Gerdau Ameristeel Corp
BRC.UN Brookfield Renewable Power Fund
WPT Westport Innovations Inc
CAS Cascades Inc
NPI.UN Northland Power Income Fund
ATA ATS Automation Tooling Systems
AQN Algonquin Power & Utilities Corp.
RPG Ram Power Corporation
NAL Newalta Corporation
GLV.A GLV Inc A
PCC Plutonic Power Corp
BLD Ballard Power Systems Inc
BLX Boralex Inc A
RCM Ruggedcom Inc.
BU Burcon NutraScience Corp.
WFI WaterFurnace Renewable Energy Inc
INE Innergex Renewable Energy Inc
MPT.UN Macquarie Power & Infrastructure Income Fund
IEF.UN Innergex Power Inc
BPT.UN Boralex Power Income Fund
AZD Azure Dynamics
About TMX Group (TSX-X)
TMX Group’s key subsidiaries operate cash and derivative markets for multiple asset classes including equities, fixed income and energy. Toronto Stock Exchange, TSX Venture Exchange, Montreal Exchange, Natural Gas Exchange, Boston Options Exchange (BOX), Shorcan, Equicom and other TMX Group companies provide trading markets, clearing facilities, data products and other services to the global financial community. TMX Group is headquartered in Toronto with offices in Montreal, Calgary and Vancouver.
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Mar 25, 2010
Ram Power Completes Equity Funding for San Jacinto-Tizate Phase I Expansion
RENO, NV—March 25, 2010 - Ram Power, Corp. (TSX: RPG) (“Ram Power”), through its subsidiary, Polaris Energy Nicaragua S.A. (‘PENSA”), is pleased to announce that it has satisfied the conditions precedent including the corporate equity investment to draw down the credit loan facility with the Central American Bank for Economic Integration (“CABEI”), Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (“FMO”), Export Development Canada (“EDC”), and Cordiant Capital (“Cordiant”). Eighteen million dollars of the available $77 million credit facility was disbursed today. The credit facility together with Ram Power’s equity which already has been fully invested funds the completion of the San Jacinto-Tizate Phase I geothermal power plant.
“We are pleased to reach this important milestone for the funding of the San Jacinto-Tizate 36 megawatt expansion,” said Christy Morris, Vice President for Ram Power, Corp. “We extend our appreciation to the consortium of lenders who share our commitment to clean, renewable energy in Nicaragua.”
Ram Power has joined with the International Finance Corporation (“IFC”) and the Inter-American Development Bank (“IDB”) in the financing for the Phase II expansion at San Jacinto-Tizate. The Phase II expansion for an additional 36 megawatts with the total project expansion to 72 megawatts, has begun and is being constructed in parallel to Phase I utilizing Ram Power’s corporate equity funds until the expected close of Phase II debt financing in the third quarter of 2010.
About Ram Power, Corp.
Ram Power is a renewable energy company based in Reno, Nevada, engaged in the business of acquiring, exploring, developing, and operating geothermal properties and has an interest in geothermal projects primarily in the United States, Canada, and Latin America.
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Mar 24, 2010
G4G Resources Reports on Progress of Geothermal Acquisition in Argentina
CanGEA member G4G Resources Ltd has announced that the independent technical report on the geothermal resource at the Despoblados prospect (“Despoblados”) located in San Juan, Argentina (“technical report”) has been completed by CanGEA member GeothermEx, Inc. The geothermal resource estimate for Despoblados has been prepared in accordance with The Canadian Geothermal Code for Public Reporting, recently published by CanGEA
Vancouver, British Colombia, March 24, 2010: G4G Resources Ltd (“G4G” or “the Company”) (TSX-V:GXG) announces that the independent technical report on the geothermal resource at the Despoblados prospect (“Despoblados”) located in San Juan, Argentina (“technical report”) has been completed by GeothermEx, Inc. (“GeothermEx”). The technical report has been filed with the TSX Venture Exchange (“TSX-V”) for review prior to release. Upon receiving TSX-V approval, the Company intends to post the technical report on SEDAR.
Despoblados is one of the geothermal properties in the Valle del Cura region in respect of which G4G previously announced on February 16, 2010 that it had entered into an exploration contract with an option to purchase with Group Minero Aconcagua S.A. and Andean Geothermal Power Corporation (the “Agreement”).
The geothermal resource estimate for Despoblados has been prepared in accordance with The Canadian Geothermal Code for Public Reporting, 2010 Edition, published by the Canadian Geothermal Energy Association (“CanGEA”) (“The Canadian Geothermal Code”). Using the temperature of the geothermal system estimated from chemical geothermometry and certain standard assumptions regarding area and thickness, the technical report estimates a resource range at Despoblados of about 8 to 17 MWe for 20 years of production, which may be considered an Inferred Resource Estimate in the sense of the Canadian Geothermal Code. A larger resource may be present if further exploration shows its area and/or thickness to be greater than assumed. The technical report also states the Valle de Cura geothermal concessions collectively have a possible total resource capacity of 35 to 85 MWe (for 20 years), perhaps several tens of MW or more.
The Canadian Geothermal Code outlines the requirements for reporting of Exploration Results, Geothermal Resources and Geothermal Reserves and provides a minimum set of requirements for the public reporting of Geothermal Resources and Reserves. The Canadian Code will serve as an industry self-regulation and will be on a voluntary compliance basis for 2010. The Code is intended for all publically listed companies on Canadian Exchanges and all other private and public companies benchmarked against Canadian industry standards. Reports prepared in accordance with the Canadian Geothermal Code are presently not in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects, since such instrument does not apply to geothermal projects. Nevertheless, G4G believes that the Canadian Geothermal Code is the most up-to-date and credible Canadian standard for the reporting of geothermal information. The technical report was prepared by Christopher W. Klein and Roger C. Henneberger of GeothermEx, both of whom are responsible for its content. Each of Dr. Klein and Mr. Henneberger is a “qualified person” under the Canadian Geothermal Code and is independent of G4G.
GeothermEx, Inc. is a U.S. corporation, in business since 1973, specializing exclusively in providing consulting, operational and training services in the exploration, development, assessment and valuation of geothermal energy. GeothermEx, Inc. is the largest and longest-established such organization in the Western Hemisphere. The staff consists of specialists in geosciences (geology, geochemistry, geophysics, hydrology), engineering (drilling, well testing, reservoir, production, power plant, chemical), computer science and economic analysis. All technical staff members have advanced degrees and lengthy geothermal experience (average 15 years), with several members having more than 25 years in the geothermal industry.
G4G is currently in the process of satisfying the requests from the TSX-V for documents and information relating to the proposed transaction. Trading in G4G’s common shares has been halted on the TSX-V since the announcement of the proposed transaction on February 16, 2010. Completion of the transaction remains subject to the final approval of the TSX-V and G4G Shareholders. Following completion of the transaction, G4G intends to carry out planned work that would include structural mapping, geochemistry, geophysics and drilling, with the goal of defining geothermal resources which will support the commercial generation of electricity. The amount of the work commitment by G4G for the exploration and drilling activities is US$1,863,000 over a period of two years.
In addition, an application has been made to change the name of the company to more effectively reflect the nature of the business with which it is involved. Subject to TSX-V approval, G4G will become Americas Geothermal Inc., under the symbol TSX-V: GXG.
Investors are cautioned that, except as disclosed in the management information circular and/or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of G4G Resources Ltd. should be considered highly speculative. The TSX-V has in no way passed upon the merits of the transaction and has neither approved nor disapproved the contents of this press release. There can be no assurances that the transaction will be completed as proposed or at all.
About G4G Resources Ltd.
G4G Resources Ltd. is a Canadian-based mineral exploration and development company pursuing a number of resource projects, including geothermal power, iron sands and alternative fuels. If the proposed transaction is completed, G4G’s primary focus is anticipated to be the development of geothermal power projects.
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Mar 22, 2010
Sierra Geothermal Provides Update on Two Prong Strategy
VANCOUVER, BRITISH COLUMBIA—(Marketwire - March 22, 2010) - Sierra Geothermal Power Corp. (TSX VENTURE:SRA) (“SGP” or the “Company”) is pleased to provide an update on its recent efforts to enhance shareholder value. These efforts remain focused primarily on two strategies. The first of these is a structured process to find a suitable merger or joint venture partner or a purchaser for the Company, assisted by its financial advisor, Jacob Securities Inc. This effort was originally announced in a January 26, 2010 news release, and is being managed by Sierra’s Special Committee. The second strategy remains focused on adding value by developing projects to the power production stage.
Merger, Joint Venture or Sale
In February 2010, Jacob Securities circulated a detailed Confidential Information Memorandum to select parties, inviting them to engage Sierra in a formal process. Groups have shown active interest, and have initiated due diligence reviews in SGP’s data room.
Exploration and Development Update
SGP is currently drilling a well at Alum and has recently completed a well at Silver Peak. Both wells are drilled as part of the US Department of Energy’s Geothermal Technologies Program grant award on a 50/50 cost share basis between SGP and the US government.
Silver Peak Project
Drilling of the core well 38-11 on the Silver Peak project has been completed to a total depth of 1,649 meters (5,409 feet). The primary targeted structure, a major fault zone, was encountered in the interval from 1,515 meters to 1,631 meters (4,970 feet to 5,350 feet). SGP plans to complete the well with casing to allow for ongoing fluid testing and temperature measurements.
Alum Project
While drilling the coil tube slim-well 26-19 at Alum a zone of high permeability was encountered at 1,187 meters (3,895 feet) to 1,341 meters (4,400 feet). The coiled tube rig was released and the core rig from Silver Peak will be moved to Alum to resume drilling at 26-19. SGP plans to use the core rig to install a second liner to the bottom of the well, which should allow for temperature measurements to be made, in particular within the permeable zone. Once the preliminary temperatures are logged possible next steps include a flow test of the permeable zone and coring the well deeper.
“We are encouraged by the level of permeability that was encountered in these two exploration wells. We are eager to see the stable temperature results as soon as they can be obtained as this is the key element, combined with permeability (flow rate), for commercial production,” said Gary Thompson, SGP’s President and Chief Executive Officer.
Reese River Project
Temperature measurements were recently taken from Reese River temperature gradient wells. Of the 10 wells drilled from 30 meters (100 feet) to 304 meters (1000 feet), gradients ranged from 100 to 200 degrees Celsius per kilometre. This data is encouraging, indicating economic temperatures, and warrants a future extension of the thermal gradient program at Reese River.
In collaboration with the University of Nevada, Reno and the University of British Columbia, SGP’s geologists are working on a novel approach synthesizing geological and geophysical data (magnetotelluric inversion data along with Z-TEM data) to create a conceptual 3D project model, helping us better understand Reese River’s subsurface geology. Results of this collaboration are expected shortly.
Barren Hills Project
The Environmental Assessment is still in progress with the Bureau of Land Management and the US Forestry Service. Completing this is the first step before we can undertake significant exploration work on the project.
About Sierra Geothermal Power Corp.
Sierra Geothermal Power Corp is a Vancouver-based geothermal energy company focused on the exploration and development of clean, sustainable power in the Western USA. SGP has 100% control over 365 square kilometres (90,000 acres) of geothermal properties in Nevada and California. SGP’s projects have a combined total estimated capacity of almost 400MW. The 400MW of power potential is comprised of 130MW on Tier One projects that has been independently estimated by GeothermEx Inc., with a probability of 90 per cent. SGP’s geologists estimate capacity of 249MW on Tier Two projects, with a probability of 90 per cent. Both estimates are based on previous work including geothermometry, geophysics, temperature gradient and slim-well drilling as well as assumptions using a Monte Carlo simulation model. One megawatt (MW) is enough to power 800 homes. In the absence of a merger, joint venture or sale (discussed above), SGP intends to finance the ongoing development of its portfolio of projects by utilizing a combination of corporate equity, joint venture partnerships and project debt, with the support of US government grants, tax credits and loan guarantees. For more information visit http://www.sierrageopower.com.
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Mar 18, 2010
CanGEA Chair & Founder Alison Thompson to Participate in Upcoming 23rd IEA Annex and ExCo
CanGEA Chair and Founder, Alison Thompson will be participating in the upcoming 23rd International Energy Association (IEA) Annex and ExCo in Bali, Indonesia April 22 – 23, 2010. CanGEA sits on the IEA Geothermal Implementing Agreement (GIA) Executive Committee and will be participating in Annexes III (Enhanced Geothermal Systems (EGS)), VII (Advanced Geothermal Drilling Techniques) and VIII (Direct Use of Geothermal Energy).
About the IEA – Geothermal Implementing Agreement:
The International Energy Agency (IEA) Implementing Agreement for a Cooperative Programme on Geothermal Energy Research and Technology, or Geothermal Implementing Agreement (GIA), provides an important framework for wide-ranging international cooperation in geothermal R&D. Its activities presently cover four different research areas: Environmental Impacts of Geothermal Development, Enhanced Geothermal Systems, Advanced Geothermal Drilling Technology and Direct Use of Geothermal Energy.
The GIA has begun its third 5-year term of operation, which ends on 31 March 2012. The mission for this term is to promote the sustainable utilization of geothermal energy throughout the world by: improving existing technologies, developing new technologies to render exploitable the vast and widespread global geothermal resources, facilitating the transfer of know-how, providing high quality information and widely communicating geothermal energy’s strategic, economic and environmental benefits.
As of February 2010, there are 19 Members: 12 Countries- Australia, France, Germany, Iceland, Italy, Japan, Mexico, New Zealand, Republic of Korea, Spain, Switzerland, the United States; the European Commission, and 6 Sponsors: Canadian Geothermal Energy Association, Geodynamics Limited, Geothermal Group of Spanish Renewable Energy Association, Green Rock Energy Limited, ORMAT Technologies Inc. and ORME Jeotermal.
For more information see the IEA Geothermal Energy website
Mar 17, 2010
Borealis Partners with Free Energy on Co-Production Project
Congratulations to CanGEA member Borealis GeoPower and Free Energy International Inc., for receiving up to $2,600,000 from the Alberta Energy Research Institute (AERI), Clean Air and Climate Change: Technology and Innovation Initiative to assist in funding the Company’s power production plant at the Swan Hills oil and gas production facility in Alberta. The power production plant will use geothermal waste heat from the facility to generate electricity to be used as an alternative or supplementary source of electricity at the facility. This facility is expected to produce the first geothermal MW in Canada.
From Borealis GeoPower:
Borealis Geopower has partnered with Free Energy Power Corporation to develop the Swan Hills power production plant using geothermal waste heat.
This innovative project has been approved for a grant of up to $2,600,000 provided by the Alberta Energy Research Institute to assist in funding the Company’s power production plant at the Swan Hills oil and gas production facility in Alberta. Funding under the grant is subject to a number of conditions including a matching on a dollar for dollar basis of eligible expenditures. The power production plant will use geothermal waste heat from the facility to generate electricity to be used as an alternative or supplementary source of electricity at the facility. The main part of the Swan Hills field produces oil, gas and water from a depth of approximately 9000 feet. These fluids are pumped to the surface at approximately 163 - 170 degrees F. in very high volumes. The oil and gas are separated from the water, and the water is then pumped back into the formation. Free Energy will utilize heat exchange technology to remove sufficient heat from the water before it is re-circulated to produce electricity.
This project is certainly a win for the environment as the energy produced is extracted from what is otherwise “waste heat” from water that is recycled back into the earth. There are no pollutants or green house gases produced to create this “heat from nature”. Based upon a successful demonstration of this technology at Swan Hills, the opportunity to create “in situ” power from “waste heat” will transform the ability of all Oil and Gas producers to create “green energy” from this previously untapped natural source.
Borealis entered into an agreement with Free Energy Power Corp (FEPC), a subsidary of Free Energy International inc, on December 21, 2009. In conjunction with the agreement, FEPC has agreed to pay Borealis a royalty based upon the net distributable cash paid by FEPC to Free Energy International Inc. Borealis will also be retained to prepare a technical report on the geothermal qualities and projected longevity of oil production from the Project Lands, and will be entitled to share in the proceeds from any sale of the project by FEPC, to a maximum of $1,000,000.Borealis and Free Energy are very pleased with the approval of the grant application, as it positions the two companies to continue developing extensive geothermal assets, and to deliver “clean renewable energy”. Additional debt or equity financing is necessary to complete funding of the project.
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Mar 17, 2010
Dundee Wealth Q4 2009 Conference Call
CanGEA member DundeeWealth will release its financial results for the fourth quarter and year ended December 31, 2009 on Tuesday, March 23, 2010 at approximately 8:00 a.m. ET.
President and Chief Executive Officer David Goodman will host a conference call to discuss the results on March 23 at 10:00 a.m. ET. Investors may listen to the discussion by dialing 416-849-6167 or 1-866-339-5645 (no passcode required).
click here for more information
