Business
Free Energy International Inc. Provides 2009 Activity Update
VANCOUVER, March 17 /CNW/ - Free Energy International Inc. ("Free Energy" or the "Company") provi...
About this update from Darelle Online Solutions Inc.
[{"type":"text","content":"\n\n\n\nVANCOUVER, March 17 /CNW/ - Free Energy International Inc. ("Free Energy"\nor the "Company") provides the following update on its activities, including\nthe development of a municipal recycling and biomass waste facility in\nPrescott Valley, Arizona. On March 10, 2008 the Company announced it had\nentered into a Letter of Intent with EnEco Industries Ltd. ("EnEco") to\ndevelop a municipal recycling and biomass waste facility that would utilize\nFree Energy's proprietary thermal superconductor technology to generate\nelectricity for the Arizona Power Grid ("Arizona Project"). The Company would\nlike to outline project milestones achieved in completing a definitive\nagreement and project initiatives currently underway.\n\n\nMilestones Achieved\n\n - City of Prescott Valley has rezoned land intended for use having\n completed the necessary public hearings and council approval.\n\n - Arizona Corporation has passed legislation favourable for renewable\n energy. This legislation will provide a further $0.06 per Kilowatt\n hour for ten years up to 60% of the capital cost of the project\n providing the project with an additional $15 to $18 million in\n revenue.\n\n - Under recent legislation Municipal Waste is considered biomass which\n allows the project to apply for federal Power Transfer Credits (PTC)\n of $0.01 per Killowatt hour.\n\n - Estimated project Capital Cost is $22,000,000.\n\n - A waste supply agreement has been negotiated in principle with a\n major waste hauler.\n\nInitiatives Under way\n\n - Submission to Arizona Public Service for Power Purchase Agreement.\n\n - Final Engineering is under way.\n\n - The company is currently negotiating to arrange equity and debt\n funding for the project.\n\n\nGround Heating Loops\n\n\nFree Energy International has signed a contract with CIR Mechanical of\nBurnaby BC to install super conducting FE-SP30 thermal solar collectors to add\nheat to a geoexchange loop being installed in the clubhouse at a multi-family\nhousing project located in Surrey BC. The new super conductor powered solar\ncollectors offer a low cost alternative to using other, increasingly more\nexpensive methods such as electric, propane or natural gas to serve as back up\nheat for the geothermal system. The solar panels will increase the average\nheating cycle ground loo...