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Alter NRG Corp. Executes a USD$21 Million Agreement for the Sale of a Plasma Gasifier
TSX - NRG OTCQX - ANRGF CALGARY , Nov. 8, 2013 /CNW/ - Alter NRG Corp. ("Alter N...
About this update from Pinnacle Silver And Gold Corp
[{"type":"text","content":"\n\n\nTSX - NRGOTCQX - ANRGF\n\n\nCALGARY, Nov. 8, 2013 /CNW/ - Alter NRG Corp. (\"Alter NRG\" or the\n \"Company\") is pleased to announce that it has signed an agreement with\n Air Products and Chemicals Inc. (\"Air Products\") to provide a\n Westinghouse Plasma Gasification Solution for $USD21 million. Air\n Products confirmed its intention to proceed with a second plasma\n gasification facility (the \"Project\") during its recent fourth quarter\n earnings call held on October 29, 2013 and its location would be\n adjacent to Air Products first project, the Tees Valley 1 Renewable\n Energy Facility in Northeast England.\n\n\nThe Company began its relationship with Air Products in January 2009\n when it signed a Joint Development Agreement that provided to Air\n Products five site licenses and access to the Westinghouse Plasma\n Technology.  Subsequently, Air Products developed the Tees Valley\n Renewable Energy Facility in Northeast England that is expected to\n process 950 tonnes per day of household waste and convert it into 50\n MegaWatts of renewable electricity.  Alter NRG received the purchase\n order for the first project in December 2011 and has now delivered all\n of the plasma gasification equipment.  The first Tees Valley project is\n in late stages of construction, and Air Products has begun the\n procurement phase on the second Tees Valley Project which is\n approximately the same size and configuration.  Based on information\n released by Air Products, the total spending on the two combined\n projects is over $800 million.\n\n\nAlter NRG and its wholly owned subsidiary Westinghouse Plasma Corp. will\n provide gasifier equipment, related control, instrumentation, and\n engineering services for a fixed price of approximately USD$21\n million.  Alter NRG expects to realize the majority of the revenue\n within fifteen months. As part of the agreement, Alter NRG expects to\n receive a down payment within 15 days and further milestone payments\n will be received as fabrication progresses.\n\n\nWalter Howard, Chief Executive Officer of Alter NRG states that \"having\n an industry-leading company like Air Products commencing construction\n of a second facility utilizing our Model G65 gasifier solution is a\n significant commercial milestone.  This illustrates Air Products'\n confidence with ...