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Dynamotive Contracts Biomass For First Two Projects In Argentina
Buenos Aires, Argentina (SPX) Apr 14, 2008 Dynamotive Energy Systems and its subsidiary Dynamotive Latinoamericana S.A., are pleased to announce the execution of contracts for the provision of biomass for two of its proposed plants in the Province of Corrientes in Argentina. The Company further disclosed that it has identified, and has been offered, a site for the project within the Municipality of Virasoro. Negotiations in regard to the site are progressing and are expected to be completed in the near term. The signing of the biomass supply contract follows months of cooperative work with the Town of Virasoro which has been instrumental in attracting Dynamotive to the region. This represents a key step in the progress toward the development of the project announced in May, 2007. The contract envisages the delivery by the Municipality of Virasoro of 250,000 wet tonnes (approx. 150,000 dry tonnes) of biomass (sawdust and other forestry operations residues) per year for 10 years. The contract further provides Dynamotive an option to request deliveries beyond the initial 250,000 tonnes envisaged and beyond the initial period. The supply can be further enhanced through the utilization of land filled biomass in the region alleviating a significant environmental issue caused by soil and air pollution as a consequence of stockpiling and burning of biomass. Deliveries of biomass in accordance with the contract are envisaged to commence at the time that the proposed projects become operational. Dynamotive has the option to request earlier deliveries. Dynamotive continues to work with the Municipality of Virasoro and other biomass providers in the region. The development plan envisages up to 6 plants with further potential within the Province of Corrientes. The city of Gobernador Virasoro and the government of the Province of Corrientes have actively supported and continue to support this project. Dynamotive and its development partners in the region are in negotiations with the Province and other users in the region for the purchase of the plants' output. The project envisages the potential for power generation and / or BioOil and char deliveries to customers. Proposals for the establishment of two power plants in the region have been presented. Further, the Company is working with financial institutions who have expressed interest in the financing of the projects subject to conditions precedent being met. The company will report progress as it advances in its negotiations. All parties acknowledge that the project remains subject to satisfactory negotiations and execution of definitive agreements beyond the ones completed. Accordingly, there can be no certainty in respect of the Company's ultimate participation rights in the project, nor of actual completion of them at this time. Related Links Dynamotive
First Annual Blue Planet Summit Report
Honolulu HI (SPX) Apr 14, 2008The first annual global Blue Planet Summit (BPS 2008) convened a world class team of 75 participants in Hawaii from April 3-5 for an intensive dialogue on clean, renewable energy and the environmental, economic and political imperatives demanding immediate and collaborative action on a global level. |
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