Canadian Government to Invest $900,000 in Thermal Energy's Bioenergy Technology
Thermal Energy International Inc is pleased to announce that Natural
Resources Canada (NRCan) has committed $900,000 in funding toward the
development of a green energy power facility proposed for an eastern Canada
pulp and paper mill.
The funding would be provided under a repayable contribution agreement
from NRCan's Climate Change Interim Strategy Technology Early Action Measures
(TEAM) Fund to "demonstrate the performance and energy efficiency improvements
of a combined biomass dryer/energy recovery system in order to reduce
emissions and fossil fuel use at a Canadian pulp and paper mill."
Thermal Energy President and CEO Tim Angus said the Company "is very
pleased to receive this important support from the federal government for a
project which could become a showcase solution for many industries looking to
reduce their fossil fuel consumption and replace that demand with efficient
use of biofuel created from biowaste."
The project under consideration stems from a Letter of Intent (LOI)
signed with an Eastern Canada pulp and paper mill (see press release dated
September 18, 2007) for the design and installation of a DRY-REX(TM) low
temperature biomass drying system. As per the LOI, Thermal Energy
completed a detailed feasibility study which has been presented to the mill
for its review. A decision by the mill is expected this fiscal year.
To Reduce Oil Use and Cut Greenhouse Gases
The proposed project would provide significant energy cost reductions and
environmental benefits. These would be achieved in part by diverting more than
120 tonnes per day of pulp and paper sludge away from landfill for use as
biofuel. This would reduce the use of fuel oil and achieve a commensurate
reduction in emissions including an estimated 69,000 tonnes of greenhouse
gases (i.e. C02) a year.
The proposal as submitted would also see the mill enter into a
multi-million dollar green energy supply contract using the Thermal-AUD
(Alternate Utility Delivery) program through Thermal Energy's energy services
subsidiary ForEverGreen Energy Inc. The green energy would be created from
drying the mill's biomass waste stream including paper sludge for use as a
biofuel, utilizing a combination of Thermal Energy's FLU-ACE waste heat
recovery technology and the DRY-REX technology.
The project would require no upfront capital investment from the mill,
which would start to realize the benefits from the first day of operation. The
project would also provide Thermal Energy with a recurring revenue stream from
the energy sales throughout the life of the proposed multi-year contract.
Under the terms of the TEAM agreement, Thermal Energy will repay the
government an amount equal to two per cent (2%) of the revenue from the sale
of bioenergy systems, up to a maximum of $100,000 a year.
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