Clenergen Closes $8 Million in Working Capital and Project Specific Financing
05 Avril 2011 - 11:17AM
Marketwired
Clenergen Corporation (OTCQB: CRGE)(FRANKFURT: 9CE) announced today
that it has signed an agreement to secure $8 million in working
capital and project specific financing.
Project financing for gasification projects with National Power
Corporation on Romblon Island in the Philippines and Yuken India
Limited will increase Clenergen's generating capacity to 51.8MW by
December 2011, generating a projected $44.0 million per annum
revenue with an EBITDA of $9.7 million on an annualized run rate
basis.
$2.5 million will be applied towards bulk purchasing of
feedstock for the existing 18MW and 27.3MW power plants. which will
result in a reduction in operating costs and increased
profitability.
Funds will be allocated to upgrade the 1.5MW Anaerobic Digestion
power plant to 2.5MW through the addition of a 1MW gas engine. This
in turn will generate approximately 40 tons per day of compost as a
result of using chicken litter as a feedstock. The compost will be
used as a fertilizer on Clenergen plantations, with the excess
being sold into the marketplace.
Commenting on the announcement, Mark Quinn Executive Chairman of
Clenergen said "execution of our gasification projects in India and
Philippines is a major milestone for the company. We will be able
to demonstrate our captive power model for both mining and
manufacturing companies, as well as providing turnkey rural
electrification projects using biomass from designated energy crop
plantations. Working capital for our existing power plants will
increase our bottom line profits through bulk purchasing and
importation of biomass from South East Asia".
About Clenergen Corporation
Clenergen Corporation is a publicly-traded company with its
common stock quoted in the USA on the OTCQB Market (Symbol: CRGE)
and in Germany on the First Quotation Board, Open Market of the
Frankfurt Stock Exchange (Symbol: 9CE) Clenergen offers strategic
clean energy generation and supply of biomass feedstock to address
the requirement for renewable and sustainable supplies of
electricity. Clenergen has developed a unique modular system for
gasification and localized plantation management. Clenergen also
plans to provide biomass feedstock for producing wood pellets for
co firing with coal to produce low emission electricity.
Clenergen Corporation uses biomass feedstock to implement
sustainable supplies of clean energy for captive end users,
islands, mining companies, government or privately-owned power grid
systems and other end users. The "Distributed Environmental Power
System" marries significant proprietary advancements in plant
science with proven long standing engineering technologies to
achieve this goal. For further information on Clenergen Corporation
and its products and services, go to: www.clenergen.com.
Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 (the
"Securities Act") and Section 21E of the Securities Exchange Act of
1934 (the "Exchange Act"). To the extent that any statements made
in this press release contain information that is not historical,
these statements are essentially forward-looking. Forward-looking
statements can be identified by the use of words such as "expect,"
"plan," "will," "may," "anticipate," "believe," "should," "intend,"
"estimate," and variations of such words. Forward-looking
statements are subject to risks and uncertainties that cannot be
predicted or quantified and, consequently, actual results may
differ materially from those expressed or implied by such
forward-looking statements. Such risks and uncertainties include,
without limitation, those risks and uncertainties contained in this
press release and those identified in the periodic reports that the
company files with the Securities and Exchange Commission (the
"SEC") pursuant to the Exchange Act.
Contacts: Clenergen Corporation 0044 (0)207 739 0028
investor@clenergen.com www.clenergen.com
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