Clenergen Corp. (CRGE) to Capitalize on Increased Demand for Electricity from Emerging Market’s Industrial and Retail SectorsWednesday, April 27th, 2011
Clenergen Corp. today announced it is seeing an increased demand for electricity in India, Africa, and the Philippines, resulting from a surge of business opportunities for its operations. As shortages of electricity during both off peak and peak times continue, companies and municipalities are now turning to alternative energy sources and independent power producers for stable power supply.
In the Philippines, urban centers rural communities are suffering from shortages in diesel supply and higher fuel costs as their electricity is generated from the fossil fuel. Clenergen intends to install its first 2MW gasification power plant on Romblon Island later this year where the government has already requested a further 2MW to be installed.
In Ghana, large mining companies are forced to operate for up to 12 hours on back up diesel generators at a cost of 32 cents per liter. Ghana Manganese Mining Company, who has already signed a Memorandum of Understanding for a turnkey 2MW gasification power plant from Clenergen, anticipates their demand to increase 300% over the next 24 months as mining operations expand production. Notably, Clenergen is in negotiations with 3 other large mining companies who require both energy security and control over energy cost.
India is currently seeing the largest increase in demand as large manufacturers and retailers move towards direct Power Supply Agreements, resulting in electricity prices reaching 15 cents per KW/h during peak times. Clenergen has entered into a number of supply agreements including Tata coffee, Coca Cola and Titanium Watches.
Commenting on these recent developments, Mark Quinn, Executive Chairman of Clenergen, stated, “The growth potential in the emerging markets provides Clenergen a key competitive advantage through the direct cultivation of energy crops to supply biomass for power generation. These key markets are climatically suited for the cultivation of our propriety bamboo which by the fourth year will start yielding over 40 tons per acre and annually thereafter for 50 years at a cost lower than the current price of coal, solar and wind suppliers.”
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