LEHIGH VALLEY, Pa. (February 4, 2009) – Air Products (NYSE: APD) and Alter NRG Corp. (TSX: NRG) today announced the signing of a Joint Development Agreement (JDA) to pursue renewable energy opportunities in North America and Europe. The non-exclusive agreement gives Air Products the right to license and incorporate Alter NRG’s proprietary Westinghouse Plasma Gasification technology for use in renewable energy projects. Air Products will initially focus on developing energy facilities that will use various forms of renewable feedstock to generate syngas, a mixture of hydrogen and carbon monoxide, for power, heat or steam generation.
The agreement includes provisions for the two companies to collaborate on the integration of Alter NRG’s plasma gasification technology with the balance of equipment, including Air Products’ oxygen enrichment and syngas treatment technology, necessary to construct renewable energy facilities.
“We have been looking at various technologies that meet our renewable energy technology strategy and are pleased to enter into this JDA with Alter NRG. We believe our capabilities fit nicely with Alter NRG’s and their gasification technology meets our requirements of being both sufficiently proven and of a scale suitable for industrial energy production. This agreement will help Air Products move towards its objective of providing sustainable energy by turning renewable feedstock into an energy generating solution,” said Kevin Murphy, director, Gasification Business Development at Air Products.
Mark Montemurro, President and CEO of Alter NRG comments that, “Having Air Products as a strategic collaborator provides many benefits. As a Fortune 500 Company, they have the capability—both financially and operationally—to construct commercial facilities. As a leader in industrial gases, equipment, and engineering, they provide synergistic equipment and expertise to reduce overall operational and construction risk. The combination of the Westinghouse Plasma Technology with Air Products experience and operation capabilities provides for exciting opportunities ahead.”
About Air Products
Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. Air Products has annual revenues of over $10 billion, operations in more than 40 countries, and 21,000 employees around the globe. For more information, visit www.airproducts.com.
About Alter NRG
Alter NRG is pursuing alternative energy solutions to meet the growing demand for environmentally responsible energy in world markets. The Company’s vision is to be a senior energy producer by becoming the world’s leading supplier of plasma gasification technology and developing environmentally sustainable and economically viable gasification projects. The Company’s objective is to further commercialize the Westinghouse Plasma technology, a wholly owned subsidiary, to provide renewable and clean energy solutions from a wide variety of feedstock, and providing a wide variety of energy outputs – including hydrogen, liquid fuels like diesel, and ethanol, power, and syngas.
***NOTE: This release may contain forward-looking statements. Actual results could vary materially, due to changes in current expectations.
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This news release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends”, “confident”, “might” and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this news release contains forward-looking information and statements pertaining to the following: the timing and amount of estimated production; ability to finance the project, costs of production; capital expenditures; construction time lines; currency exchange rate fluctuations; environmental risks; unanticipated reclamation expenses; risk of obtaining regulatory approvals; engineering and design risk; fluctuation in commodity prices, operational challenges and other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results of operations or performance. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release.
The Company cautions that the foregoing list of assumptions, risks and uncertainties is not exhaustive. The forward-looking information and statements contained in this news release speak only as of the date of this news release, and the Company assumes no obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable securities laws.
tel: (610) 481-1340; e-mail: [email protected]
Mark Montemurro, President and Chief Executive Officer
tel: (403) 806-3877; e-mail: [email protected]
tel: (610) 481-7461; e-mail: [email protected]
Daniel Hay, Chief Financial Officer
tel: (403) 806-3881; e-mail: [email protected]