Aug 2 2010
Novo Energies Corporation (OTCBB: NVNC) ("Novo" or the "Company"), an alternative energy company, announced today that it has entered into a Technology Collaboration Agreement ("Agreement") with Colorado based Precision Pipe and Vessel, LLC ("Precision").
Novo Energies has been granted a worldwide exclusive license to use Precision's proprietary gasification technology to convert plastic and tire waste into energy products including electricity, synthesis gases and other valuable commodities such as recovered steel. Novo and Precision have agreed to collaborate to enhance and augment Precision's existing operating pilot plant in Colorado, at which time Novo will seek multiple facilities in the United States and oversee the development of energy projects outside of North America through its partner, Novo Energies International, Ltd.
Antonio Treminio, CEO and Chairman of Novo Energies, stated, "This is a major milestone for Novo Energies, its team, and our shareholders. In our search for the most efficient and economical methods to convert plastic and used tires into valuable energy products, we have spent the last 12 months evaluating several technologies, including pyrolysis, gasification and microwave based systems. As a result of such efforts, we have selected Precision's gasification technology based on the following:
- Allows efficient conversion of tires and plastic feedstock to energy
- Environmentally friendly -- the process produces zero toxic emissions, making it a green energy technology
- The preliminary synthesis gas resulting from conversion of tires and plastic meets strict standards on quality and consistency
- Has the highest carbon conversion of any known gasification system on the market
- Self sufficient by using the produced syngas to power the process
- Low cost of production
"We are extremely confident that this collaboration between Novo Energies and Precision will allow us to develop the first commercially and economically viable tire to energy facility in North America."
"Precision Pipe has successfully developed and operated the only known facility of this kind in the World. Our plant is capable of efficiently and effectively converting tire and plastic feedstock into high quality syngas. In addition, we are able to reliably accomplish this on a consistent basis with no process emissions. Based upon our many years of experience in designing, building, and operating other gasification technologies and gas production facilities, we recognize that we have invented a truly disruptive, clean, and renewable energy technology. We look forward to collaborating with Novo to develop the first commercial tire to energy plant in North America," stated Ken Klepper, President of Precision.
Novo plans to demonstrate the pilot facility in Denver, Colorado, as a showcase unit for government officials, institutions, utility companies, and the investment community, as well as augment its output to reach fully commercial quantities.
"The showcase of the presently operating technology in Colorado is an important step towards our goals for commercialization. We aim to present a unique solution to government officials and the investment community by simultaneously solving their waste issues and creating a new class of energy sources, previously unavailable. As we will confront these issues on a truly local level, we will be able to control costs, allow scalability and reduce time to market. By offering a cost effective solution for a regional socio-economic issue, the Company has defined its goal as the replication of these plants world-wide, thereby successfully reducing waste while producing an alternative source of energy," sated Mr. Faisal Butt, VP Corporation Communications & Finance.