First-of-its-kind Project to be the $84 Million Future Fuel Tires-to-Ethanol
Facility in Toms River, New Jersey
WILTON, Conn., March 15 /PRNewswire-FirstCall/ -- Startech Environmental
Corporation (OTC Bulletin Board: STHK), a fully reporting company, announced
today that Startech and Future Fuels, Inc., (FFI) a subsidiary of Nuclear
Solutions, Inc., (OTC Bulletin Board: NSOL) of Washington, D.C., have formed a
Strategic Alliance Agreement to mutually obtain contracts for waste-to-ethanol
facilities and also for FFI's own $84 million Waste-to-Ethanol Facility to be
constructed in Toms River, New Jersey.
The Company has also received the Letter Of Intent from FFI for FFI's
purchase of a 100 ton-per-day Startech Plasma Converter System (PCS) for
installation in the first-of-its-kind Waste-to-Ethanol Facility in Toms River,
scheduled to go on-line in late 2007. The PCS will safely and completely
destroy the tires in its process that results in a clean synthesis gas product
called Plasma Converted Gas (PCG)(TM). The Plasma Converter will be attached
to the front of the FFI system. PCG produced will be piped directly into the
FFI system to make commercial fuel-grade ethanol for sale. Plans also call
for the Toms River Facility expansion to include a series of additional
Startech 100 ton-per-day modular Plasma Converter Systems.
President of FFI, Jack Young, said, "We welcome partnering with Startech
to fuse their expertise and commercial experience in plasma processing
technology with FFI's unique business model to convert abundant waste
feedstocks into ethanol. Where Startech provides front-end technology to
transform a variety of waste products into syngas, FFI provides the back-end
catalytic process to convert that syngas into useful products such as ethanol,
higher alcohol fuels and synthetic fuels, like diesel, gasoline and kerosene
(jet fuel). The Strategic Alliance between FFI and Startech will open more
doors into the U.S. ethanol market for both companies as well as to customers
in Europe, Asia and South America where Startech currently has initiatives
underway," states FFI President Jack Young.
Joseph F. Longo, Startech president said, "The Startech-FFI teaming is a
perfect fit that will help increase Startech's market penetration and sales at
home and overseas. As a result of the FFI press release on March 13, 2006
announcing the Alliance, we have already received lively interest from our
Sales Representatives, Distributors and potential customers in the U.S.,
Central America, Australia, Asia and the European Union.
"We are especially pleased to know that we will be a significant part of
the new $84 million FFI Toms River Ethanol Facility.
"Ethanol is an important renewable fuel, derived from ubiquitous feedstock
materials previously regarded as wastes. When added to gasoline, it will help
America move further towards energy independence and actually reduce
greenhouse gas emissions.
"Startech processing customers are paid for receiving waste feed stocks at
the front-end of the System and paid for producing and selling the resulting
commercial products at the back-end. To the many commodity products that can
be made from PCG, we have now added FFI fuel-grade ethanol fuel. Fuel-grade
ethanol is about 199 Proof. Two hundred proof is 100% ethanol. Industrial
ethanol, for paint thinners, solvents and so forth, is typically about 160
Proof.
"An important fact sometimes overlooked is that waste is an inexhaustible,
renewable, ever-recurring resource."
About Future Fuels (FFI)
Future Fuels Inc., a subsidiary of Nuclear Solutions Inc., is implementing
its proprietary technology and process to convert low-end carbonaceous waste
materials such as used tires, petro-waste, waste coal, wood wastes, raw
sewage, discarded corn stalks, residential waste, industrial waste and
agricultural byproducts into ethanol; a clean renewable fuel.
The New Jersey Economic Development Authority announced that the
resolution for the preliminary approval of $84 million tax-exempt bond
financing for FFI has been fully executed and officially adopted by the State
of New Jersey. The tax-exempt bonds will be used for the design, construction
and start-up of the first-of-its-kind 52 million gallon-per-year waste-to-
ethanol production facility in Toms River, New Jersey. The official
resolution approval enables FFI to proceed with the bond-rating, underwriting,
and the placement process to secure the funds.
FFI has the lease agreement in place to construct the facility in Toms
River and it has also secured pre-approved state and local environmental
permits to operate the new facility. It already has the source of feedstock,
on site, and available from its tire recycling network, suitable for complete
life cycle production of clean ethanol.
FFI also has a 10-year contract with Eco-Energy, Inc., of Tennessee for
Eco-Energy to purchase approximately 50 million gallons of the ethanol
produced annually from FFI's new waste-to-ethanol facility. Eco-Energy is one
of the country's principal marketing companies in the ethanol industry with
ethanol being the largest share of its business.
FFI is pursuing additional sites for waste-to-ethanol plants throughout
the United States.
For further information, please visit http://www.nuclearsolutions.com or
contact Patrick G. Herda or Jack Young at (202) 536-4653 or at
info@nuclearsolutions.com.
About Ethanol
While ethanol has been used in motor fuels in the United States for the
last century, its commercial use began in 1978. At that time, Congress
pursued a public policy to create a fuel-grade ethanol industry and enacted an
excise tax exemption to incentivize ethanol production from renewable sources.
As a result, the industry grew from virtually zero production in 1978 to a
level of approximately 4 billion gallons in 2005. The Energy Policy Act of
2005 establishes a schedule starting in 2006 that requires increased ethanol
consumption by refineries by 700 million gallons per year until the year 2012,
at which time the consumption will have reached 7.5 billion gallons per year.
There are many reasons for ethanol's increased use, including the reduction of
methanol-based ether (MTBE) use by refiners as a clean air contributor. MTBE
has the potential of contaminating ground waters and has been banned in New
York and other states, including New Jersey starting in 2008, thus increasing
the Northeast corridor demand for ethanol. The present use of ethanol is as a
10% blend in gasoline. There are automobile industry initiatives to increase
significantly the use of E-85 engines using an 85% mix of ethanol,
particularly in fleet auto programs. With the continued energy crisis, there
are proposals in Congress to require an ethanol mix in all gasoline sold in
the country.
Historically, ethanol has been made from corn crops grown for that purpose
and then purchased at market price. FFI will produce fuel-grade ethanol from
an abundance of readily available waste products, which it will receive at
zero-cost. Now, with the inclusion of the Plasma Converter, FFI can even
expect to be paid to receive waste feedstocks that will be converted into
ethanol.
The worldwide market for fuel-grade ethanol is important and growing.
About Startech - a Waste Industry and Energy Company
Startech Environmental is a Waste Industry and Energy company engaged in
the production and sale of its innovative, proprietary plasma processing
equipment known as the Plasma Converter System(TM). The Plasma Converter
System safely and economically destroys wastes, no matter how hazardous or
lethal, and turns them into useful and valuable products. In doing so, the
System protects the environment and helps to improve the public health and
safety. The System achieves closed-loop elemental recycling to safely and
irreversibly destroy Municipal Solid Waste, organics and inorganics, solids,
liquids and gases, hazardous and non-hazardous waste, industrial by-products
and also items such as "e-waste," medical waste, chemical industry waste and
other specialty wastes while converting many of them into useful commodity
products that can include metals and a synthesis-gas called Plasma Converted
Gas (PCG)(TM). Among the many commercial uses for PCG, it can, for example,
be used to produce "green power," alcohol fuels and also hydrogen for sale.
The Startech Plasma Converter is essentially a manufacturing system
producing commodity products from feedstocks that were previously regarded as
wastes. Startech regards all wastes, hazardous and non-hazardous, as valuable
renewable resources.
For further information, please visit http://www.startech.net or contact
Steve Landa at (888) 807-9443, (203) 762-2499 x148 or sales@startech.net.
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements, including
statements regarding the Company's plans and expectations regarding the
development and commercialization of its Plasma Converter(TM) technology. All
forward-looking statements are subject to risk and uncertainties that could
cause actual results to differ materially from those projected. Factors that
could cause such a difference include, without limitation, failure of the
customer to obtain appropriate financing for the project, general risks
associated with product development, manufacturing, rapid technological change
and competition as well as other risks set forth in the Company's filings with
the Securities and Exchange Commission. The forward-looking statements
contained herein speak only as of the date of this press release. The Company
expressly disclaims any obligation or undertaking to release publicly any
updates or revisions to any such statement to reflect any change in the
Company's expectations or any change in events, conditions or circumstances on
which any such statement is based.
SOURCE Startech Environmental Corporation
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Related links:
http://www.startech.net
http://www.nuclearsolutions.com
Company News On-Call:
http://www.prnewswire.com/comp/113537.html
CONTACT:
Patrick G. Herda or Jack Young,
+1-202-536-4653, info@nuclearsolutions.com; or Steve Landa,
1-888-807-9443, +1-203-762-2499 x148, sales@startech.net
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