Strategic Partnership Showcases iESi's Low Operating Cost
Heat Generation & Waste Heat Recovery Technologies
LAS VEGAS and NISKU, Alberta, Nov. 16 /PRNewswire/ -- Innovative Energy
Solutions Inc. (iESi) today announced a strategic partnership with Norwood
Foundry Ltd. to begin the engineering, development and operation of iESi's
first power generation plant utilizing iESi's clean energy technology. The
new clean energy plant will enable Norwood Foundry to generate six times
(12 MW) more electricity than it consumes (2 MW) at its foundry located in
Nisku, Alberta, Canada.
The finished plant will apply iESi's clean energy technology to generate
12 megawatts (MW) of power per hour for Norwood Foundry, which expects to
market approximately 10 MW of that power per hour to external entities. It is
expected that in excess of 80 percent of the power generated will be sold at a
premium as "Green Power" energy. The revenue to be generated through the
joint venture project is expected to exceed $6 million annually.
Under the joint venture, iESi is responsible for the implementation of its
revolutionary clean energy technologies, while Norwood will finance the
project. ACS Engineering of Calgary, Alberta, has been retained to provide
EPC services to the joint venture project. The plant is slated to be fully
operational by the third quarter of 2005.
"As one of the largest consumers of electricity in the Nisku area, the
implementation of iESi technologies will allow us to save money and continue
our leadership position in the metal casting industry," said Bart Dornan,
director, Norwood Foundry. "iESi technologies will help us realize
incremental income on the surplus power we generate, while being
environmentally responsible, since no green house gases will be emitted."
iESi's patented low operating-cost heat generation technology completely
eliminates the need for fossil fuel-fired equipment, such as boilers, to
generate super-heated steam required to drive turbines and generators to
generate electricity. Currently, electric induction furnaces are used to melt
iron feedstock in Norwood Foundry's cast iron manufacturing facility. In
addition to the supply of energy generation technologies, iESi and ACS
Engineering will collaboratively provide technical and maintenance services to
operate Norwood Foundry's power plant facility.
"We are delighted Norwood Foundry chose us for this major initiative,"
said Terry Dingwall, President of iESi. "High energy costs are forcing
companies to re-evaluate their operations and implement new technologies to
either maintain or develop operational advantages in today's competitive world
markets and to increase profits."
About iESi
Innovative Energy Solution Inc. is a leader in developing reliable next
generation, clean energy technologies. iESi owns several patents related to
its proprietary hydrogen generation, heat generating and waste heat recovery
technologies. Headquartered in Las Vegas, Nevada, iESi also has offices in
Canada, Europe and South Korea. For more information please visit:
http://www.iESiUSA.com
About Norwood Foundry Ltd.
Founded in 1922 Norwood Foundry's production of iron, aluminum and brass
castings averages over 30 tons per day. Norwood's cast metal products are
manufactured for the petroleum, agricultural and forestry industries. Norwood
also produces a variety of customized decorative castings for the Canadian
market and for export. For more information, please visit:
http://www.norwoodfoundry.com
About ACS Engineering
ACS Engineering is an engineering company based in Calgary, Alberta,
specializing in the design and engineering of power plants servicing the
industrial power sector, as well as the chemical, petrochemical and power
industries. For more information, please visit: http://www.acsengineering.com.
SOURCE Innovative Energy Solution Inc.
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Related links:
http://www.iesiusa.com
CONTACT:
Stephen Monaco of Innovative Energy Solution
Inc. (iESi), +1-913-707-2776, smonaco@iesiusa.com; or Peter P.
Pedraza of Edelman, +1-312-240-2764, peter.pedraza@edelman.com,
for Innovative Energy Solution Inc. (iESi)
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