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E-WIRE PRESS RELEASE E-WIRE PRESS RELEASE E-WIRE PRESS RELEASE |
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GDT TEK Subsidiary RTR Acquires Financing for 1.5 Megawatt Waste Heat to Electricity Project to Supply Power via PPA to Pacific Gas and Electric |
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ORLANDO, FLORIDA, Jun. 29 -/E-Wire/-- GDT TEK (OTC: GDTK) today announced that wholly-owned subsidiary RTR Global Investments, LLC has acquired financing from Saulsbury Hill Financial LLC (www.sauhill.com) for the building and deployment of waste heat to electricity conversion equipment to supply electrical power to Pacific Gas and Electric as per the Company's previously announced Power Purchase Agreement (PPA) with PG&E.
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The twenty (20) year term of the PPA starts upon completion of GDT TEK's waste heat to electricity system and when the facility begins generating and delivering power to the PG&E grid. The PPA details that PG&E will purchase all electricity produced by GDT TEK's subsidiary LLC up to 1.5 Megawatt (MW) at the Company's installation at the Milpitas Landfill at 1600 Dixon Landing, Milpitas, California. The price of the electricity is tiered over the twenty year term of the PPA and purchase prices ranges between $.09/KW to $.12/KW.
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GDT TEK CEO Al Reda stated, 'Saulsbury concentrates on renewable energy, ESPC, DG, DHCP and related financings, and they have funded over $720 million in such projects for a diverse range of customers. Their client base ranges from the United States Federal Government to the most rural of public schools – and we are pleased to have the opportunity to work with them. Having such a highly qualified financial partner will be integral to driving the successful implementation of our waste heat to electricity systems. We look forward to working with them to build the economic foundation for our Company, which will allow us to begin the site engineering studies and equipment specification process for expansion of the Milpitas installation.
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About Saulsbury Hill Financial LLC
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Saulsbury Hill Financial LLC is a pioneer in all sectors of Federal, State and Local Government leasing - including large project and lease financing for virtually all terms and asset types; "small-ticket" municipal finance with quotes and more available for immediate delivery via Auto-Quote™. Saulsbury is nearly three-decades 'young' in commercial leasing and their outsourcing products and Chauffage™ work is unrivaled in the industries of commercial and governmental finance. In addition to the Company's traditional Municipal Lease, we can provide conduit financing for 501(c)(3)- not for profit- organizations. Please visit their website at (www.sauhill.com
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About GDT TEK, INC.
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GDT TEK, INC is an Orlando, Florida-based publicly traded company (OTC:GDTK) focused on renewable and sustainable energy technologies. The company has licensed patented waste heat to electric power generation technology and is driving its adoption by power plants, landfills and other waste-heat generating industries. GDT TEK's waste heat to electricity systems are powerful enough to serve as a primary energy source, highly efficient, when installed under a Power Purchase Agreement and are scalable with system sizes from 150 kW/hr to 5000 kW/hr currently available. The GDT TEK system has been proven through a long-term five year installation at a San Jose, California-area landfill. Waste heat captured from landfill-generated methane gas generator engine exhaust and radiator jacket coolant systems is used by the GDT TEK system to generate electricity which is then sold to the grid. Professor Robert W. Dibble of the University of California at Berkeley assessed the GDT TEK system and stated that "Of the many technologies that I have evaluated over the course of the past several decades, GDT TEK's heat to power conversion solution has proven to be the most reliable, versatile, efficient, lowest emissions, and overall cost-effective solution available in today's changing world market."
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GDT TEK, INC.'s website is www.gdttek.com, which is in the process of being updated; please sign up for our newsletter (http://www.gdttek.com/info-signup.php ) for future information about the company.
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Safe Harbor Statement: This release includes forward-looking statements. These forward-looking statements generally can be identified by phrases such as GDTK or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements herein that describe the Company's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements.
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