Plasma Environmental Technologies Inc.
Toronto, Ontario, Nov. 30 - /EWire/ -- Plasma Environmental Technologies Inc. (TSX VENTURE:PE) (PET) is pleased to announce that it has signed a Letter of Intent (LOI) with Turtle Island Recycling Corporation (TI). The purpose of the LOI is to establish a joint venture to develop and install a Plasma Assisted Gasifier ("PAG") that converts municipal solid waste into electricity, a technology co-owned by Kinectrics Inc.
The PAG is a unique cogeneration system that safely and effectively destroys organic wastes while producing electricity. The PAG incorporates a Graphite plasma reactor that gasifies the solids without combustion. As a consequence it is much cleaner than incineration. The PAG converts organic waste into a synthetic gas that is used to produce electricity. The electricity produced can either be sold, or used internally to supplement the PAG's own operating requirements.
The project with TI will take place in two phases. Phase 1 is the development, installation and testing of a pilot scale PAG system, capable of handling 10 tonnes/day with a 1000 KW generator. Phase 2 is the development, installation and testing of a commercial scale PAG system, capable of handling up to 60 tonnes/day.
The PAG has significant applications and commercial potential. It represents a cost-effective, environmentally-safe diversion from landfills. It is also of interest to all levels of governments and industry seeking safe, and affordable, solutions for waste disposal. The LOI is a result of TI's interest in the PAG technology and its potential applications in the municipal waste disposal market.
According to the terms of the LOI, PET will provide the PAG and related technology. TI will assist PET in setting up a suitable operating site, obtaining the necessary permits and approvals. TI will also provide the waste feedstock consisting primarily of sorted Municipal Solid Waste.
TI will pay PET for disposal of the waste at a rate per tonne comparable to market prices for waste disposal and they will assist PET in the final design of material handling and movement of the waste to optimize the performance of the PAG. TI and PET will work together to establish customers for the excess energy that will be produced with the commercial PAG System.
"The Letter of Intent with Turtle Island is another significant development for Plasma Environmental Technologies", said John Wright, President and CEO of PET. "It confirms we are in the right marketplace with the right technology. We are thrilled with the opportunity to work with Turtle Island."
Turtle Island Recycling is headquartered in Toronto, and is Ontario's largest multi material recycling company with over 1800 industrial and commercial customers and over 150,000 residential customers. TI processes waste streams of paper, glass, metal and plastic.
Mr. Leonidas Anagnostakos, co-founder of Turtle Island Recycling is very enthusiastic. "This is a remarkable technology. We are pleased to be able to partner with Plasma in these commercialization pilots. We can see the tremendous potential of a system that can destroy waste in a safe and effective manner, while also generating electricity. When you consider how many organizations in industry and government are seeking solutions for energy and waste management you begin to see how massive the market for the PAG will be."
Kinectrics, formerly a division of Ontario Hydro, is now an independent company formed to help the North American energy sector improve business performance through science and engineering. Based in Toronto, Kinectrics applies its expertise to generation, transmission, distribution, and industrial energy services. Kinectrics is also internationally renowned in the field of environmental engineering, including applications of plasma arc technology. www.kinectrics.com
Plasma Environmental Technologies Inc. is a Canadian public company that trades on the Canadian Venture Exchange (symbol: PE). PET develops and markets plasma-based systems for the safe and cost-effective destruction of hazardous and non-hazardous wastes. Plasma technology is a thermal, non-incineration process that destroys liquid, gaseous, and solid wastes by breaking apart their molecular bonds and reforming them into non-hazardous by-products or commodities for commercial use.
Some statements contained in this release are forward-looking and, therefore, involve uncertainties or risks that could cause actual results to differ materially. All statements, other than statements of historical fact, included in this release, including, without limitation, statements regarding future plans and objectives of the Company, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ any from the Company's expectations are disclosed under the heading "Risk Factors" and elsewhere in documents filed from time to time with the TSX Venture Exchange and other regulatory authorities.
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For more information:
Alex Falconer (416) 862-8243