LAS VEGAS, NEVADA--(Marketwired - Sep 23, 2013) - GEI GLOBAL ENERGY CORP (GEIG) September 23, 2013 announced today that the Company has entered into a Letter Of Intent (LOI) with Owl Eco Group, "the developer" to build a 100 Megawatt Power Plant located in Western Pennsylvania, within the massive Marcellus shale natural gas fields. Owl Eco Group would like to generate electrical power using GLOBAL ENERGY CORP'S innovative technology and will include a dedicated natural gas well drilled specifically for GEI.
The project will be comprised of 1,000 individual 100 kW natural gas fueled HTPEM fuel cell power systems with a project budget of approximately $470 million dollars with an estimated $94 million in profit to GEI GLOBAL ENERGY CORP.
Ron Monat, Director Of Renewable Energy Group for COMMERCIAL REAL ESTATE SERVICES (CBRE) (CBG) has expressed his Company's interest for the project in the form of a Letter Of Intent to Owl Eco Group. The Letter Of Intent to Owl Eco Group states CBRE is interested in providing all of the necessary funding for the project. CBRE is the world's largest commercial real estate services and investment firm. (In terms of 2012 revenue)
CBRE offers project financing via privately-placed bonds with institutional investors to provide a loan or lease structure offering financing at "below market".
Dr. K. Joel Berry, CEO and Chairman of GEI GLOBAL ENERGY CORP stated: "Since our fuel cell technology is scalable and stackable by design it enables us to provide Fuel Cell technology for very large size power plants. We are very enthusiastic about providing our Fuel Cell technology to Owl Eco Group. 100 Mega Watts will certainly mark us as the dominant player in the world to provide Fuel Cell System technology for large scale power plants. A 100 MW power plant would currently be the largest fuel cell power plant in the World."
Dr. K. Joel Berry continued to say: "A power plant of this size will take some time to ramp up and organize. We are optimistic that GEI will start construction for this project by the end of 2014."
GEI can build fuel cells ranging from 2kW-100kW and since the Company has the ability of stacking the fuel cells like building blocks it can build fuel cell power plants that are multi-megawatts in size. The GEI commercial potential is unlimited and will focus much of their attention on the large scale power utilities worldwide as it has the ability to become both a technology game changer and a market leader.
The GEI fuel cell system can operate on a number of fuel sources such as natural gas, methane, propane and bio fuels. Since GEI's fuel cells can leverage the existing logistic fuel infrastructure, the Company is very unique within the Industry. Fuel sources such as natural gas are cheap and abundant worldwide; this will enable GEI to be very competitive. Since the GEI X5 'brand' fuel cell system is scalable and stackable, it enables the Company to become a market leader in every category of the fuel cell industry and has the potential to create entirely new markets and categories.
The GEI fuel cell system provides 24-7 primary power for homes and buildings and is paramount due to very restrictive offerings from other companies with only back-up power (due to fuel restrictions) or power to one singular application (due to technology restrictions). The GEI X5 core strategy is to avoid providing a "niche" technology for a "niche" application, but rather provide a robust and scalable systems technology applicable across multiple platforms that allow high volume cost reductions and savings in design and manufacturing cost. There are currently 3 patents that protect this technology and the Company plans with several more to be filed before the end of 2013.
ABOUT CBRE: CBRE Group, Inc. (CBG) is a Fortune 500 and S&P 500 company headquartered in Los Angeles, USA. CBRE is the world's largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. (www.cbre.com)
ABOUT OWL ECO GROUP: Owl Eco Group led by Ronnie Garcia is a private USA based project developer. Owl Eco Group has organized a consortium of companies that are involved in the manufacturing, research & development, and construction of water and alternative energy plants.
ABOUT: GEI GLOBAL ENERGY CORP. and our brand, the GEI X5 Fuel Cell System is a revolutionary and smart, multi-fuel, clean, silent, and affordable fuel cell auxiliary electric power generation system for residential, commercial, military, and industrial electric applications. Our unique scalable modular technology allows power systems from 2 kW to several hundred Megawatts. Our power systems employ a superior technology that conserve earth's natural resources, improve people's quality of life, and assures energy security.
For more information visit our Website: (http://www.geiinvestor.com).
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of our exploration program at our properties and any anticipated future production. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mining exploration companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
- Renewable Energy & Energy Saving
- Investment & Company Information
- fuel cell technology
Dr. K. Joel Berry
CEO AND CHAIRMAN