GUELPH, ON--(Marketwire -05/09/12)- W2 Energy, Inc. (WTWO.PK) is pleased to announce that its Joint Venture Partner W2H Luxembourg Holdings SA (referred to as "W2H") has signed a Joint Venture with Dubai based EGM World LLC (referred to as "EGM").
The Agreement calls for the immediate development of a demonstration plant in Dubai for the testing of EGM's fuels with W2 Energy's technology. The Agreement also calls for a binding financial commitment of (USD) 10 million dollars from EGM for joint development projects once successful results and operations begin.
Immediate plans are for the successful refurbishment of five biomass power plants in Germany, the joint development of 10 ton/day prototype plants in the UAE and GCC in order to produce synthetic EGM fuels from carbon based waste materials (biomass, plastics, old tires) and coal for power production and 10 ton/day power plants in Durban, Botswana and Zimbabwe where the various municipalities have already declared their strong interest and offered power purchase agreements for power produced by these plants.
Additional plans call for the joint development of a 150 KW demo plant in Austria, a standalone fast deployable container-based energy systems for power and fuel production, and a prepaid OFF grid system with small 5-10KW/h W2H generator sets and EGM bio-oil (fuel) for rural area electrification in order to increase quality of life for the approximate 1.5 billion people who currently live without power.
Karl Georg Neubacher, Chairman of W2H Luxembourg SA, stated, "We are very excited about our joint venture with EGM and the prospects for both our companies. With the integrated system from W2 Energy's technologies and EGM's fuel enhancement technology, we now have the ability to produce some of the cleanest fuel on the planet." He also stated, "With our new W2 Energy/EGM synthetic fuel, we plan on reaching the emission standards signed in the Kyoto Protocol for the year 2050 today, bringing affordable power to rural areas without grid connections, while providing a solution for the World's rapidly rising waste problem by turning the waste into useful, clean, affordable energy."
Michael McLaren, W2 Energy President and CEO, stated, "We view this recent joint venture as a monumental event for our companies. EGM is a well-funded organization that is considered a leader in their industry. Their vast resources and contacts on a global level will help substantiate W2 Energy's presence in the global green energy arena. We along with our JV partner W2H look forward to establishing a long term symbiotic relationship with EGM."
For more information on EGM please see: www.egm-world.com
About W2 Energy:
W2 Energy Inc. develops renewable energy technologies and applies it to new generation power systems. Specifically, W2 Energy's plasma assisted biomass to energy plants utilize state of the art technologies to produce green energy both fuel (sulfur free diesel) and electricity at the most efficient cost in capital investment and production per/barrel, per/Megawatt. W2 Energy Inc. has seasoned management, cutting edge technology and owns a large technology portfolio of patents and know-how that has been extensively validated and ready for commercial production.
For more information on W2 Energy please see: www.w2energy.com
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of W2 Energy, Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond W2 Energy, Inc.'s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in W2 Energy, Inc.'s filings with the Securities and Exchange Commission.
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