World's First BioOil Powered Cogeneration Facility Delivers Power to Ontario Grid; West Lorne BioOil Cogen Project Delivers Green Energy
VANCOUVER, British Columbia, Jun 28, 2005 -- BUSINESS WIRE
DynaMotive Energy Systems Corporation (OTCBB: DYMTF) and Magellan Aerospace Corporation have commenced power generation in West Lorne, Ontario utilizing BioOil produced at the facility. Power was generated, as part of the demonstration phase of the West Lorne BioOil Cogeneration Project, from Magellan Aerospace, Orenda division's OGT2500 gas turbine, and delivered to the Ontario energy grid. The BioOil fuelled turbine successfully established comparable performance to that of natural gas and diesel. This marks the world's first BioOil fuelled gas turbine to generate power at a combined heat and power facility.
The integration of DynaMotive's and Orenda's technology opens significant opportunities for both companies in green power generation, particularly in distributed power. DynaMotive has focused its efforts on the development of biomass conversion technology and fuel development, while Magellan Aerospace developed the proprietary fuel handling and fuel combustion systems to run on bio fuels. DynaMotive's fuel was extensively tested between January and May of 2004 and is the only pyrolysis fuel to date to be proven to meet quality, efficiency and emission standards for commercial operation.
The West Lorne BioOil Cogeneration Project is partially funded with a Cdn $5 million contribution from Sustainable Development Technology Canada (SDTC) to develop and demonstrate DynaMotive's fast pyrolysis technology. Additional support was leveraged from consortia partners. SDTC is a foundation created by the Government of Canada that operates a Cdn $550 million fund to support the development and demonstration of clean technologies that address issues of climate change, clean air, water and soil quality.
DynaMotive's BioOil is produced using patented technology that converts forest and agricultural wastes such as bark, sawdust and sugar cane bagasse into a liquid fuel. Unlike fossil fuels, BioOil is renewable, clean burning, low in emissions and is greenhouse gas neutral. As a clean fuel for power generation in gas turbines, diesel engines and boilers, BioOil presents significant market opportunities that DynaMotive intends to exploit commercially, upon proof of success of the technology with the West Lorne BioOil Cogeneration Project. The Company and its partners are also engaged in research and development on a range of derivative products that, if successful, would further enhance the market and value for BioOil as an alternative fuel and product source.
About Orenda
Orenda is a division of Magellan Aerospace Corporation, one of the world's most integrated and comprehensive aerospace industry suppliers. Magellan is a public company whose shares trade on the Toronto Stock Exchange (TSX: MAL), with operating units throughout Canada, the United States and the United Kingdom. Orenda has an established reputation in power and propulsion technologies, with core competencies in gas turbine engine repair and overhaul, component manufacturing for turbine OEMs, industrial power packages and advanced energy systems.
About SDTC
SDTC is a foundation created by the Government of Canada that operates a Cdn $550 million fund to support the development and demonstration of clean technologies that address issues of climate change, clean air, water and soil quality. These solutions deliver environmental, economic and health benefits to Canadians. An arm's length, not-for-profit corporation, SDTC works with private, financial, academic and public sectors and with the Government of Canada to build a sustainable development technology infrastructure in Canada.
About DynaMotive
DynaMotive is an energy systems company focused on the development of innovative energy solutions based on its patented fast pyrolysis system. Through the application of fast pyrolysis, DynaMotive unlocks the natural energy found in the world's abundant organic resources traditionally discarded by the agricultural and forest industries. DynaMotive's technology economically converts biomass into a renewable, environmentally friendly fuel. DynaMotive has successfully demonstrated conversion of these residues into fuel known as BioOil, as well as char.
Forward Looking Statement
Statements in this news release concerning the company's business outlook or future economic performance; anticipated profitability, revenues, expenses, or other financial items; and statements concerning assumptions made or expectations as to any future events, conditions, performance or other matters, are "forward-looking statements" as that term is defined under the Federal Securities Laws.
Forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from those stored in such statements. Such risks, uncertainties and factors include, but are not limited to: disappointing plant production at a rate or of a quality which falls significantly below expectations and results in a material shortfall from the expected economic value, changes and delays in product development plans and schedules, customer acceptance of new products, changes in pricing or other actions by competitors, patents owned by the Company and its competitors, and general economic conditions, as well as other risks detailed in the Company's filings with the Securities and Exchange Commission.
SOURCE: DynaMotive Energy Systems Corporation
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