Innovative Energy forms joint venture to construct clean energy power plant
Nov 16, 2004 (Datamonitor via COMTEX)
Foundry to begin the engineering, development and operation of Innovative Energy's first power generation plant utilizing its in-house developed clean energy technology.
The finished plant will apply Innovative Energy Solutions' (iESi) clean energy technology to generate 12MW of power per hour for Norwood Foundry, which expects to market approximately 10MW of that power per hour to external entities.
Under the joint venture, iESi is responsible for the implementation of its revolutionary clean energy technologies, while Norwood will finance the project. The plant is slated to be fully operational by the third quarter of 2005.
It is expected that in excess of 80% of the power generated will be sold at a premium as "Green Power" energy. The revenue to be generated through the joint venture project is expected to exceed $6 million annually.
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