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Share Name | Share Symbol | Market | Type |
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Viaspace Inc (CE) | USOTC:VSPC | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.000001 | 0.000001 | 0.000001 | 0.000001 | 350 | 01:00:00 |
WALNUT, Calif., Feb. 9, 2015 /PRNewswire/ -- VIASPACE Inc. (OTC: VSPC) announced that the comprehensive, independent feasibility study conducted by Pelican SA of the 12 MW biomass power plant and co-located 834 hectare (2,060 acre) Giant King® Grass plantation project in Nicaragua has been completed. The feasibility study addresses the technical and economic issues of both the plantation and power plant, including connection to the Nicaraguan power grid.
The six month feasibility study is 147 pages long, plus major appendices. It is now being provided on a confidential basis to bankers and potential investors in the project. Energia Reino Verde (Green Kingdom Energy in English) is the special-purpose company formed to own and operate the Nicaragua power plant and plantation.
Summary and Conclusions of the Feasibility Study
The proposed integrated Energia Reino Verde 12 MW biomass power plant and co-located Giant King Grass (GKG) plantation is both feasible and bankable. In addition to GKG, the power plant will be fueled by rice husk as a secondary fuel and rice straw as a backup fuel.
This conclusion is based on an extensive review of the agriculture plan, fuel logistics, power plant technology, grid interconnection plan, construction costs and operations. Environmental, permitting and legal issues were also examined.
The main conclusions of the feasibility study are:
VIASPACE CEO, Dr. Carl Kukkonen, stated, "We are pleased that the Pelican SA feasibility study has formally validated the technical and business case for our Energia Reino Verde power plant integrated with the Giant King® Grass plantation. We believe that we have all of the bases covered and the potential risks have been mitigated.
Kukkonen continued, "The Energia Reino Verde power plant project will produce 84GWh of saleable renewable and low carbon electricity per year for a project life of 25 years. This will be a flagship project and VIASPACE plans to replicate similar projects worldwide."
VIASPACE Chairman, Dr. Kevin Schewe, commented, "VIASPACE Inc. (VSPC) and investors and executives of Agricorp are the project developers and equal shareholders in Energia Reino Verde. Equity investors will also be shareholders. All future profits from Energia Reino Verde will accrue to VIASPACE proportional to VIASPACE's ownership. In addition, VIASPACE will receive Giant King Grass license revenues from Energia Reino Verde as the Giant King Grass is harvested to fuel the power plant during the 25 year project life. This is the preferred business model that VIASPACE seeks to develop with its renewable energy power plant partners."
Dr. Schewe concluded, "The Nicaraguan government policy is to move to 97% renewable energy and low carbon fuels before 2030. This project fits perfectly into their planning strategy as they are looking for reliable base load electricity and projects that can provide regulation and capacity services. Our Nicaraguan and Agricorp partners have shown tremendous leadership, initiative and diligence to move this renewable and carbon-neutral 12 MW power plant project forward and we feel very fortunate to be an integral component of such a strong team."
About VIASPACE Inc.
VIASPACE grows renewable Giant King® Grass as a low-carbon fuel for clean electricity generation; for environmentally friendly energy pellets; and as a feedstock for bio-methane production and for green cellulosic biofuels, biochemicals and biomaterials. Giant King® Grass is a proprietary, high yield, dedicated biomass energy crop. Giant King® Grass when it is cut frequently at 4 to 5 feet tall is also excellent animal feed. The USDA granted approval for planting Giant King® Grass throughout the US and cooperates in exporting by performing the required inspections and issuing the phytosanitary certificate needed for import into foreign countries. Giant King® Grass is being grown in California, Hawaii, St. Croix Virgin Islands, Nicaragua, South Africa, China, Myanmar, Pakistan, Philippines and Guyana. For more information, please go to www.VIASPACE.com or contact Dr. Jan Vandersande, Director of Communications, at 800-517-8050 or IR@VIASPACE.com.
Safe Harbor Statement
Information in this news release includes forward-looking statements. These forward-looking statements relate to future events or future performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by these forward-looking statements. Such factors include, without limitation, risks outlined in our periodic filings with the U.S. Securities and Exchange Commission, including Annual Report on Form 10-K for the year ended December 31, 2013, and other factors over which VIASPACE has little or no control.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/independent-feasibility-study-conclusion---12-mw-giant-king-grass-biomass-power-plant-in-nicaragua-is-both-technically-feasible-and-financeable-300032680.html
SOURCE VIASPACE Inc.
Copyright 2015 PR Newswire
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