Clenergen Corporation
CLENERGEN CORPORATION SIGNS AGREEMENT WITH YUKEN INDIA LIMITED TO INSTALL A 4 MW/h GASIFICATION POWER BIOMASS PLANT
Clenergen Corporation / Key word(s): Contract 16.11.2010 15:10 --------------------------------------------------------------------------- Chennai, India, November 16, 2010: Clenergen Corporation (OTC:CRGE - BOERSE FRANKFURT: 9CE) today announced that it has executed a Memorandum of agreement with Yuken India Limited (BSE: 522108) (for the installation of a 4 MW/h gasification biomass power plant (the 'Plant')operating on gas engines at their manufacturing facility near Bangalore, India. The plant will provide Yuken a secure and sustainable supply of renewable electricity on site. Yuken was set up in 1976 under a technical and financial collaboration with Yuken Kogyo Company Limited, Japan, for the manufacturer of oil hydraulic equipment. In the last 29 years, Yuken has achieved one of the fastest growth rates in the Indian oil hydraulics industry. A special purpose vehicle, which will be a 100% subsidiary of Clenergen India Private Limited, a wholly owned subsidiary of Clenergen Corporation, will be set up to own and operate the plant and to enter into a minimum 15 year power purchase agreement ('PPA') to supply Yuken with up to 2.5MW/h of power, with the balance of electricity generated being sold to the state electricity board or other parties.. It is intended that the Plant will be installed and operational within 10 months upon signing of the PPA and other final documentation. Clenergen India will lease up to 800 acres of currently non arable land near the Yuken's site in order to grow its proprietary high yielding species of bamboo as a source feedstock for the Plant. Commenting on the agreement, Mark Quinn, Executive Chairman of Clenergen Corporation said 'The signing of this agreement represents an important expansion into the mining and manufacturing markets where security of uninterrupted and cost effective supply is critical to production requirements. The cost savings created from the cultivation of our own biomass feedstock allow us to supply electricity at a price lower than the current market prices and extend our vertical market penetration into these market sectors'. About Clenergen Corporation Clenergen Corporation is a publicly-traded company with its common stock quoted in the USA on the OTC Market (Symbol: CRGE) and in Germany on the First Quotation Board, Open Market of the Frankfurt Stock Exchange (Symbol : 9CE) Clenergen offers strategic clean energy generation and supply of biomass feedstock to address the requirement for renewable and sustainable supplies of electricity. Clenergen has developed a unique modular system for gasification and localized plantation management. Clenergen also plans to provide biomass feedstock for producing wood pellets for co firing with coal to produce low emission electricity. Clenergen Corporation uses biomass feedstock to implement sustainable supplies of clean energy for captive end users, islands, mining companies, government or privately-owned power grid systems and other end users. The 'Distributed Environmental Power System' marries significant proprietary advancements in plant science with proven long standing engineering technologies to achieve this goal. For further information on Clenergen Corporation and its products and services, go to: www.clenergen.com. Notice Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 (the 'Securities Act') and Section 21E of the Securities Exchange Act of 1934 (the 'Exchange Act'). To the extent that any statements made in this press release contain information that is not historical, these statements are essentially forward-looking. Forward-looking statements can be identified by the use of words such as 'expect,' 'plan,' 'will,' 'may,' 'anticipate,' 'believe,' 'should,' 'intend,' 'estimate,' and variations of such words. Forward-looking statements are subject to risks and uncertainties that cannot be predicted or quantified and, consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, those risks and uncertainties contained in this press release and those identified in the periodic reports that the company files with the Securities and Exchange Commission (the 'SEC') pursuant to the Exchange Act. Jessica Hatfield Clenergen Corporation Mail: jhatfield@clenergen.com Tel: 0044 (0)207 739 0028 Fax: 0044 (0)207 657 3275 www.clenergen.com 16.11.2010 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de ---------------------------------------------------------------------------
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