Thursday July 22, 8:30 am ET
PORTSMOUTH, N.H.–(BUSINESS WIRE)–July 22, 2004–Microgy Cogeneration Systems, Inc., a wholly owned subsidiary of Environmental Power Corporation (OTCBB: POWR – News), announced today that it had commenced construction on its third anaerobic digester system at Norswiss Dairy of Rice Lake, Wisconsin. The Norswiss project is the third facility in as many months to enter construction under Microgy’s relationship with Dairyland Power Cooperative. Like the two projects which commenced construction in May of this year, the Norswiss project will use manure from the farms 1,200 (approximate) dairy cows to create and supply biogas to a 775 KW generator, which can generate enough electricity to supply approximately 700 homes.
Microgy’s anaerobic digester systems provide farmers with a superior waste management solution that pays for itself over time by transforming organic waste into biogas that can be used to generate electricity or thermal energy, as well as useful by-products. Danish Biogas Technologies A/S has granted Microgy the exclusive North American rights to develop projects based on this technology.
Donald A. Livingston, President of Microgy, stated, “This latest installation will further demonstrate the ability of Microgy’s anaerobic digester systems to generate many times greater output than competing anaerobic digester technologies. We look forward to installing many more projects like this one.”
“The Microgy team continues to work hard and achieve great results in the execution of its business plan,” Kam Tejwani, President and Chief Executive Officer of Environmental Power, stated. “Pressing ahead with construction on its third project underscores Microgy’s commitment to developing highly efficient systems which are adaptable to a variety of market needs and yet can be standardized for scalability and efficient deployment.”
ABOUT ENVIRONMENTAL POWER CORPORATION
Environmental Power Corporation (OTCBB: POWR – News) is a leader in resource management and energy production technologies that serve multiple socially responsible markets. Its wholly-owned subsidiary, Microgy Cogeneration Systems, Inc., owns a license to a proprietary technology to convert manure and food industry wastes into biogas, providing a waste management solution with the potential to pay for itself by producing renewable energy and other residual products valuable to farmers and growers. For more information visit the company’s web site at www.environmentalpower.com.
CAUTIONARY STATEMENT
The Private Securities Litigation Reform Act of 1995 (the “Act”) provides a “safe harbor” for forward-looking statements. Certain statements contained in this press release such as statements concerning planned projects, statements regarding sales pipeline, backlog and revenue projections, statements containing the words “expects,” “estimates,” “anticipates,” “believes,” “projects” and variations thereof, and other statements contained in this press release regarding matters that are not historical facts are forward looking statements as such term is defined in the Act. Because such statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, uncertainties involving development stage companies, uncertainties regarding project financing, the lack of binding commitments and the need to negotiate and execute definitive agreements for the construction and financing of projects, financing and cash flow requirements and uncertainties, difficulties involved in developing and executing on a business plan, difficulties and uncertainties regarding acquisitions, technological uncertainties, risks relating to managing and integrating acquired businesses, unpredictable developments (including plant outages and repair requirements), the difficulty of estimating construction, development, repair and maintenance costs and timeframes, the uncertainties involved in estimating insurance and implied warranty recoveries, if any, the inability to predict the course or outcome of any negotiations with parties involved with Environmental Power’s or Microgy’s projects, uncertainties relating to general economic and industry conditions, the amount and rate of growth in expenses, uncertainties relating to government and regulatory policies, the legal environment, intellectual property issues, the competitive environment in which Environmental Power and Microgy operate and other factors, including those described in the Company’s most recent Annual Report on Form 10-K, most recent Quarterly Report on Form 10-Q, as well as other filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date that they are made. Environmental Power undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
——————————————————————————– Contact: Environmental Power Corporation Kam Tejwani, 603-431-1780 President and Chief Executive Officer ktejwani@environmentalpower.com or The Equity Group Inc. Devin Sullivan, 212-836-9608 dsullivan@equityny.com Adam Prior, 212-836-9606 aprior@equityny.com
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