Environmental Power Corporation (Amex: EPG) announced decreased revenues of roughly 50% for the nine months ending September 30, 2007.
Revenues decreased by $882,000 to $886,000, as compared to $1.8 million for the same period in 2006.
The company says the decrease is due to a change in business models. Instead of selling anaerobic digester equipment to farmers, the company will now own and operate anaerobic digester facilities in the hopes of generating long-term gas or electric revenue streams.
The company has sold no equipment in 2007, compared to $1.2 million in sales in 2006.
The company reported a loss from continuing and discontinued operations for Q307 of $6.2 million, or $0.61 per common share, compared to a loss of $3.4 million, or $0.35 per common share, for Q306.
On November 5th, the company completed construction of its Huckabay Ridge facility. Management says it expects the facility will reach full capacity within the next few weeks. The facility is set to begin deliveries of its RNG® in October 2008 under a 10-year agreement with Pacific Gas and Electric. The facility currently exports RNG® to Lower Colorado River Authority.
ABOUT ENVIRONMENTAL POWER CORPORATION
Environmental Power Corporation is a developer, owner and operator of renewable energy production facilities. Its principal operating subsidiary, Microgy, Inc., holds an exclusive license in North America for the development and deployment of a proprietary anaerobic digestion technology for the extraction of methane gas from livestock wastes and other organic waste for its use to generate energy.
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