CALGARY,
March 12, 2014 /CNW/ - EmberClear
Corp. (TSXV: EMB) ("EmberClear" or the "Company") announced today
that it has formed a 50:50 partnership (the "Partnership") with Tyr
Energy, Inc. ("Tyr Energy"), a subsidiary of ITOCHU Corporation, to
complete the development of the Good Spring I & II natural gas
combined cycle ("NGCC") power plants. The projects are located in
Schuylkill County, northeastern
Pennsylvania and each project is
planned to produce 337 Megawatts of electricity for the PJM
electricity market.
Pursuant to the terms of the Partnership, Tyr
Energy has purchased a 50% stake in the Good Spring I & II NGCC
power projects with an option to buy the remaining 50% interest in
each project when construction on each begins. "Tyr Energy
recognized an opportunity to own competitively positioned gas
combined cycle power plants to serve the growth markets of eastern
Pennsylvania and New Jersey," said Jeff
Corder, Senior Vice President, Tyr
Energy.
Good Spring I is in the final stages of
development and may begin construction as early as June 2014. "EmberClear's development capability
and Tyr Energy's power origination and portfolio management
expertise will create a great platform to grow in the emerging
Marcellus gas play and other fast developing energy markets.
The use of abundant natural gas with a high efficiency power plant
assures that low cost reliable power can benefit the region.
The projects have the potential to create hundreds of jobs and
establish a new incentive for companies to locate in the
Schuylkill County area," said
Nick Cohen, Chief Operating Officer,
EmberClear.
About EmberClear
EmberClear is an energy developer focused on low emission
commercial scale projects primarily in North America. Developing facilities using
natural gas as inputs to create electricity or transportation fuels
characterizes our plants. We utilize our proven expertise in
permitting, site control and engineering feasibility to develop
projects that are sold to investors interested in purchasing,
constructing and operating such energy projects. EmberClear is
developing gas to liquids (GTL) and gas to power (NGCC) generating
facilities in North America. Our
NGCC Projects benefit from a favorable geographic location that
offers access to abundant natural gas reserves and a power market
that is served primarily by older, coal fired, electric generation
facilities, expected to be phased out over time. EmberClear
also holds surface and mineral rights in Schuylkill County, Pennsylvania. This property
is situated in the Southern Anthracite coalfield of eastern
Pennsylvania, USA. Mineral rights
held by the company include Anthracite/PCI coal suitable for the
steel making industry. EmberClear's shares are listed on the TSX
Venture Exchange under the trading symbol "EMB". For more
information, please visit www.emberclear.com
About Tyr Energy, Inc.
Based in Overland Park, Kansas,
Tyr Energy, Inc. is wholly-owned by ITOCHU Corp. and ITOCHU
International Inc. Tyr Energy represents the North American
cornerstone of the ITOCHU global Independent Power Projects (IPP's)
strategy. The company and its affiliates own equity interests in 12
IPP's located in Alabama,
Colorado, Georgia, Idaho, Minnesota, Oklahoma, Oregon, Texas, Virginia and Wisconsin, with total gross capacity of over
7,000 MW. For more information, visit www.tyrenergy.com.
Forward-Looking Statement
Disclaimer
Certain statements contained in this document
constitute forward-looking statements or information (collectively
"forward-looking statements") within the meaning of applicable
securities legislation. Forward-looking statements are typically
identified by words such as "anticipate", "continue", "estimate",
"expect", "forecast", "may", "will", "project", "could", "plan",
"intend", "should", "believe", "outlook", "potential", "target",
"seek", "budget", "predict", "might" and similar words suggesting
future events or future performance. All statements other than
statements of historical fact may be forward-looking
statements. In particular, this document contains
forward-looking statements pertaining to, without limitation, the
following: our intention and ability through a 50:50 partnership to
complete Good Spring I and II natural gas combined cycle ("NGCC")
337 MW power plants and economically create power from natural gas;
the intention to tie the power into the PJM electricity market; our
ability to progress the NGCC power plant to the construction stage
and sell the remaining 50% stake to TYR; the potential to begin
construction as early as June 2014;
the NGCC plants will have access to affordable natural gas; the
high efficiency power plant will produce low cost, reliable power;
and the NGCC projects have the potential to create hundreds of
jobs. With respect to forward-looking statements contained in
this document, we have made assumptions regarding, among other
things, the following: the timing of construction; the economic
impact on the region; estimates of employment opportunities; access
to affordable natural gas; the economic viability and performance
of the NGCC power plants; favourable market conditions for natural
gas power plants; positive trends in capital markets for natural
gas projects; stable investment conditions in North America; and the production of two
plants at 337 MW each into the PJM market. Although we
believe that the expectations reflected in the forward-looking
statements contained in this document, and the assumptions on which
such forward-looking statements are made, are reasonable, there can
be no assurance that such expectations will prove to be correct.
Readers are cautioned not to place undue reliance on
forward-looking statements included in this document, as there can
be no assurance that the plans, intentions or expectations upon
which the forward-looking statements are based will occur. By their
nature, forward-looking statements involve numerous assumptions,
known and unknown risks and uncertainties that contribute to the
possibility that the predictions, forecasts, projections and other
forward-looking statements will not occur, which may cause our
actual performance and financial results in future periods to
differ materially from any estimates or projections of future
performance or results expressed or implied by such forward-looking
statements. These risks and uncertainties include, among
other things, the following: the possibility that EmberClear will
not have the financial or other resources to co-develop the NGCC
power plants; and, the possibility that EmberClear will not be able
to take advantage of the market trends such as the availability and
price of natural gas and electricity pricing. Readers are cautioned
that this list of risk factors should not be construed as
exhaustive. The forward-looking statements contained in this
document speak only as of the date of this document. Except as
expressly required by applicable securities laws, we do not
undertake any obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. The forward-looking statements
contained in this document are expressly qualified by this
cautionary statement.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
SOURCE EmberClear Corp.
