Global PoleTrusion Group Corp. Announces Biomass Energy Project in Panama
NORTH RANDALL, Ohio, November 1, 2018 (Newswire.com) - Global PoleTrusion Group Corp. (GPGC Pink Sheets) announces a new biomass-based energy generation project in Chiriquí, Panama. With an initial capacity of 5 MW, the power plant will use palm oil extraction residues (biomass) to generate electricity.
Los Santos Energy Corp., a Panamanian company that is 80 percent owned by GPGC, has signed a letter of intent with Renewable Energy Holdings Corp., a company that develops, builds and operates solar plants for Panama’s national energy network. Los Santos Energy Corp. will build the biomass power plant to provide Renewable Energy Holdings Corp. with a new source of renewable energy, allowing them to offer hybrid generation that will give them greater flexibility in serving their customers. GPGC will also design and manufacture composite poles for the energy transmission infrastructure. The palm oil extraction residues will be obtained from the Cooperativa de Productores de Palmas COOPEMAPACHI, R.L. (www.coopemapachi.com).
Ramiro Guerrero, president of GPGC, recently met with the management team of Renewable Energy Holdings Corp. They are now finalizing the details of the project and the power purchase agreement (PPA). Mr. Guerrero says, “This is an exciting project for us because it is well-aligned with our goal of providing innovative and environmentally friendly energy and infrastructure setups for utility companies.”
In addition to being renewable and abundant, biomass energy sources can generally be considered carbon neutral, as the energy conversion process does not contribute new CO2 to the atmosphere. The same CO2 that was absorbed by the plant during photosynthesis is released during the energy transformation process.
The initial cost of the project is $13 million USD; it is expected to provide gross annual revenues of $3.5 million with operating expenses of $1.1 million. GPGC is currently in the process of securing financing for this project through Polaris Capital Power Inc. (www.polariscapitalpower.com). This is expected to take place before the end of 2018.
Ramiro Guerrero was recently interviewed by Everett Jolly at Uptick Newswire, where they discussed the design and manufacture of composite electrical poles and how this innovative technology can create superior value within numerous projects in their pipeline. Click this link to listen to the interview: https://upticknewswire.com/featured-interview-president-ramiro-guerrero-of-global-pole-trusion-group-corp-otcpink-gpgc.
About Global PoleTrusion Group Corp.
GPGC provides composite utility poles and transmission structures that outperform their steel, wood and concrete counterparts. They are stronger, lighter, easier to install and environmentally safe. With its advanced engineering and manufacturing capabilities, GPGC is at the forefront of providing creative, effective, solutions to address the needs of utility companies. For more information, please visit www.globalpoletrusiongroup.com.
PoleTrusion Canada is GPGC’s engineering division. They create the latest state-of-the-art composite structures, custom-designed based on the needs of their clients. The company is part of the Advanced Composite Materials for Civil Structures Chair at the University of Sherbrooke. Dr. Benmokrane, a director of the Chair, is on the technical board at GPGC.
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.
Source: Global PoleTrusion Group
Categories: Civil Engineering