Environmental Power Corp.'s Microgy subsidiary reports additional digester project agreement
Environmental Power Corp. announced that its subsidiary, Microgy Cogeneration Systems, Inc., has executed an agreement under which Daley Farms Dairy, LLC will purchase a Microgy digester system to generate renewable energy by processing manure produced at its dairy operations in Pine Island, Minnesota.
PORTSMOUTH, N.H., Feb. 2, 2004 -- Environmental Power Corp. announced that its subsidiary, Microgy Cogeneration Systems, Inc., has executed an agreement under which Daley Farms Dairy, LLC will purchase a Microgy digester system to generate renewable energy by processing manure produced at its dairy operations in Pine Island, Minnesota.
With the execution of this agreement, Microgy has increased its backlog of documented transactions to $8.7 million.
Environmental Power is a provider in resource management and energy production serving multiple socially responsible markets. Microgy, its wholly owned subsidiary, owns a license to a proprietary technology to efficiently convert manure and food industry wastes into biogas, thereby 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.
As with earlier agreements with several Wisconsin farms, the Daley Farms agreement is part of Microgy's continuing efforts under its relationship with Dairyland Power Cooperative, whose Board of Directors has approved the Daley Farms project. Microgy's agreement with Daley Farms also provides Microgy with the right to operate and maintain the digester for the duration of its operational life.
Andy Livingston, Microgy's President, stated, "The execution of the agreement with Daley Farms not only demonstrates our continuing success in the execution of our business plan, but particularly excites us because it is our first entry into Minnesota, which we believe will be an important market for our technology."
ABOUT ENVIRONMENTAL POWER CORPORATION
Environmental Power Corporation (OTCBB: POWR) is an entrepreneurial energy company established in 1982 with annual revenues in excess of $50 million. The company focuses on environmentally sound power generation and anaerobic digestion systems. For more information visit the company's web site at www.environmentalpower.com