St. Croix Giant King Grass-Fueled Electric Power Plant Design Approved by Public Services Commission
20 Dicembre 2012 - 2:45PM
VIASPACE Inc. (OTCQB:VSPC) today announced that on Tuesday,
December 18, 2012, the St. Croix Public Services Commission (PSC)
voted to approve Tibbar Energy's facility design for a 6MW
anaerobic generator that uses VIASPACE's proprietary Giant King™
Grass as the source of continuously renewable green energy fuel.
The story was carried by the "St. Croix Source" publication on
Wednesday, December 19, 2012 and is quoted below:
"A plan to grow 1,500 acres of hybrid Giant King Grass on St.
Croix and convert it to bio-fuel for generating electricity took a
step forward Tuesday night when the Public Services Commission
approved Tibbar Energy USVI's application for facility design.
By a vote of 4-0 with two absent, the PSC approved the
application at its monthly meeting on St. Thomas with St. Croix
commissioners Sirri Hamad and Joseph San Martin joining newly
elected Commission Chairman M. Thomas Jackson and Vice-Chairwoman
Elsie V. Thomas-Turton via teleconference to form a quorum.
Tibbar Energy owner Tanya Coleman and legal counsel Kevin A.
Rames presented an overview of the company and adding that Giant
King Grass is a fast-growing, high yield grass that is neither
genetically modified nor invasive.
The Tibbar representatives told the commission the grass does
not compete with other crops, is similar to sugar cane and uses a
high-nutrient fertilizer water which will not
deplete the soil. Farmers will be provided with free
fertilizer.
Tibbar plans to create 40 new jobs in the project, they said,
and hopes to harvest 500 to 600 tons a day, running the grass
through an anaerobic generator which can produce up to seven
kilowatts per hour. Tibbar is pursuing a contractual rate with the
Water and Power Authority, Coleman said, adding that Tibbar 'can
begin to provide power by Jan. 1, 2014.' "
VIASPACE Chairman, Dr. Kevin Schewe, commented: "We are
certainly pleased to report that our partnership with Tibbar Energy
to fuel a clean-energy 6MW anaerobic power plant with Giant King
Grass on St. Croix is progressing on schedule. Our business model
is to collect regular, predictable license fees as Giant King Grass
is harvested by our customers over the life of their projects, and
in this case, over a 20 year time frame. In this 1,500 acre project
using high-yielding Giant King Grass, we hope to harvest
500-600 tons of Giant King Grass per day and the
harvesting is scheduled to begin in St. Croix in 2013. We are
actively engaged in significantly larger acreage projects and in
projects that we expect to serve as co-developer of the power plant
where, in addition to our license fees, we could also generate
recurring revenue from the sale of local electricity. We are
genuinely excited about the pace and extent of our corporate
progress as we head into 2013."
About VIASPACE Inc.
VIASPACE grows renewable Giant KingTM Grass as a low-carbon fuel
for clean electricity generation; for environmentally friendly
energy pellets; and as a feedstock for bio-methane production and
for green cellulosic biofuels, biochemicals and biomaterials. Giant
King Grass is a proprietary, high yield, dedicated biomass clean
energy crop that does not compete with or displace food production.
For more information, please go to www.VIASPACE.com or contact Dr.
Jan Vandersande, Director of Communications, at 800-517-8050 or
IR@VIASPACE.com.
The VIASPACE Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=15154
Safe Harbor
Statement
Information in this news release includes forward-looking
statements. These forward-looking statements relate to future
events or future performance and involve known and unknown risks,
uncertainties and other factors that may cause our actual results,
levels of activity, performance or achievements to be materially
different from those expressed or implied by these forward-looking
statements. Such factors include, without limitation, risks
outlined in our periodic filings with the U.S. Securities and
Exchange Commission, including Annual Report on Form 10-K for the
year ended December 31, 2011, and other factors over which VIASPACE
has little or no control.
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