International Power Group Ltd.'s Swedish Subsidiary Enters Into United Kingdom Joint Venture to Commercialize Add-Power Technolo
19 Fevereiro 2009 - 1:45PM
Marketwired
International Power Group (OTCBB: IPWG) today announced that its
wholly-owned subsidiary, IPWG Sweden AB, has entered into a binding
joint venture Heads of Agreement with Magnum Capital Partners of
the United Kingdom for the purpose of commercializing the Add-Power
technology. The agreement contemplates the parties entering into a
more definitive agreement within 60 days; the terms of the joint
venture Heads of Agreement are considered, by its terms, binding
upon both parties. The joint venture company, Add-Power UK, Ltd.,
will be 80 percent owned by IPWG Sweden, and 20 percent owned by
Magnum Capital Partners. Add-Power UK, Ltd. already has procured
the involvement of the New and Renewable Energy Centre ("NaREC") of
the United Kingdom to develop the Add-Power technology by scaling
up the design of the existing 250kW demonstrator to a 1 MW device.
NaREC receives its funding from One North East, which is a UK
governmental agency. Additional details will be released soon.
To view a copy of the press release issued by NaREC on February
13, 2009, please click on the following link:
http://www.narec.co.uk/main/st2874.
About NaREC
NaREC is an independent, cross-disciplined research and
development platform serving the energy industry worldwide. It was
established in 2002 as a Centre of Excellence for new and renewable
energy technologies. NaREC's capabilities and assets are the result
of over �30 million of investment from One North East, the North
East's Regional Development Agency, and the European Regional
Development Fund.
NaREC is a leading research and development platform for new,
sustainable and renewable energy technologies. Its unique range of
development, testing and consultancy services work to support the
evolving energy industry and transform innovative new technologies
into commercial successes.
In partnership with industry, NaREC is achieving new
breakthroughs in the design, deployment and commercialization of
sustainable energy technologies, shaping the future through
innovation.
About International Power
International Power Group is a leader in the development and
implementation of new cutting-edge technologies that maximize
recycling values while providing environmentally safe disposal of
solid waste and hazardous materials. Through the application of
these new technologies, solid wastes and hazardous materials can be
minimized to their maximum extent while producing significant
secondary benefits such as clean energy and clean water. Founded in
2004, IPWG is a publicly traded company, listed on the US OTC
market, and has established offices in the US, England, Sweden,
Mexico and Egypt.
IPWG brings extensive expertise and capabilities to the Joint
Venture in the areas of Waste to Energy ("WTE") project
development, power generation and systems engineering services and
developmental project management.
CONTACT: International Power Group, Ltd. John Benvengo
CEO/President Tel: 407-566-0318 www.i-pwg.com
International Power (CE) (USOTC:IPWG)
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