Clenergen Corporation is a publicly-traded company with its common stock quoted in the USA on the OTCQB Market (Symbol: CRGE) and in Germany on the First Quotation Board, Open Market of the Frankfurt Stock Exchange (Symbol : 9CE).
The company in December last year had announced the signing of an agreement, to Operate a 27MW Biomass Power Plant that is expected to be fully operational by first quarter 2011.
The company had earlier entered into an agreement with Yuken India Limited to Install a 4 MW/h Gasification Power Biomass Plant operating on gas engines at their manufacturing facility in Bangalore, India. The company had been in the news in May last year for acquiring 5000 acres on a long lease for a 32 MW project and had gotten into contracts for plantation trails for the same.
Clenergen Corporation uses biomass feedstock to implement sustainable supplies of clean energy for captive end users, islands, mining companies, government or privately-owned power grid systems and other end users. The “Distributed Environmental Power System” marries significant proprietary advancements in plant science with proven long standing engineering technologies to achieve this goal.
Clenergen Corporation (OTCQB:CRGE)(FRANKFURT:9CE) is seeing an increased demand for electricity in India, Africa, and the Philippines, which has resulted in a surge of business opportunities for its operations. The acute shortage of electricity during both off peak and peak times is resulting in companies and municipalities turning to alternative energy sources and independent power producers to supply electricity.
India is seeing the largest increase in demand, as large manufacturers and retailers are moving towards direct Power Supply Agreements, resulting in electricity prices reaching 15 cents per KW/h during peak times. Clenergen India has entered into a number of supply agreements including Tata coffee, Coca Cola and Titanium Watches.
Commenting on these recent developments, Mark Quinn, Executive Chairman of Clenergen, said “The growth potential in the emerging markets provides Clenergen a key competitive advantage through the direct cultivation of energy crops to supply biomass for power generation. These key markets are climatically suited for the cultivation of our propriety bamboo which by the fourth year will start yielding over 40 tons per acre and annually thereafter for 50 years at a cost lower than the current price of coal, solar and wind suppliers.”