VIASPACE Giant King Grass can be used in power plants to produce high-pressure steam that turns a turbine to produce 10 to 35 MW of electricity, or as a feedstock for anaerobic digestion power plants. The VIASPACE project in Nicaragua is a 12 MW plant using Giant King Grass.
VIASPACE CEO Dr. Carl Kukkonen stated, "Our congratulations go to Tibbar. Together we are pioneers in clean renewable energy in the Caribbean, and this project is a major step forward. You hear a lot about solar and wind energy and they have a significant role to play. But solar and wind are intermittent energy and can only play a marginal role because there is no way to store electricity on a large scale. Tibbar's project is base load power and integral to the islands grid."
Dr. Kukkonen continued, "VIASPACE has licensed the Giant King Grass to Tibbar and will receive license fee revenue for the duration of the 25 year Power Purchase Agreement. Because of its very high yield, Giant King Grass is a lower cost feedstock for Tibbar then other alternative feedstocks. Tibbar gets a reliable and well-characterized feedstock and saves money by paying the license fee to VIASPACE. The people of St. Croix get reliable clean electricity at a substantially lower cost than they are paying today. They also create jobs for their people and the money stays on St. Croix instead of going overseas to pay for oil. The planet gets lower carbon emissions. This is a unique win - win - win - win situation, and this is the model that VIASPACE is pursuing around the globe. We plan to replicate this model and build many Giant King Grass plantations integrated with power plants -- thus providing low cost, clean and renewable electricity for our customers and profits for our investors. We welcome inquiries from other countries and regions that can benefit from Giant King Grass based electricity today and from biofuels, biochemicals and biomaterials in the future."
VIASPACE Chairman, Dr. Kevin Schewe, commented, "We are extremely proud to be working with Tibbar Energy on St. Croix with this technologically-modern, carbon-neutral, green energy, 7MW anaerobic digestion power plant. VIASPACE Giant King Grass is the highest yielding, continuously renewable, biomass platform in the world and it is the perfect solution for the energy needs of tropical island nations or countries that depend on imported oil to create base power for local electricity. We at VIASPACE are very busy making the effort to show the world a new concept called: 'Growing Your Electricity'. We believe that, in the very near future, people from around the world will look at our projects in St. Croix and Nicaragua and recognize that they were the forerunners of a new wave of carbon neutral, continuously renewable, clean energy production that is second only to coal in cost effectiveness but carries the larger benefit of carbon neutrality. From a global benefit perspective, in lieu of using fossil fuels, every one of our future projects will have a positive impact on global warming. The timing is perfect for the adaptation and global expansion of our technology."
About VIASPACE Inc.
VIASPACE grows renewable Giant King 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.
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, 2012, and other factors over which VIASPACE has little or no control.
Dr. Jan Vandersande
Director of Communications
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