Exhibit 99
NEWS RELEASE ENVIRONMENTAL POWER CORPORATION
www.environmentalpower.com
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One Cate Street
Portsmouth, NH 03801
[GRAPHIC REMOVED HERE]
INVESTOR CONTACT: MEDIA CONTACT:
R. Jeffrey Macartney Richard Mulieri
Chief Financial Officer and Treasurer The Torrenzano Group
603-431-1780 212-681-1700, ext. 125
jmacartney@environmentalpower.com mailto:rmulieri@torrenzano.com
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FOR IMMEDIATE RELEASE
ENVIRONMENTAL POWER CORPORATION TO PROVIDE WISCONSIN FARMERS WITH
PROFIT-GENERATING SOLUTION TO ANIMAL WASTE PROBLEM
MANURE TO PRODUCE RELIABLE, COST-EFFECTIVE ELECTRICITY FOR
WISCONSIN PUBLIC SERVICE
PORTSMOUTH, NH, JULY 11, 2002 - Environmental Power Corporation (OTCBB: POWR), a
leading provider of environmental solutions and renewable energy, announced that
it has signed letters of intent with six farms in the Green Bay area of
Wisconsin to build an anaerobic digester system on each site. The systems, which
will provide a profit-generating solution to environmental issues associated
with animal waste and provide peak electric power to Wisconsin Public Service
Corporation, are expected to be operational by August 2003.
Environmental Power recently obtained the exclusive North American license for a
highly efficient anaerobic digestion technology - a method of producing
renewable energy generated by methane gas extracted from animal wastes - through
its acquisition of Microgy Cogeneration Systems, Inc., now a company subsidiary.
The methane will be used to produce approximately 10 megawatts of peak power at
electric generating facilities to be constructed on the farms and operated by
Environmental Power.
Signing of the letters of intent is the second major step in bringing the
systems online. The company already has signed a 15-year agreement to provide
peak power to Wisconsin Public Service Corporation. The facilities to be
constructed on the farms will generate an estimated two-thirds of the
electricity required under the contract. Company officials expect additional
farms to sign on in the near future, providing the remainder of the power
required under the contract.
The letters of intent signed by the farms are conditioned on their completion of
technical due diligence and project financing. The engineering and construction
phase of the project are expected to begin immediately after those steps are
completed.
"The fact that these farms have signed on so quickly to use our technology
demonstrates both the urgency farmers place on the resolution of this serious
environmental issue and the desirability of the solution offered by
Environmental Power," said Donald A. Livingston, president and chief
operating officer of Microgy. "Rather than incurring significant costs to
address the problem, farmers can actually add to their bottom lines. It is
another important step in the process of realizing our mission to produce
renewable energy from animal wastes while helping control water and air
pollution stemming from animal feeding operations and addressing the nation's
need for renewable green power that is both reliable and cost efficient."
Environmental Power's anaerobic digestion systems will help animal feeding
operations meet Environmental Protection Agency and U.S. Department of
Agriculture pollution standards. These agencies have identified animal feeding
operations as the greatest contributors to the problem of excess mineral
pollutants in water runoff, the most significant remaining source of water
pollution.
In addition to required anti-pollution measures, many states are requiring that
a certain percentage of total power sold come from renewable sources. In
Wisconsin, for example, regulated utilities are required to have 2.2 percent of
total power generated come from renewable resources by 2012. Among states with
similar requirements are Arizona, Nevada, New York and Texas. Other states, such
as California, offer considerable financial incentives in support of renewable
energy.
Environmental Power is targeting its proposed anaerobic digestions systems to
animal feeding operations in the U.S. and estimates market potential for this
type of pollution control to exceed $14 billion.
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, including waste coal,
anaerobic digestion, biomass, and distributed generation.
CAUTIONARY STATEMENT
The Private Securities Litigation Reform Act of 1995 (the "Act") provides a
"safe harbor" for forward-looking statements. Certain statements contained in
this press release such as statements concerning our systems providing a
profit-generating solution and being expected to be operational by August 2003,
production of power at generating facilities to be constructed, additional farms
signing on in the near future, the beginning of the engineering and construction
phases of our projects, helping animal feeding operations meet pollution
standards, the estimated market potential for this type of pollution control our
expectation and other statements contained herein regarding matters that are not
historical facts are forward looking statements as such term is defined in the
Act. Because such statements involve risks and uncertainties, actual results may
differ materially from those expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ materially
include, but are not limited to, uncertainties involving development stage
companies, financing requirements and uncertainties, difficulties involved in
developing and executing on a business plan, technological uncertainties, risks
relating to managing and integrating acquired businesses, volatile and
unpredictable developments (including plant outages and repair requirements),
the difficulty of estimating construction, development, repair and maintenance
costs and timeframes, the uncertainties involved in estimating insurance and
implied warranty recoveries, if any, the inability to predict the course or
outcome of any negotiations with parties involved with POWR's or Microgy's
projects, uncertainties relating to general economic and industry conditions,
the amount and rate of growth in expenses, uncertainties relating to government
and regulatory policies, the legal environment, intellectual property issues,
the competitive environment in which POWR and Microgy operate and other factors,
including those described in the Company's filings with the Securities and
Exchange Commission, including the section "Management's Discussion and Analysis
of Financial Condition and Results of Operations -- Certain Factors That May
Impact Future Results" of POWR's Quarterly Report on Form 10-Q for the period
ended March 31, 2002. Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of their dates. POWR undertakes
no obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
For more information, please contact:
jmacartney@environmentalpower.com
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www.environmentalpower.com
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KEYWORD: POWER, ENERGY,
RENEWABLE ENERGY,
GREEN POWER, ENVIRONMENT,
ELECTRIC GENERATION,
INDEPENDENT POWER,
DISTRIBUTED POWER,
BIOMASS, COGENERATION,
ANAEROBIC DIGESTION,
AGRICULTURE, FARMING,
POLLUTION CONTROL,
ANIMAL WASTE,
NEW HAMPSHIRE, NEW ENGLAND,
NORTHEAST
INDUSTRY: POWER, RENEWABLE ENERGY
DISTRIBUTED POWER, ENVIRONMENTAL PROTECTION
GREEN POWER, BIO-MASS,
INDEPENDENT POWER, ENERGY,
ELECTRIC GENERATION, RENEWABLE ENERGY,
ENVIRONMENTAL PROTECTION,
AGRICULTURE