TAMPA, FL, United States / ACCESSWIRE / Aug 7, 2014 / Kleangas Energy Technologies, Inc. (OTC PINK: KGET) is pleased to announce that It has signed a definitive Stock Purchase Agreement acquiring an expansive Clean Energy Company that has a production capacity of 15,000 MT (Metric Tons) of Pellets per year and generates approximately 2.4 MW (Mega Watts) of electricity. This acquisition brings into Kleangas a company generating over $1,500,000 in gross revenue and an EBITDA of more than $600,000. Both operations are green environmentally friendly operations generated out of this one facility.
The plant burns waste landfill gases to create electricity, which in turn is sold into the grid and purchased by major utilities. This electricity is purchased by the Utilities at a premium to fossil fuel produced electricity because it is clean/renewable energy. Each state is mandated to reach certain levels of clean energy within the next few years. Most states are not close to reaching these mandated levels so they in turn are will to pay a hefty premium for this clean energy.
This facility also uses the heat generated by the burning of the landfill gas to create wood pellets. Wood pellets are used as an alternative to coal as a fuel, which is burned to create electricity. This 20,000 sq. ft. facility sits on 5 acres of land. The current facility can be doubled in size. Enough Pellet lines can be added in to bring monthly pellet production to more than 5,000 metric tons per month. An additional facility can be cost effectively added to the land allowing for future pellet production to easy exceed more than 10,000 metric tons a month.
Mr. Linton CEO of Kleangas stated, “This acquisition fits perfectly within our core business of being a green energy company by producing electricity from landfill gas and using the heat from burning the landfill gas to create wood pellets. The land associated with this acquisition can allow us to double the facility from over 20,000 sq. ft. to over 40,000 sq. ft. which means we can double the electricity generated from 2.4 MW to almost 5MW and the pellets produced from 15,000 MT to over 30,000 MT. We are fortunate that we do not have to seek buyers for the electricity generated nor for the wood pellets produced due to the high demand for both products.”
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Kleangas Energy Technologies, Inc., is a company dedicated to producing alternative clean technologies and products that promote energy efficiency throughout a wide range of applications. Through its wholly owned subsidiaries Kleangas manufactures and sells wood pellets as an alternative to coal and a waste heat to electricity patented technology. Green Day Technologies Inc. has licensed patented waste heat to electric power generation technology and works as a co-generator when installed on a primary electrical generator unit. It is also powerful enough to serve as a primary energy source. Green Day’s subsidiary G-PEL also has pending contracts to sell refuses and biomass derived pellets, which are alternatives to producing electricity instead of the traditional method of burning coal. Second Cycle Recycling subsidiary of Kleangascreates pellets made from recycled paper to be used for cat litter, animal bedding and a variety of other used to be developed.
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Safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as Kleangas or KGET or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements herein that describe the Company's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements.
Kleangas Energy Technologies, Inc.
SOURCE: Kleangas Energy Technologies, Inc.
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