Nathaniel announces limited gas-fired start-up of Italian combuster
Stan Abrams retires from Nathaniel Energy
The following information is edited portions of News releases on Nathaniel Energy's web site at www.nathanielenergy.com-The Editor
Nathaniel announces startup of Italian combuster
Aug. 2- Nathaniel Energy Corporation announces the successful startup of it's Thermal Combustor(TM), thereby meeting a major milestone toward the completion of the project in accordance with the new $3 million agreement for the waste-to-energy power plant project in Cologna Veneta, Italy.
Under the new agreement, Nathaniel Energy placed one Thermal Combustor in service with natural gas before July 29, 2004 and the plant produced at least one kilowatt of electricity at that time.
The project is now focusing on plant completion slated to be fully operational on refuse derived fuel by Sept. 30, 2004. For full operational deployment, the Thermal Combustors are considered the key component for the production of six megawatts of electricity at the plant site. Five megawatts are to be sold to Italy's largest electricity utility Enel S.p.A. while one megawatt is to be used “in the fence” to operate the power plant.
“This is an exciting event for Nathaniel Energy, as the first of our next generation Thermal Combustors are placed into service around the world. The Cologna Veneta, Italy project combustors were designed according to its United States Patent # 6,532,879, which is designed to efficiently gasify multiple waste streams and other fuel while producing inexpensive clean power, a much needed critical commodity with worldwide implications. Nathaniel Energy is committed to providing reliable, clean energy solutions. The demand for our technology has been steadily increasing as the world's major concerns of waste, and energy needs continue to dramatically increase,” says George Cretecos, Chief Operating Officer of Nathaniel Energy.
Nathaniel terminates then recends termination of agreement with Italian company
July 2 -Nathaniel had announced that it had terminated the Gasifier Supply and Start-Up Agreement with L & R Energy, LLC (“L & R”), relating to the supply of two 1800 BHP Thermal Combustors for a Refuse Derived Fuel project in Cologna Veneta, Italy. Nathaniel terminated this agreement due to L & R's failure to provide Nathaniel Energy with adequate assurance of L & R's ability to perform under the agreement, including L & R's ability to pay Nathaniel Energy under the agreement, and numerous actions and inactions on L & R's part which Nathaniel Energy believes are breaches of the material and essential terms of the agreement. Nathaniel Energy believes it has opportunities to place the two Thermal Combustors which were to be delivered under the agreement, with other customers, although it cannot assure that it will be able to reach any agreement to place these Thermal Combustors. In that regard, Nathaniel Energy continued to construct the Thermal Combustors and anticipated having them complete by July 31, 2004. However, due to L & R's non-performance under the agreement, Nathaniel Energy has then been rendered unable to complete construction and delivery of the Thermal Combustors under the time frame allotted under the agreement. Additionally, a Letter of Credit, under which Nathaniel Energy was to be assigned payment, had expired on June 30, 2004.
In addition to terminating the agreement, Nathaniel Energy began to consider its rights and remedies with respect to L & R's failure to provide adequate assurance of performance and L & R's breaches.
July 26- According to a press release, Nathaniel announced that it has entered into a new $3 million agreement for the Refuse Derived Fuel Italian project in Cologna Veneta, Italy, and the related Gasifier Supply and Start-Up Agreement between Nathaniel Energy and L & R Energy has been reinstated. Nathaniel Energy entered into a new agreement with EcoIdea, L & R Energy and others for the Refuse Derived Fuel Project.
Nathaniel Energy was required to have one gasifier placed in service by July 29, 2004 and the plant must produce at least one kilowatt of electricity at that time. The agreement also provided that the two gasifiers must be completed by September 30, 2004 and each gasifier must produce 57,600,000 BTU per hour, capable of producing 19,240 kilograms/hour of steam.
In relation to the new agreement, Nathaniel Energy and L & R Energy reached a mutual agreement to proceed with the project. Nathaniel Energy resolved matters with L & R Energy and rescinded its notice of termination of the Gasifier Supply and Start-Up Agreement (which the company had announced on July 2, 2004). The company and L & R Energy's plan to develop a relationship to work together on future waste-to-energy projects and explore innovative project delivery utilizing Nathaniel's Thermal Combustor technology.
Abrams leaves Nathaniel
July 9- Nathaniel Energy Corporation announced today that Stanley Abrams has retired and has resigned from all his positions with the company, including CEO and a director. Nathaniel Energy plans to commence a search for a seasoned CEO to lead the company in the full commercialization of its technology on a global basis and to pursue the company's goal of a NASDAQ listing.
Boise City News, P.O. Box 278