IRVINE, Calif., March 7, 2012 /PRNewswire/ -- VIASPACE Inc. (OTC Bulletin Board: VSPC), and its subsidiary VIASPACE Green Energy Inc. (OTC Bulletin Board: VGREF) today provided a business update on recent bioenergy and pellet activities and opportunities for its proprietary dedicated energy crop Giant King™ grass in Europe and the Americas. The company plans to issue a similar update on Asia in the near future.
CEO Dr. Carl Kukkonen reports "VIASPACE has been very active in the first two months of this year. We have been focusing primarily on biomass electric power plant applications and pellets for cofiring with coal in existing power plants. All of the business opportunities are covered by confidentiality agreements and this limits the amount of detail that can be disclosed."
There are three biomass power plant projects in the Americas that are in the planning stage and would use Giant King Grass as the fuel—a 30 MW power plant in Central America, 30 MW power plant in South America and 20 MW power plant in the Caribbean. The projects are being developed together with local partners in their respective countries. VIASPACE is providing the Giant King Grass energy crop and plantation/growing expertise, and the biomass power plant technology through our strategic partner. VIASPACE is also providing the economic analysis on the financial returns for the projects. The local partners will provide the power purchase agreement, the land and operations for the plantation. Another biomass power plant project in southern Europe is also considering Giant King Grass as the fuel.
"We are playing a project development role as well as the energy crop provider," stated Kukkonen. "We are gratified by the strong interest in biomass power plants fueled by Giant King Grass. Our economic analysis demonstrates that the high yield of Giant King Grass leads to significantly lower fuel cost--compared to other alternatives --which is the key to the financial success of these power plants. Fuel costs are the largest operating cost for the power plant."
Giant King Grass pellets were recently provided to a large European utility for analysis, and to a European trading company as samples for potential customers. The results of the utility analysis were shared with us, and discussions are proceeding with the utility which has expressed interest in both purchasing pellets and potentially investing in a plantation/pellet mill project. This recent activity is in addition to the previously announced joint venture with General Biofuels to grow Giant King Grass in the Dominican Republic and produce pellets for another European utility customer.
VIASPACE Board Member Dr. Kevin Schewe and an associate of his--experienced in banking, finance and project development--visited Dr. Kukkonen in California in late February to discuss VIASPACE playing a leading role in bioenergy project development, in addition to being the supplier of the energy crop. Dr. Schewe stated, "VIASPACE Giant King Grass is the crucial differentiator that makes a power plant or pellet mill project profitable. We already have a proven power plant partner. If we can add financing to the VIASPACE capabilities, we can take the lead in developing projects ourselves rather than having to depend on others for proof of concept. We are exploring several ways to generate significant revenue. VIASPACE can obtain revenue from the Giant King Grass and also from the power plant or pellet project itself."
About VIASPACE Inc.
VIASPACE is a clean energy company providing products and technology for renewable and alternative energy that reduce or eliminate dependence on fossil and high-pollutant energy sources. Through its majority-owned subsidiary VIASPACE Green Energy Inc., the Company grows Giant King Grass as a low-carbon fuel for electricity generating power plants, for energy pellets, as a feedstock bio methane production and cellulosic biofuels, and for other low-carbon, renewable energy products. 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 any future results, levels of activity, performance or achievements 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, 2010, as well as general economic and business conditions; the ability to acquire and develop specific products and technologies; changes in consumer and business demand for the Company's products; competition from larger companies; changes in demand for alternative and clean energy; risks associated with international transactions; risks related to technological change; and other factors over which VIASPACE has little or no control.
SOURCE VIASPACE Inc.