NEW YORK, March 2, 2011 /PRNewswire-FirstCall/ -- Adama Technologies Corporation (ADAC - OTCBB)(the "Company" or "Adama"), a company in the Clean tech sector as, is pleased to announce that it has signed a Final Agreement for renewable energy projects in Romania.
The project is a 2.5 Mega Watt municipal waste gasification project in Bucharest, Romania with guarantee for float of waste and power purchase.
The Romanian project will use municipal waste residue to generate electricity. The project will have the benefit of a power purchase agreement with the local grids (with guarantees of local companies) at premium rates and a biomass supply agreement with local companies in each case for a term of 10 years minimum with option for another 10 years.
The project has already received equity commitments for 15% of the amount to be invested. The permitting process has begun and recent changes in applicable law have streamlined this process so that permits can be expected in 3-6 months' time.
"This is an excellent opportunity for Adama to work with municipal waste and to generate electricity. This could potentially open up a market for the use of biomass in countries where municipal waste is huge problem. We look forward to beginning work on this project and will continue to update our investors about the permit process," said Aviram Malik, CEO of Adama Technologies Corp. "This also implement our Corporation need to expend our Clean tech abilities to other sectors."
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About Adama Technologies Corporation
Adama is a Brownfield Remediation Company whose foundation lies in its Cleantech licensed patented technology. The technology successfully treats all metals within the Resource and Recovery Act (RCRA) and Universal Treatment Standards (UTS). The technology has successfully completed the U.S. (EPA) "SITE" program and is ready for commercial use. For further information, visit: http://www.adama-tech.com.
Safe Harbor Statement
This release includes forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The statements involve a number of known and unknown risks and uncertainties that may cause actual results or outcomes to be materially different from those anticipated or discussed herein.
Contact: Adama Technologies Corp. Aviram Malik firstname.lastname@example.org +972-544459292
SOURCE Adama Technologies Corporation