CHARLOTTE, N.C., June 3 /PRNewswire/ -- CoaLogix Inc. announced today that its subsidiary, SCR-Tech, LLC, has received a number of new contracts for regenerated catalysts and system management valued at approximately $3.8 million dollars. CoaLogix, a worldwide leader in SCR environmental services for electric utilities, received these new contracts from both large and small electric generating companies in the US., covering several geographical regions including the Southeast and the Ohio Valley area. Regenerated SCR catalyst will significantly reduce NOx emissions making coal-fired power generation cleaner, while eliminating the landfill requirements for the deactivated catalyst modules. SCR-Tech will begin deliveries this summer and this fall. One order has already been delivered in a record days, utilizing CoaLogix' "NOx Assure" program and catalyst for an unplanned outage. These contracts are from new and existing customers.
According to Bill McMahon, CEO of CoaLogix, "Our customers have options when they need SCR catalyst and we are extremely pleased they have chosen SCR-Tech as a trusted partner for their regenerated SCR catalyst and SCR management services. Several contracts were awarded to us because our technology team has developed new processes that reduce the SO2 to SO3 conversion rate on all catalyst types, in some cases, better than the original catalyst specifications. We will utilize both of our regeneration plants to serve these orders, providing additional redundancy for our customers."
CoaLogix' customers have proven that regenerated catalyst has equal or better performance, and is available faster than new SCR catalyst. Regenerated catalyst significantly reduces landfills and has a much lower CO2 footprint than new catalyst and of course costs less as well. To date, CoaLogix has regenerated approximately 19,000 modules of catalyst, many during actual plant outages. In addition, CoaLogix has over 25,000 MW under contract for catalyst management services. CoaLogix' NOxAssure program currently consists of over 3,000 modules of plate, honeycomb and corrugated catalyst of various specifications in inventory, representing over $20,000,000 of "new value" to coal-fired power plants.
CoaLogix Inc. is focused on providing innovative services to coal-fired generating facilities to reduce their environmental footprint through technology, optimization and efficiency improvements. CoaLogix owns SCR-Tech, LLC which is a leading provider of selective catalytic reduction (SCR) management services and catalyst regeneration technologies used by coal-fired power plants to reduce nitrogen oxides (NOx) emissions. Currently, coal-fired power plants contain approximately $1 billion of catalyst in their SCR systems. CoaLogix integrates leading-edge technologies, a highly skilled workforce, and more than 160 years of combined senior management experience in the environmental and power generation industries to provide innovative, cost-effective solutions that help our customers achieve and maintain compliance with increasingly stringent environmental regulations. CoaLogix major investors are Acorn Energy, Inc. and EnerTech Capital.
About Acorn Energy
Acorn Energy, Inc. (Nasdaq: ACFN) is a publicly-traded holding company with equity interests in CoaLogix, Coreworx, DSIT, Gridsense and US Sensor Systems Inc. These companies leverage advanced technologies to transform and upgrade the energy infrastructure around the world. Acorn companies are focused on three problems in the energy sector: improving the efficiency of the energy grid, reducing the risk for owners of large energy assets, and reducing the environmental impact of the energy sector. Acorn's strategy is to take primarily controlling positions in companies led by great entrepreneurs. For more information visit http://www.acornenergy.com.
About EnerTech Capital
EnerTech Capital is a pioneer in the CleanTech space and has been successfully investing in energy and clean energy technology companies since 1996. The Firm brings a practical, proven and seasoned approach to its investment activities while focusing on early to expansion stage opportunities that dramatically improve the profitability of producing, transporting/transmitting or consuming fuels/power. EnerTech is located in Philadelphia and Toronto. For more information visit www.enertechcapital.com.
Safe Harbor Statement
This press release includes forward-looking statements, which are subject to risks and uncertainties. These risks and uncertainties include competition in the market for catalyst and regeneration and possible adverse changes in governmental regulations affecting utilities' need for catalyst. For disclosure of additional risks and uncertainties which may affect CoaLogix' business and prospects and Acorn Energy, Inc.'s business generally, see the information under "Risk Factors" in Acorn Energy's most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K as filed with the Securities and Exchange Commission.
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