CORAL SPRINGS, Florida, September 7, 2016 /PRNewswire/ --
The alternative fuels sector continues to see various forms of growth in areas such as hydrogen based fuels and carbon fuel cell technology. The Carbon Fuel Cell Technology industry as example is poised to jump in growth as production companies refine the newest and innovative technologies for natural gas producing opportunities. Alternative / Renewable Energy and Fuel Production developments in the markets today of note concern Xfuels Inc. (OTC: XFLS), FuelCell Energy, Inc. (NASDAQ: FCEL), Clean Energy Fuels Corp.(NASDAQ: CLNE), Green Plains Inc. (NASDAQ: GPRE) and Westport Fuel Systems Inc. (NASDAQ: WPRT).
Xfuels Inc. (OTC: XFLS) is pleased to report on joint venture progress. Area 2 Energy completed swabbing its first test group of 7 wells and results were very encouraging. Swabbing is a method of removing water from the wells in order to allow the gas to flow better which translates into increased production. Prior to the swabbing the group of wells was producing an average of 68 GJ/day and post swabbing an immediate increase was recorded of 230 GJ/day giving a net increase of approximately 230%.
Read the full Xfuels (XFLS) Press Release at: http://financialnewsmedia.com/profiles/xfls.html
Mr. Michael McLaren states "The increase in natural gas production represents a group of some of our best producers and as we begin to clean out more wells we believe the results will be as impressive." He further stated "The test swabbing is proof that by implementing the full capital plan to increase the well production will dramatically increase profitability." Area 2 will continue the swabbing program on 100 additional wells over the next few weeks as per the capital plan and will analyze the results. Area 2 currently owns and operates 350 wells on the Atlee property. XFLS closed up over 40% yesterday on over 4 Million shares traded by the market close ahead of today's breaking news.
In other alternative / renewable energy news in the markets:
FuelCell Energy, Inc. (NASDAQ: FCEL), a global leader in the design, manufacture, operation and service of ultra‐clean, efficient and reliable fuel cell power plants, today announced the development of a utility scale power project to showcase industry leading electrical efficiency that enables utilities to affordably and cleanly solve power generation challenges in land-constrained areas. Construction will begin within weeks for a 3.7 megawatt fuel cell power plant at a location in Danbury, Connecticut, following recent approval by the Connecticut Siting Council.
Clean Energy Fuels Corp. (NASDAQ: CLNE) announced that it has been awarded a multi-year contract for Washington Metropolitan Area Transit Authority (WMATA), which provides transit services to more than 4 million people across the National Capital Region. The contract covers two transit stations that supply over 580 compressed natural gas (CNG) transit vehicles and represents approximately 6 million Gasoline Gallon Equivalents (GGEs) per year.
Green Plains Inc. (NASDAQ: GPRE) last month announced that it was the successful bidder on three ethanol plants for sale by Abengoa Bioenergy conducted under the provisions of the U.S. Bankruptcy Code. The company will purchase the Madison, Ill., Mount Vernon, Ind. and York, Neb. ethanol facilities, with combined annual production capacity of 236 million gallons per year, for approximately $237 million in cash, plus certain working capital adjustments.
Westport Fuel Systems Inc. (NASDAQ: WPRT) provides the next generation natural gas engine and vehicle technology solutions to comply with the recently announced standards for greenhouse gas ("GHG") emissions and fuel efficiency. Recent, the U.S. Environmental Protection Agency ("EPA") and the Department of Transportation's National Highway Traffic Safety Administration ("NHTSA") jointly released the Phase 2 GHG emissions and fuel efficiency standards for medium- and heavy-duty vehicles. These rules are the product of nearly two years of extensive consultation with industry partners and set a high standard for the freight sector.
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