Primus Green Energy's STG+ Flared Gas Solution Wins a 2014 Platts Global Energy Award

HILLSBOROUGH, N.J., Dec. 15, 2014 /PRNewswire/ -- Primus Green Energy announced today that its proprietary small-scale STG+ flared gas solution was named the Sustainable Innovation Award winner at the 2014 Platts Global Energy Awards held in New York City on Dec. 11. Hosted by Platts, a leading global energy and commodities information provider, the annual recognition program honors exemplary achievement in strategic vision, industry leadership, stewardship and innovative technologies.

Primus' STG+ technology transforms natural gas and other carbon-rich feedstocks directly into high quality gasoline and other transportation fuels. The small-scale STG+ flared gas solution – the winner of the award – captures natural gas associated with the production of oil and cost-effectively converts it into transportation fuels at the wellhead, thus enabling the monetization of valuable fossil fuel resources that would otherwise go to waste and helping the environment by reducing harmful greenhouse gas emissions.

"The panel of independent judges described Primus Green Energy as a trailblazer, not only by comparison with its finalist peers, but in the energy sector as a whole and we congratulate the company on its win," said Larry Neal, president of Platts. "We applaud each of the 2014 Platts Global Energy Awards winners for their accomplishments, contributions and commitment to the world's energy future." 

This recognition comes at a critical time for Primus, as the company is engaged in conversations with oil and gas operators globally that are coming under increased regulatory pressure to reduce flaring. Primus is currently preparing to deploy its first commercial flared gas units, which are economical at scales as low as 250 barrels per day. The gasoline that is produced can be sold as blendstock gasoline or can be added directly to the crude oil that is produced onsite for shipment to offsite refineries.

Flared gas is a huge problem around the world. The World Bank-led Global Gas Flaring Reduction Partnership estimates that 150 billion cubic meters of natural gas are flared at oilfields globally each year. The United States ranks fifth in the world in flaring, with most flaring taking place in North Dakota's Bakken and Three Forks shale formations. The North Dakota government recently enacted regulations to restrict flaring, which include penalties in the form of restrictions on oil production for companies that fail to meet state mandates. The new regulations are expected to stimulate demand among oil and gas companies for technologies such as Primus' STG+ that can help them meet the new flaring requirements. 

"We're honored to have received this prestigious award from Platts, an organization that plays a significant role in encouraging investment in the innovative technologies that will lead the nation and the world to a more sustainable future," said Sam Golan, CEO of Primus Green Energy. "Our team – as well as our investors and partners – sees great value in putting wasted carbon resources to more profitable and sustainable uses and we owe this award to their hard work and dedication."

Approximately 500 energy industry executives from around the globe walked the red carpet into the Waldorf Astoria New York to the 2014 black-tie awards ceremony emceed by CNBC television anchor Amanda Drury. Winners in 17 performance categories and the "Energy Company of the Year," award, who were chosen from the full list of finalist companies in all categories, received their honors on stage. Nominations to the program numbered approximately 250 from three dozen countries.  

For the full list of 2014 Platts Global Energy Awards winners, including the judges' rationale, visit the Platts Global Energy Awards website. A full summary of the winners is also available via the Platts media kit (www.platts.com/media-kits/mediagea2014) and Platts Insight, which also includes sector-by-sector energy outlook and analysis. 

About Platts:

Founded in 1909, Platts is a leading global provider of energy, petrochemicals, metals and agriculture information and a premier source of benchmark prices for the physical and futures markets.  Platts' news, pricing, analytics, commentary and conferences help customers make better-informed trading and business decisions and help the markets operate with greater transparency and efficiency.  Customers in more than 150 countries benefit from Platts' coverage of the biofuels, carbon missions, coal, electricity, oil, natural gas, metals, nuclear power, petrochemical, shipping and sugar markets.  A division of McGraw Hill Financial, Platts is based in London with more than 1000 employees in more than 15 offices worldwide. Additional information is available at http://www.platts.com. 

About Primus Green Energy, Inc.

Primus Green Energy, based in Hillsborough, N.J., has developed an innovative alternative fuel technology that economically produces transportation fuels such as high-octane gasoline, diesel fuel or jet fuel directly from syngas derived from natural gas and other carbon-rich feedstocks. These fuels can be used directly in engines as a component of standard fuel formulas without costly engine modifications or changes to the fuel delivery infrastructure. Primus' STG+ technology, which is a proprietary version of proven commercial technologies, has recorded the highest conversion efficiency rate in the industry. Primus Green Energy is backed by IC Green Energy, Ltd., the renewable energy arm of publicly traded Israel Corp. For more information, visit http://www.primusge.com or contact George Boyajian, Vice President of Business Development, via e-mail at [email protected] or at 908-281-6000, ext. 136.

SOURCE Primus Green Energy, Inc.

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