WORCESTER, Mass., April 18, 2012 /PRNewswire/ -- ThermoEnergy Corporation (OTCBB: TMEN) (www.thermoenergy.com) announced that the company has signed a term sheet to form a joint venture with Logica Eko (www.logicaeko.com), a green solutions company in Colombia, South America.
Logica Eko owns four landfills in Colombia and is working with the Colombian oil palm association to reduce the environmental impacts of the country's growing palm oil industry, which is already the largest in Latin America. ThermoEnergy's patented technologies and engineered systems can turn the effluent from palm oil production into useful products like fertilizer and valuable chemical feed stocks. They can also improve water quality and biogas production.
"This joint venture is a perfect marriage of our technology and the skills and successful track record of Logica Eko to make Colombia's industries more environmentally sustainable," explained ThermoEnergy Chairman and CEO Cary Bullock. "We also expect the venture to bring new revenues to both companies—and open up new opportunities in other South American markets."
Under the term sheet signed by ThermoEnergy and Logica Eko, the companies are forming a joint venture to use ThermoEnergy equipment and engineered systems to produce biogas from landfills and fertilizer and biogas from ammonia and other byproducts of the palm oil processing process. The biogas can then be used to produce electricity to sell to the grid. In addition, the technology will reduce emissions of methane from the landfills and palm oil plants to the atmosphere, making it possible to sell carbon credits.
The joint venture also takes advantage of the recently passed free trade agreement between Colombia and the United States. The agreement allows ThermoEnergy's equipment to be shipped duty free to Colombia. From there, Logica Eko expects to be able to sell ThermoEnergy's equipment effectively in other markets, such as Brazil.
Logica Eko already has a long and successful history of improving the environment and helping communities in Colombia. Chairman and CEO Gustavo Jurado has developed engineering methods that have improved sanitation and provided safe potable water to a number of communities and towns. He has also served in the country's legislature, promoting the development of aqueducts and water supply systems to provide safe water to remote regions of the country. "The new joint venture with ThermoEnergy technology will enable us to move forward even more quickly with solutions to some of Colombia's environmental problems," said Jurado.
Founded in 1988, ThermoEnergy is a diversified technologies company engaged in the worldwide development, sales and commercialization of patented and/or proprietary municipal and industrial wastewater treatment and power generation technologies. Additional information on the Company and its technologies can be found on its website at www.thermoenergy.com.
About Logica Eko
Changes in the environment resulting from the enormous demand for fossil fuels, the increasing temperature rise and decline in water resources require the location and implementation of sustainable projects that are financially viable and structurally reliable. The world's energy supply is dominated by fossil fuels, but in many countries, wood waste, agricultural waste and garbage are being used increasingly to meet energy needs, driven largely by the continuing rise in the price of fuels. Eko Investment Group develops projects tailored to these new challenges by making cost-effective implementation, and investment recovery within one to two years. For more information visit www.logicaeko.com
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SOURCE ThermoEnergy Corporation