GUELPH, Ontario, March 23, 2012 /PRNewswire/ -- W2 Energy, Inc. (OTC: WTWO) is pleased to announce the signing of an agreement for a Joint Venture Partnership ("JVP") with W2H Luxembourg Holding SA based out of the European nation of Luxembourg.
W2H Luxembourg Holding SA is a holding company who is invested in renewable energy technologies and new technologies from W2 Energy, Inc., Hydrogen Research AG, Austrian Institute of Technology (Pimtec) and EGM International. W2H holds several exclusive proprietary rights to W2 Energy's mass-to-energy technology which can convert any hydrocarbon feedstock (including coal, biomass, plastics, municipal solid waste, agricultural waste) into electricity and liquid fuel (petroleum, JP8 jet fuel, LPG and ultra-low sulfur diesel and FT-wax). The technology filters out the harmful by-products, such as hydrochloric acid, and makes additional fuel out of the greenhouse gases (carbon dioxide and nitrogen oxides).
The Joint Venture Partnership calls for the marketing and joint development of W2's patented product lines throughout the European Union (EU) and Africa. Specific products will include W2 Energy's NT Plasmatron, Grinder, SteamRay Engine, Multi-fuel Gas to Liquid Reactor, NT Plasmatron Fuel (Bio oil/water/coal ignite) and The SunFilter Algae Bio Reactor.
The first order of business for W2 Energy with its new JVP will be the refurbishment of existing Bio-mass power plants throughout Europe with W2 Energy's patented technology. $150,000 has already been committed for the retrofitting of W2's combustion engines for several palm oil power plants in Germany. The initial plan calls for 5 engines for a total cost of $300,000. The retrofit project is slated to begin next month in April. Both companies are meeting next week at W2's corporate headquarters in Guelph, Ontario, in order to close on their first project under the JVP.
The agreement also calls for $120,000 for the initial development of W2's Hydrogen powered rotary engine. The JVP has already initiated a pre-order market and plans to sell 100 Hydrogen powered rotary engines in the European market for a total of $4 million.
It is no secret that Luxembourg and its surrounding neighbors border on a hotbed of green energy companies and commercial power plants that have been successfully implementing their strategic initiatives over the last several years. Luxembourg currently has almost 200 companies working mainly in renewable energy, waste management, water and eco-construction supported by 28 public agencies and six research institutes. In addition, Europe is currently underway with its plans to construct a "Super Grid" that will allow all green energy facilities to sell power virtually anywhere in the EU, regardless of their location, by plugging into the Super Grid. This will allow a national network of energy companies to sell their power throughout all European countries.
Mike McLaren, W2 Energy President and CEO, stated, "After two years of strategic negotiations, we are extremely pleased with the progress made in establishing this Joint Venture Partnership with our new European partner. The expansion of W2 Energy into the European and African markets, under the leadership of W2H Luxembourg Holding SA , will ensure us the exposure and marketability we need in order to enter the European market." He also stated, "Based upon certain business developments and initial orders stemming from Europe, we are very excited at the prospects this new partnership brings to W2 Energy in the form of consistent revenue streams."
About W2 Energy:
W2 Energy, Inc. develops renewable energy technologies and applies it to new generation power systems. Specifically, W2 Energy's plasma assisted biomass to energy plants utilize state of the art technologies to produce green energy both fuel (sulfur free diesel) and electricity at the most efficient cost in capital investment and production per/barrel, per/Megawatt. W2 Energy, Inc. has seasoned management, cutting edge technology and owns a large technology portfolio of patents and know-how that has been extensively validated and ready for commercial production.
For more information on W2 Energy please see: www.w2energy.com
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of W2 Energy, Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond W2 Energy, Inc.'s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in W2 Energy, Inc.'s filings with the Securities and Exchange Commission.
For further information please contact:
W2 Energy Public Relations and Shareholder Information
Mr. Joseph Vazquez
Phone: (754) 204-4549
SOURCE W2 Energy, Inc.