Dominovas Energy, Inc. (DNRG) Announces Second Power Provide Dominovas Energy, Inc. (DNRG) Announces Second Power Provider Agreement in the Democratic Republic of the Congo
Today before the opening bell, Dominovas Energy announced that it has entered a 3MW multi-year Power Provider Agreement (PPA) to provide electricity to the Somico Mine in the Democratic Republic of the Congo (DRC) via its proprietary RUBICON™ Solid Oxide Fuel Cell system. This news immediately follows a press release issued last week of a different multi-megawatt power provider agreement in the same country with the City of David. The two wins can be attributed to Dominovas Energy’s ongoing campaign to electrify the continent with its state-of-the-art, clean, reliable and efficient source for power generation.
Located in the SANKURU/LUSAMBO region of the DRC, the Somico Mine has one of the largest certified concentrations of diamonds, gold and iron ore in Africa. The mine is one of several operated by SOMICO-RDC SARL. Dominovas Energy plans to use the Somico Mine project as a model for deploying RUBICON™ systems throughout Africa and other global markets. With the vast reserves of natural resources in Africa, the mining sector represents a tremendous opportunity for the company’s continued expansion across diverse applications of its proprietary fuel cell system. The mining sector in Africa represents a multi-billion dollar industry with the potential to deploy more than 25,000 MW of power to mining operations and their communities.
Dominovas Energy anticipates beginning the physical deployment of the RUBICON™ in the Democratic Republic of Congo in Q4 of 2016. According to today’s press release, “The 3MW installation is a continuation of what is the largest single deployment of fuel cell technology on the continent of Africa, representing a paradigm shift in the DRC’s approach to addressing concerns regarding harmful carbon emissions, and to reducing the ever-expanding equipment maintenance and inefficiencies that are associated with increased costs, as are endemic with power generation from diesel generators, combined-cycle gas-fired turbine (CCGT) power plants, and other combustion-centric technologies.”
The company stated the RUBICON™ will produce over 25.5 million kWh of clean, efficient and reliable electricity every year with the 3MW Power Provider Agreement (PPA) yielding more than US$107 million in guaranteed revenue over the multi-year term PPA.
Emilio De Jesus, president of Dominovas Energy’s Africa Division, commented, “I am thrilled that my executive management team has given me the latitude to execute to this scale and magnitude. Somico Mine will establish the new blueprint for how mine operators in Africa and other emerging markets support their mining operations, using off-grid ‘clean’ energy solutions.”
Dominovas Energy COO Michael Watkins added, “This is an exciting day for Dominovas Energy. Today, we are reaping the benefits of sales cycle maturation that has required patience, diligence, and careful planning. As a result, our pipeline of projects is creating the type of production scale that will promote efficient and cost-effective manufacturing. Our signed PPAs will further support job creation and expansion domestically, as the RUBICON™ is manufactured and supported by a robust supply-chain in the U.S.”
For more information on Dominovas Energy and its fuel cell technology, visit www.dominovasenergy.com
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