RE:Could Forever Green Energy Projects be funded by Brookfield?Under a former CEO, Tim Angus, TMG had a Green energy agreement that was ahead of its time.
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OTTAWA, July 5 /CNW Telbec/ - Thermal Energy International Inc, .... is pleased to announce that on June 29th, 2010 Thermal Energy, through its wholly owned subsidiary Forevergreen Energy Inc., signed an arm's length Greenpower Purchase Agreement with Fortress Specialty Cellulose Inc. ("Fortress Specialty"). The agreement is to supply recovered energy to the Fortress Specialty mill in Thurso, Quebec from a FLU-ACE(R) Waste Heat Recovery System installed at the site.
The FLU-ACE(R) Waste Heat Recovery System commenced operations and began delivering recovered energy to Fortress Specialty in June 2010. The terms of the green power purchase agreement are effective until December 31, 2012. The agreement may be worth up to $1.8 million based on the estimated amount of waste energy recovered between now and December 31, 2012.
In addition after December 31, 2012 Fortress Specialty has an option to extend the agreement for up to a maximum of 24 months on substantially the same terms or purchase the FLU-ACE(R) Waste Heat Recovery System from Thermal Energy for approximately $1 million.