100MW Shale Gas Fuel Cell Power Plant Expected to be Built in Pennsylvania
GEI Global Energy Corp. (GEIG) announced today that the company has entered into a Letter Of Intent (LOI) with Owl Eco Group, "the developer" to build a 100MW power plant located in Western Pennsylvania, within the massive Marcellus shale natural gas fields. Owl Eco Group would like to generate electrical power using GEIG’s innovative technology and will include a dedicated natural gas well drilled specifically for GEI. The project will be comprised of 1,000 individual 100kW natural gas fueled HTPEM fuel cell power systems with a project budget of approximately $470 million dollars with an estimated $94 million in profit to GEIG.
Ron Monat, Director Of Renewable Energy Group for Commercial Real Estate Services (CBRE) (CBG) has expressed his company's interest for the project in the form of a Letter Of Intent to Owl Eco Group. The Letter Of Intent to Owl Eco Group states CBRE is interested in providing all of the necessary funding for the project. CBRE is the world's largest commercial real estate services and investment firm.
Dr. K. Joel Berry, CEO and Chairman of GEIG stated: "Since our fuel cell technology is scalable and stackable by design it enables us to provide Fuel Cell technology for very large size power plants. We are very enthusiastic about providing our Fuel Cell technology to Owl Eco Group. 100 Mega Watts will certainly mark us as the dominant player in the world to provide Fuel Cell System technology for large scale power plants. A 100 MW power plant would currently be the largest fuel cell power plant in the World." Berry continued to say: "A power plant of this size will take some time to ramp up and organize. We are optimistic that GEI will start construction for this project by the end of 2014."
GEI can build fuel cells ranging from 2kW-100kW and since the Company has the ability of stacking the fuel cells like building blocks it can build fuel cell power plants that are multi-megawatts in size. The GEI commercial potential is unlimited and will focus much of their attention on the large scale power utilities worldwide as it has the ability to become both a technology game changer and a market leader.
The GEI fuel cell system can operate on a number of fuel sources such as natural gas, methane, propane and bio fuels. Since GEI's fuel cells can leverage the existing logistic fuel infrastructure, the Company is very unique within the Industry. Fuel sources such as natural gas are cheap and abundant worldwide; this will enable GEI to be very competitive. Since the GEI X5 'brand' fuel cell system is scalable and stackable, it enables the Company to become a market leader in every category of the fuel cell industry and has the potential to create entirely new markets and categories.
The GEI fuel cell system provides 24-7 primary power for homes and buildings and is paramount due to very restrictive offerings from other companies with only back-up power (due to fuel restrictions) or power to one singular application (due to technology restrictions). The GEI X5 core strategy is to avoid providing a "niche" technology for a "niche" application, but rather provide a robust and scalable systems technology applicable across multiple platforms that allow high volume cost reductions and savings in design and manufacturing cost. There are currently 3 patents that protect this technology and the Company plans with several more to be filed before the end of 2013.
