Life Energy & Technology completes $70 million waste system deal with Kuwait Holdings
Life Energy & Technology Holdings has consummated a $70.8 million agreement with its Middle East client, Kuwait Holdings, to accept delivery of 12 Biosphere Systems. The agreement also includes a remaining 36 Systems that will be delivered over the next eight months for $212.4 million.
Kuwait Holdings had already taken delivery of two other systems in 2001. This contract extends access to Life Energy’s technologies into several Middle Eastern Countries to process municipal waste, agricultural waste, auto and truck tires and petroleum related hazardous and industrial wastes.
The Biosphere Process System is capable of consuming waste as a feedstock at approximately five to seven tons per hour while generating five mega-watts per hour of electricity, as well as potable water.
"The Middle East is an important market place for LETH, and one in which the Biosphere Process System technology is vitally needed both for waste conversion and for electricity production,” said President of Life Energy, Chris McCormack. “The ability to convert waste materials to green electricity, potable water, distilled water, steam, compost, fertilizer and building materials, as provided by the Biosphere Process System we consider it to be a world changing technology."
Life Energy is involved in the environmental infrastructure and electricity co-generation markets. Life Energy's proprietary technology, EcoTechnology, supplies energy through a profitable and environmentally safe process. The Biosphere Process System, a central part of the EcoTechnology system processes traditional and non-traditional waste materials into electricity and other beneficial by-products. The Biosphere Process assists in solving the global waste problem by converting into clean, green electricity such waste materials as Municipal Solid Waste (MSW), agricultural, effluent, medical, industrial, shale oil, sour natural gas and many other traditional and non-traditional waste materials. — (menareport.com)
© 2003 Mena Report (www.menareport.com)