San Diego, Calif., U.S: World Waste Technologies, Inc. (OTCBB:WDWT) announced yesterday that four of its California projects have been pre-certified as eligible renewable energy resources by the California Energy Commission.
World Waste's gasification process is being developed to use post recycled (residual) municipal solid waste (MSW) and other biomass waste streams as a feedstock for generating electricity. The process meets the California's Renewable Portfolio Standard (CRPS).
This designation of renewable status backs the Company's drive to develop and operate green facilities generating renewable power for sale to utilities pursuing the CRPS.
Since 2005, Californians have deposited over 42 million tons of municipal solid waste into landfills annually (California Integrated Waste Management Board). According to World Waste, this represents sufficient energy value to power approximately 2.75 million homes every year.
The use of residual wastes offers the opportunity to maximise recycling before recovering energy in the gasification process.
The treatment process is significantly different from incineration which oxidizes the fuel in air, whereas gasification is a heat treatment with little or no air or oxygen (in the complete absence of air the process is sometimes called pyrolysis), producing a gaseous fuel for energy generation. The company says that gasification is a highly efficient and low emission process.
John Pimentel, World Waste's CEO, said,
"We are very pleased that the Energy Commission took the time and effort required to understand the various aspects of our process and the nature of our feedstock. The State of California's conclusion that our proposed projects preliminarily meet the eligibility criteria for the Renewables Portfolio Standard enables us to negotiate power purchase agreements with California based utilities to sell renewable power at market prices while simultaneously increasing the amount of biomass diverted from California's landfills."
Jackalyne Pfannenstiel, Chairman, California Energy Commission commented:
"Renewable resources are essential for reducing greenhouse gas emissions and biomass is a vital element in helping to reach the state's mandated RPS goal of 20 percent renewables by 2010.
"Over the last three decades California has built one of the largest and most diverse energy portfolios in the world and we are encouraged by the number of developers who have stepped forward and committed to renewable energy generation."
World Waste plans to develop at least four projects in Northern California that will each generate approximately 20MW of renewable electricity from biomass.
The projects are expected to utilize a gasification process that creates a clean synthesis gas for use in a traditional steam boiler.
World Waste says that this designation of renewable status “bodes well for the Company's project development efforts in other parts of the country”. This is because of California's status as a national leader in setting environmental policy and fostering green renewable energy processes.
Mr. Pimentel said,
"We believe other states will continue to look to California when determining their own policies for supporting responsible methods to both increase landfill diversion and create clean, renewable power. This designation from the State of California represents a key milestone as we endeavor to develop and operate renewable power facilities."
When the plants are operational, the Company will apply to the Energy Commission for full RPS-certification.
World Waste plans to develop projects that meet four important public policy goals: increasing landfill diversion, reducing truck traffic, reducing greenhouse gas emissions from current solid waste handling and energy generation practices, and generating clean, renewable power.
Further information
World Waste Technologies, Inc. is seeking to develop, acquire and commercialize patented and proprietary technologies that it believes will allow a significant amount of municipal solid waste to be recycled into beneficial products. A major component of MSW is paper-based material, hydrocarbon-based material, and other high-energy value feedstocks.
This article is adapted from a press release from PrimeNewswire with an original source of World Waste Technologies Inc. In the original release the Company made the following statement:
This release is intended only to contain general information regarding World Waste and its business and does not purport to provide complete disclosure or analysis of all matters that may be relevant to a decision to invest in World Waste. In addition, certain matters discussed in this release may constitute "forward-looking statements." Actual results and the timing of certain events may differ materially from those indicated by such forward-looking statements due to a variety of risks and uncertainties, many of which are beyond World Waste's ability to control or predict, including, but not limited to, risks and uncertainties outlined in World Waste's periodic reports filed with the SEC. Despite its receipt of the CEC designation, there can be no assurance that World Waste will successfully develop new technologies. Even if it is able to do so, there can be no assurance that it will obtain full CEC certification or be selected to provide electric power to any utility or that if selected it will have the necessary financial and other resources necessary to successfully engage in the project. Other risk factors may include, but are not limited to, World Waste's ability to successfully implement its business strategy, including its ability to produce and sell product at commercial levels and adequate prices and the acceptance of its product by potential customers and by the market in general, the ability of World Waste to achieve profitability even if it is able to sell its product at commercial levels, World Waste's ability to raise subsequent financing in order to build additional facilities, World Waste's ability to develop other energy products which can be produced from its MSW, fluctuations in quarterly results, increased competition, the economical operation of World Waste's process, and World Waste's ability to protect the proprietary technology it uses. Further, World Waste operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond World Waste's control, such as announcements by competitors and service providers. The statements made herein are made as of the date of this release, and World Waste undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.