Ener-Core Expands Addressable Market with Multiple MOU's
IRVINE, Calif., June 25, 2014 /PRNewswire/ -- ENER-CORE, Inc. (OTCQB: ENCR), whose proprietary Gradual Oxidation technology and equipment generates clean electric power from low quality and waste gases, is pleased to announce that during this 2nd quarter it has received a purchase order to test Ener-Core's technology with emissions gases from oil sands operations, as well as several memorandums of understanding (MOUs) from companies in a wide range of industries.
Ener-Core received a purchase order from Cenovus Energy, Inc. (NYSE:CVE), a Canadian integrated oil company with significant operations at the oil sands of northern Alberta, to test the ability of Ener-Core's gradual oxidizer to destroy the waste gases from its oil fields and convert these gases into power. In addition, Ener-Core received MOUs from a large producer of plastics (Saudi Arabia Basic Industries Corporation), a large regional supplier of drinking water (Brabant Water in Netherlands), a sewage treatment plant operator and a large ethanol producer. In relation to the Cenovus contract, Ener-Core expects the testing to take place over the next five months at its testing facility at University of California, Irvine ("UCI"), with UCI validating the test data.
Paul Fukumoto, Director of Business Development at Ener-Core, comments, "It is no coincidence that we are seeing increased commercial activities in the same period that we inaugurated our system in the Netherlands in the first week of June. There has always been interest in Ener-Core's technology, but many customers were waiting for that system to be operational before proceeding with a formal evaluation."
Alain Castro, CEO of Ener-Core further comments, "Virtually any industry that is flaring its waste gases will be attracted to the possibility of being able to utilize these gases to generate their own power. From the outset of our commercial deployment, we have been targeting a variety of industries, which include landfills, refineries, oil fields, coal mines, distilleries, and industrial manufacturers of plastics and steel. This sudden influx of MOUs, and the order from Cenovus, are testament to the fact that our multi-industry strategy is working. Our team is now working closely with all of these companies to address all of their questions and assist them in solidifying their business cases, with a view to convert our sales pipeline into booked orders and secure potential future deployments of our Gradual Oxidizer across these multiple markets."
About Ener-Core, Inc.
Ener-Core designs and manufactures innovative systems for producing continuous energy from a broad range of sources, including previously unusable ultra-low quality gas. The Ener-Core Gradual Oxidizer, our patented oxidation technology, enables the conversion of these gases into useful heat and power with the lowest known associated emissions. With the Ener-Core Gradual Oxidizer matched to gas turbines, Ener-Core offers systems with fuel flexibility and pollution control for power generation. The Gradual Oxidizer can also be customized for integration with larger existing power generation systems to offer unparalleled pollution control and achieve zero emissions.
Ener-Core has developed the 250kW Ener-Core Powerstation FP250 ("FP250"), and its larger counterpart, the 2MW Ener-Core Powerstation KG2-3G/GO, to transform methane gas, especially "ultra-low-Btu gas" from landfills, coal mines, oil fields and other low quality methane sources into continuous clean electricity with near-zero emissions. The Powerstations are specifically engineered for fuel flexibility and modularity, so that these low-Btu gas sources can be used as an energy resource instead of wasted through venting and/or flaring.
With dedication, deep expertise, and broad energy experience, Ener-Core seeks to serve several markets globally, including oil fields, biogas, coal mines, natural gas, emissions control, and utility power generation. For more information, please visit the Ener-Core website: www.Ener-Core.com.
Cautionary Statement Regarding Forward-Looking Statements
Forward-looking statements contained in this press release are made under the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995. Information provided by Ener-Core, Inc., such as online or printed documents, publications or information available via its website may contain forward-looking statements that involve risks, uncertainties, assumptions, and other factors, which, if they do not materialize or prove correct, could cause its results to differ materially from historical results, or those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements containing the words "planned," "expects," "believes," "strategy," "opportunity," "anticipates," and similar words. These statements may include, among others, plans, strategies, and objectives of management for future operations; any statements regarding proposed new products, services, or developments; any statements regarding future economic conditions or performance; statements of belief; and any statements of assumptions underlying any of the foregoing. The information contained in this release is as of June 24, 2014. Except as otherwise expressly referenced herein, Ener-Core assumes no obligation to update forward-looking statements.
SOURCE Ener-Core, Inc.