Evergreen Energy Inc. (NYSE Arca: EEE) has expanded its agreements with C-Lock, Inc. (Rapid City, SD), a company that has developed proprietary mathematical procedures to measure and market greenhouse gas (GHG) emission reduction credits. The expanded agreement provides an exclusive license for agriculture credits in addition to its current exclusive license for energy credits. These credits will be pooled and marketed to offset emissions from existing and future coal-fired electricity generation.
C-Lock Technology Inc., a wholly owned subsidiary of Evergreen Energy Inc., was formed in March 2007 to acquire an exclusive worldwide license to the patent-pending C-Lock procedures to quantify and certify carbon dioxide credits generated due to reductions of GHG from energy-related activities.
The initial focus of C-Lock Technology is to quantify, certify, and obtain independent third-party verification of the carbon dioxide emission reductions from the use of K-Fuel®. Evergreen Energy owns the process for producing K- Fuel® -- a refined product derived from low quality sub-bituminous and lignite coals. When K-Fuel® is used in coal-fired boilers, emissions of carbon dioxide, mercury and nitrogen oxides are all significantly reduced per kilowatt-hour generated. The expanded agreement will facilitate K- Fuel® carbon reductions being combined with agricultural carbon reductions to offset the carbon footprint of a coal-fired power plant. C-Lock Technology will generate revenues for Evergreen Energy by quantifying, certifying, marketing and aggregating credits.
Patrick Zimmerman, Ph.D., inventor of the C-Lock process, explained, “Our system is designed to produce accurate, high-value credits to maximize income and incentives to energy and agricultural producers and to minimize GHG liabilities for purchasers of the credits.”
“This is a significant business opportunity for our company,” said Mark S. Sexton, chairman, president and CEO of Evergreen Energy. “This move allows us to aggressively develop and market carbon credits, using existing agricultural credits bundled with our K-Fuel® credits to achieve a regulatory equivalent of a zero-emission coal product. This immediately puts Evergreen Energy in the business of developing and marketing credits, and helps establish a standard for measuring and marketing carbon credits from a wide range of sources.”
Evergreen Energy Chief Technology Officer and Board Member Ted Venners, Zimmerman, and Reuben Ritthaler, a Wyoming rancher and board member of several rural energy cooperatives and coal companies, will be the initial management team for C-Lock Technology Inc.
About Evergreen Energy Inc.
Evergreen Energy Inc. refines coal into a cleaner, more efficient, and affordable solid fuel that is available today to meet the growing energy demands of industrial and utility customers while addressing important environmental concerns. Visit www.evgenergy.com for more information.
Forward Looking Statements
Statements in this news release that relate to future plans or projected results of Evergreen Energy Inc are 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended by the Private Securities Litigation Reform Act of 1995 (the "PSLRA"), and Section 21E of the Securities Exchange Act of 1934, as amended by the PSLRA, and all such statements fall under the 'safe harbor' provisions of the PSLRA. Our actual results may vary materially from those described in any 'forward-looking statement' due to, among other possible reasons, the realization of any one or more of the risk factors described in our Annual Report on Form 10-K, or in any of our other filings with the Securities and Exchange Commission, all of which filings any reader of this news release is encouraged to study. Readers of this news release are cautioned not to put undue reliance on forward-looking statements.