Hydro Alternative Energy, Inc. Announces Bloomberg and Local Durban Press Coverage of Planned Development of Hydrokinetic Energy Project With the Municipality of eThekwini in Durban, South Africa


WEST PALM BEACH, Fla., May 7, 2012 (GLOBE NEWSWIRE) -- Hydro Alternative Energy, Inc. ("HAE" or the "Company"), an emerging independent power provider ("IPP"), announced today it has received broad based coverage by both Bloomberg and the local Durban daily newspaper The Mercury as to its planned development with local government backed support of a hydrokinetic energy project in eThekwini Municipality in Durban, South Africa, to harvest ocean energy and transform it into electricity.

Current in person meetings and discussions with senior HAE representatives and local government officials concerning such project are ongoing. Prior meetings and discussions between HAE, eThekwini Municipality and the Durban Investment Promotion Agency led to the issuance to HAE of an Investment Facilitation Letter by Deputy City Manager of eThekwini Municipality dated January 27th, 2012. Such letter expressly confirms the Municipality's in-principle support for HAE's planned power generation system project, to be undertaken in stages, with the first stage involving HAE's identification of suitable sites in the Agulhas current to install and moor offshore power generation systems. After such sites are identified, HAE plans to request environmental permits from the National Department of Environmental Affairs, and a power generation license to be issued by the National Energy Regulator of South Africa for one or more power generation units after the production and testing of an initial non-power producing demonstration unit.

The Municipality in its Investment Facilitation Letter has confirmed its ability to purchase electricity directly from independent power producers such as HAE provided that it complies with applicable legislative and municipal procurement procedures. The Municipality in such letter also states that it will ensure that its staff provides HAE necessary assistance and support, and give priority attention to any land use applications or other decisions which may be required to enable the project to be swiftly implemented.

Current plans call for HAE to initially develop a $20 million 1 megawatt demonstration unit, utilizing the Company's Oceanus™ technology that will generate electric power from the Agulhas Current which flows past the city. Additional units, each with an anticipated electric power generation capacity of 8 megawatts, may then be built and likewise submerged, approximately 30 meters (98 feet) below sea level, to prevent interference with shipping. 

Derek Morgan of the eThekwini Municipality Energy Unit was quoted in The Mercury article as saying: "The Agulhas is one of the most consistent currents in the world. So, if the ocean current generation was to happen, Durban would be an ideal location to start harnessing it. If we can get it right, it has the potential to completely transform the city into a green energy location for investment."

Announcing these important Company developments, Mark Antonucci, Co-CEO of HAE was quoted as saying: "Generating electric power from sea currents has never been done before. All previous sea and wave generation technologies have been tidal based. We are very excited about our continued meetings and discussions with our Municipality of eThekwini partner to move this project forward to reality. We again note the commitment of Durban and the eThekwini Municipality to substantially reducing their carbon footprint and becoming "greener", with the eThekwini Municipality having recently hosted the 17th Conference of the Parties to the United Nations Framework Convention on Climate Change."

The Hydro Alternative Energy, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7088

Certain statements made by Hydro Alternative Energy, Inc. and members of its management team on its behalf in this release and other periodic oral and written statements, regarding the Company's operating performance, events or developments that the Company believes or expects to occur in the future, including those that discuss anticipated financial results, strategies, goals, outlook or other non-historical matters, or which relate to future sales, earnings expectations, cost savings, growth of the Company or of the market for its products and services, or general belief in the Company's expectations of future operating results are forward-looking statements. All such forward-looking statements are subject to risks and uncertainties, including the need by the Company for substantial additional working capital to materially advance its business plan and projects it may undertake; no assurances that the Company will be able to secure such capital; technology challenges involved in the development of the Company's planned products and services; the performance of the Company's technology; the Company's ability to protect its intellectual property; the breadth and severity of the global economic downturn; the strength of housing and related markets; retail and industrial demand; foreign currency effects; the ability to integrate acquisitions successfully and the risk that expected synergies may not be fully realized or may take longer to realize than expected; and competitors' product introductions, pricing and other competitive pressures, as well as other risk factors. Forward-looking statements included herein are made as of the date hereof, and the Company undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances. Actual results could differ materially from anticipated results.



            

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