SPOKANE, Wash., July 7, 2014 (GLOBE NEWSWIRE) -- MPM Technologies, Inc., ("MPM") (OTC:MPML) subsidiary Carbon Cycle Power ("CCP") has completed engineering/design review for its gasification technology and is moving into the construction phase of a demonstration unit with Spokane manufacturer Wheeler Industries, Inc. CCP's waste-to-value solution — a patent-pending photon-induced plasma arc gasification technology — will process biomass, such as lumber mill waste and agricultural residue, and municipal solid waste, for the cogeneration of heat and power.
Carbon Cycle Investments ("CCI"), which acquired a controlling interest in MPM following a stock purchase agreement in April 2013, has spent the last year evaluating CCP assets and analyzing all existing engineering designs.
"Every design and technical document has been reviewed thoroughly by process, mechanical, electrical and chemical engineers," said Brian Burrow, interim CFO for CCI/MPM. "This deep-dive analysis created an opportunity to improve the technology and enhance efficiencies in the gasification process. We now have a state of the art waste-to-value solution."
Manufacturing will begin after Wheeler Industries completes sourcing materials for the project. The location of the demonstration unit has yet to be determined but CCP is evaluating several sites throughout the Pacific Northwest.
About MPM Technologies, Inc.: MPM is a leading global manufacturer of environmental control equipment and a developer of waste-to-value energy solutions. MPM has offices in Spokane, Wash., and Ramsey, NJ. www.mpmtech.com CCP is a wholly owned subsidiary of MPM Technology that develops waste-to-value energy solutions through the deployment of photon-induced plasma arc gasification technology. Based in Spokane, Wash. www.carboncyclepower.com
About Wheeler Industries, Inc.: Founded in 1981, Spokane's Wheeler Industries is diversified machining and manufacturing job-shop tailored to handle a variety of work, from simple turning and milling to prototyping to close tolerance CNC production. www.wheelerindustries.net
About Carbon Cycle Investments, LLC: CCI is a holding company that develops, acquires and manages businesses that stimulate social, economic and environmental sustainability. CCI is based in Spokane, Wash. www.carboncycleinvestments.com
FORWARD-LOOKING STATEMENTS: The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
Brian Burrow, Interim Chief Financial Officer 509-242-3036