NEW YORK, Nov. 7, 2005 (PRIMEZONE) -- W2 Energy Inc. (Pink Sheets:WWEN), a developer of Green Energy, is pleased to announce it has signed a financial engagement letter with ABB of Norwalk, CT. Under the terms of the letter, ABB will assist in sourcing funds, either debt or equity, via its world-wide project and trade finance network for W2 Energy Inc.'s 10,000 barrel per/day 100MW combination biomass to GTL/electricity plant to be located in Guelph, Ontario. The terms of the agreement state upon successful financing, ABB will be paid a success fee of one (1) percent of the total project financing. ABB will also assist in the complete turnkey installation and engineering of all electrical generators and electrical systems.
The plant will utilize a state-of-the-art plasma reactor to obtain energy from biomass feedstock, without emitting CO2 into the atmosphere. The energy, in the form of a mixture of hydrocarbons, will then be converted into liquid fuels (ethlene, diesel), hydrogen and natural gas. Excess carbons and ash will be utilized for fertilizers.
W2 Energy is presently working towards supplying letters of request for up to 11,000 Metric tons per month of zero sulphur cetane (diesel) and octane (ethylene) fuels. W2 Energy's first plant, which will be based in Guelph, Ontario will have the capacity of 1,200 Metric tons or 10,000 barrels per day of ethylene blended gasoline. Gross sales of the plant will be in the range of U.S. $240,000,000 for ethlene sales and U.S. $37,862,400 in electricity sales.
About W2 Energy Inc.
W2 Energy Inc. is a growing, publicly traded company on the OTC (Pink Sheets:WWEN) that develops renewable energy technologies and applies it to new generation electrical power systems. Specifically, W2 Energy Inc. produces Green Power, utilizing its core-patented technologies to produce green power generating and clean transportation fuel plants utilizing biomass to GTL technologies. W2 Energy Inc. has seasoned management and cutting edge technology. W2 Energy Inc. owns a large technology portfolio of patents and know-how that has been extensively validated and ready for commercial production.
Safe Harbor for Forward-Looking Statements: Except for historical information contained herein, statements are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the company's actual results in the future periods to differ materially from forecasted projections. These risks and uncertainties include, among other things, energy market volatility, product demand, market competition, and risk inherent to the company's research and development operations.