Sustainable Power Corp. Announces Initial Agreement With L.Sole' S.A. for Expansion of Baytown, TX Facility
Last update: 10:00 a.m. EDT June 2, 2008
BAYTOWN, TX, Jun 02, 2008 (MARKET WIRE via COMTEX) -- Sustainable Power Corp. (PINKSHEETS: SSTP) is pleased to announce today that it has signed an initial agreement with with L.Sole', S.A., a leading company in Spain responsible for building over 400 biomass powered facilities throughout Spain, the European Union, Russia and in all of Latin America.
In the initial agreement, L.Sole', S.A. agrees to provide up to $2 billion in financing to fund the expansion of SSTP's Baytown, TX facility, as well other facilities worldwide utilizing SSTP's total solution technology. The financing will be in the form of debt, and is therefore non-dilutive to the existing SSTP shareholder base. L.Sole' also plans to "EPC" (engineer, procure and construct) a minimum of 400 reactors in Baytown, Texas.
A copy of the initial agreement has been posted to the SSTP website :
http://www.sustainablepower.com/cont...ole_080528.pdf
A further definitive agreement is expected to be consummated between the parties shortly.
The expanded Baytown plant is expected to house a minimum of 400 bio-reactors which would produce approximately three (3) million gallons daily of SSTP's green biofuel, which includes jet fuel, diesel, and high-octane bio-gasoline meeting all ASTM specifications.
In addition, L.Sole', S.A. has agreed to immediately deploy a team of engineers and specialists in bio-fuel and power generation to the Baytown facility. Further information on L.Sole' can be found at
L. Solé, S.A.
John Rivera, CEO, stated, "This initial first step with L.Sole' comes as a result of recent meetings with the Parlacen of Central America. Through our board member and President of the Parlacen, Julio Gonzales-Gamarra, we were introduced to L.Sole'. Victor R. Bendeck, CEO of the Latin American division of L.Sole', S.A., is a leader in the biomass field with decades of experience and background in this area. We are particularly delighted to ally with L.Sole' to provide a solution to this continuing and growing worldwide oil crisis."
About Sustainable Power Corp.
Sustainable Power Corp. is an international green energy total service provider focused on environmentally safe power generation. The company has the exclusive rights to develop and manage a portfolio of green energy plants utilizing the U.S. Sustainable Energy Corporation's ("USSEC") biocrude discovery, a renewable fuel source able to be produced from non-food feed stock. For more information please visit
SSTP :: Homepage.
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Investor Contact:
Redwood Consultants, LLC
415-884-0348
SOURCE: Sustainable Power Corp.
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