New York, NY, Nov. 10, 2006 — Green Energy Resources, citing CNBC, noted renewable energy was one of the winners of Tuesday’s election.
A policy shift is expected to accelerate a US renewable energy policy by at least two years. The newly elected Congress is expected to pass alternative energy legislation similar to California’s green house gas emissions law almost immediately. In response to the election, Green Energy Resources will focus on marketing its UTCS software designed for emissions compliance and concentrate on the US coal and biofuel markets. The election signals a major shift for Green Energy from European markets to the US domestic market, said the company.
Green Energy Resources is looking to undergo major growth in 2007. The company has secured nearly $50 million dollars in contracts contingent on transport vessels. A $25 million contract was signed in Istanbul, Turkey, last month. Green Energy Resources also announced two of its international trading partners have agreed to provide the company financing (self financing) for long term supply and development of biomass from the United States. The financing releases Green Energy Resources of the need to raise capital in the open market and will no longer persue the London Aim listing. Green Energy Resources retains the 504 option of raising upto $1 million dollars annually should the need arise. The private financing and 504 option will provide Green Energy with adequate cash flow to meet its financial obligations and expansion.
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