Echogen Power Systems Signs Licensing Agreement With Doosan Heavy Industries & Construction

AKRON, OH--(Marketwired - Jul 7, 2015) - Echogen Power Systems^®, www.echogen.com, a world leader in advanced power generation technology, announces the signing of a licensing agreement with Doosan Heavy Industries & Construction, a global leader in the power and water sectors, to commercialize Echgoen's supercritical carbon dioxide waste heat to power technology.

"We are incredibly pleased to be working with another outstanding global partner to bring energy recovery and power generation products, utilizing our proprietary sCO₂ technology, to the market," said Phil Brennan, CEO, Echogen Power Systems. "These products drive value for clients of Doosan Heavy Industries through a unique combination of a lower cost per unit of electricity produced, compact footprint, higher energy recovery from the waste heat stream, and the ability to generate power from a wider range of heat sources than competing technologies available in the marketplace today and to do so without the use of increasingly scarce water resources."

"Cement and steel production are enormously energy intensive operations which typically operate on razor thin margins; we look forward to working with our new partners to help their clients optimize their operations by producing low cost power from their own exhaust streams," says Dr. Timothy Held, Chief Technology Officer, Echogen Power Systems. "The global market is estimated at two trillion won [US$1.8 billion] per year based on power equipment in the cement, steel, and plant sectors combined," said Song Yong-jin, an executive in charge of strategy and planning at Doosan Heavy Industries & Construction. "We are aiming to achieve more than 100 billion won [US$89.96 million] in annual sales." Dr. Held added, "We have observed the validation of technology's value proposition through the successful testing campaign of our first product, the EPS100. We now look forward to scaling that product and adopting it to new markets. Our own studies show the power of this technology in power-generation at scales well into the hundreds of megawatts."

About Echogen Power Systems: Echogen Power Systems is a leading producer of scalable sCO₂ based heat-to-power systems that deliver sustainable and cost-efficient returns on energy invested. For additional information, visit www.echogen.com.

About Doosan Heavy Industries & Construction: Doosan Heavy Industries & Construction Co., Ltd., a subsidiary of Doosan Group, is one of the largest Korean heavy industrial companies.