Clenergen Corporation
OTC Bulletin Board : CRGE

Clenergen Corporation

April 08, 2010 09:36 ET

Clenergen Corporation (OTCBB:CRGE) Appoints Tim Bowen as Chief Operating Officer

NEW YORK, NEW YORK--(Marketwire - April 8, 2010) - Clenergen today announces the appointment of Tim Bowen as Chief Operating Officer of Clenergen Corporation, with immediate effect.

Tim (aged 45) has significant experience in advising companies on increasing shareholder value. Most recently, Tim was the Chief Financial Officer of Greenko Group plc a developer / owner / operator of renewable energy biomass, hydro and wind assets in India. As CFO, Tim was responsible for overseeing Greenko's pre-IPO funding, as well as its successful AIM IPO in November 2007, 23 months after incorporation. Greenko now has a market capitalisation of circa $275 million and is on track to delivering upon its stated target of delivering 1,000MW of power by 2015.

Previously, Tim played a leading role in three other public companies. This includes being joint COO / CFO Tim for IDOX plc, a leading software and services provider to a UK local authority marketplace. Tim oversaw its AIM IPO in 2000 as well as three further acquisitions and subsequent fund raisings and was instrumental in developing the company's early stage growth.

Tim is a Fellow of the Chartered Institute of Management Accountants and has a B.Sc (Econ) Hons. in accounting and financial management. His successful track record in the Indian renewable energy sector, both at the State and Central Government level, will provide the management expertise necessary for Clenergen India Private Limited (a wholly owned subsidiary of Clenergen Corporation) to achieve its short term target of 150MWe of Biomass Power Generation. Under the terms of a 15 year Power Purchase Agreement (PPA) with Power Trading Corporation of India Limited (PTC), each MWe of electricity will generate on average, $1.4 million of gross revenue per annum.

Tim will direct Clenergen India Private Limited's acquisition of existing operational biomass power plants, as well as joint ventures with major land owners in India, where up to 30% increased profit will be generated through the direct cultivation and supply of energy crops. The Company has sub let a site near Tuticorin in the State of Tamil Nadu for the construction of a new 32MWe Biomass power plant and has placed deposits on land within close proximity for the cultivation of energy crops to supply biomass to the new facility.

Mark Quinn, Clenergen CEO, said "We identified Tim earlier this year as an ideal candidate to join the Clenergen team. I am very pleased to announce Tim's appointment as COO. Tim has broad, hands on experience of leading successful growth companies, including securing funding either from debt of equity. Tim also has strong international experience of the clean energy generation industry and I look forward to working with Tim as Clenergen moves into full operational mode."

Tim Bowen, said

"After a detailed evaluation of the renewable energy sector, Clenergen presented the opportunity to achieve significant growth on a global scale. I believe that the combination of supplying fuel (wood chips, wood pellets and transport fuel) and sustainable renewable electricity, for both captive end users and regional Government energy projects, is truly a compelling business model".

About Clenergen Corporation

Clenergen Corporation is a publicly listed company on the OTC stock market (symbol CRGE). Clenergen develops Clean Energy Generation projects to address the requirement for renewable and sustainable supplies of electricity. Clenergen Installs and operates Distribution Environmental Power Systems (DEPS) and applies Plant Science to the cultivation of proprietary biomass feedstock's in order to provide sustainable supplies of clean energy to regional, independent clients and national grids. www.clenergen.com

Notice Regarding Forward-Looking Statements

This current report contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to our ability to complete the acquisition and establish our company as one of the leading biomass power general companies globally.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with clean technologies; changes in the operating costs and changes in economic conditions and conditions in clean technologies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our current and periodic reports filed from time-to-time with the Securities and Exchange Commission.

Contact Information

  • Clenergen Corporation
    Jessica Hatfield
    Communications Director
    0044 (0)207 739 0028
    0044 (0)207 657 3275 (FAX)
    www.clenergen.com