SOURCE: Alternate Energy Holdings, Inc.

July 08, 2008 09:15 ET

AEHI and Powered Sign Participation Agreement to Form New Company to Build and Operate Electricity and Desalinization Advanced Nuclear Reactors

BOISE, ID--(Marketwire - July 8, 2008) - Alternate Energy Holdings, Inc. (PINKSHEETS: AEHI) has signed a participation agreement with Powered Corporation, Houston, Texas, to form a new company to jointly develop nuclear reactors worldwide, including Idaho's first commercial nuclear reactor. Assuming successful due diligence, the agreement is to be finalized in the coming months. Powered will contribute international energy leadership and initial funding, while AEHI will contribute its nuclear expertise and management team, including Don Gillispie as CEO. The new company will be a joint holding of AEHI and Powered. "This participation agreement, among other projects, will form the basis for a final agreement to fund the federal application process and, ultimately, build a 1,600-megawatt nuclear power plant in Idaho to help meet our national energy needs," said Don Gillispie, president and CEO of AEHI.

About Powered Corporation (www.poweredcorp.com)

Powered Corporation is an international energy company based in Houston, Texas, dedicated to developing new, safe, affordable and environmentally friendly energy complexes to power the future in developing countries around the world. The company has active international interests in electric energy and exploration and production of oil, gas and other minerals.

About Alternate Energy Holdings, Inc. (www.alternateenergyholdings.com)

Alternate Energy Holdings actively acquires private green energy companies, as well as develops and markets innovative clean energy sources. Current projects include the Idaho Energy Complex, bio-fuel generation, Energy Neutral, Inc., which lowers power usage for homes and businesses, and International Reactors, Inc., which assists developing countries with nuclear reactors for power generation and production of potable water.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities and Exchange Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Although AEHI believes that the assumptions underlying the forward-looking statements contained herein are reasonable, there can be no assurance that the forward-looking statements included in this press release will prove accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion should not be regarded as a representation that the objective and plans of AEHI will be achieved.

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