SOURCE: Cleantech Transit, Inc.

Cleantech Transit, Inc.

February 14, 2011 10:00 ET

Cleantech Transit Provides Details on 500 Kilowatt Biomass Plant

Full-Scale Commercial Operation to Begin in the Second Quarter

SCOTTSDALE, AZ--(Marketwire - February 14, 2011) - Cleantech Transit Inc. ("Cleantech") (OTCBB: CLNO) announced today additional details regarding its interest in a 500 Kilowatt biomass-generated power plant owned and operated by Phoenix Energy (www.phoenixenergy.net). The plant is fully constructed in Merced, California and is the first-of-its kind to receive an Authority to Construct permit from the San Joaquin Air Pollution Control District in California's Central Valley as well as a use permit from Merced County. 

Alex Holtermann, CEO of Cleantech, commented, "Full scale commercial operation of the plant is expected to be completed during the second quarter of 2011. Once the interconnection process is complete, the 500 Kilowatt plant can begin selling power to one of California's largest utilities under a fixed price 15-year contract. This positions us to capitalize on numerous government incentives, including carbon credits, as well as help accelerate the adoption of renewable energies in the State of California."

Presently, the plant is in its final stages of grid interconnection and is awaiting its final parallel test to the utility. After completing the interconnection process, the operator will begin a start-up and testing period. By the end of the testing phase, the first plant will have cost about $2.5 Million to $3.0 Million to construct with debt funding provided by the State of California and U.S. Endowment for Forestry and Communities. Equity for the project was provided by the parent company, Phoenix Energy.

About Cleantech Transit Inc.

Cleantech Transit Inc. was founded to capitalize on technology advances and manufacturing opportunities in the growing clean energy public transportation sector. The Company has expanded its focus to invest directly in specific green projects that can maximize shareholder value. Recognizing the many economic and operational advances of converting wood waste into renewable sources of energy, Cleantech has selected to invest in Phoenix Energy (www.phoenixenergy.net). This project can generate shareholder returns as well benefit the Company's manufacturing clients worldwide. For more information, visit www.cleantechtransitinc.com.

This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. 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. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities. 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 new business opportunities and development stage companies. 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 any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such 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 annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

Contact Information

  • Contact:
    Alexander Holtermann
    CEO
    Cleantech Transit Inc.
    Email Contact