ATLANTA, GA--(Marketwired - Jul 15, 2015) - Dominovas Energy Corporation (
Dominovas Energy remains steadfast on its mission to electrify the world and is on pace to deliver an unprecedented number of MWs of fuel cell generated electricity to the continent. This announcement represents the equivalent of 20% of all the fuel cells that have been delivered in the last 20 years. Dominovas Energy COO and President of its Fuel Cell Division, Michael Watkins, reiterated, "There is a very calculated approach to the methodology of Dominovas Energy. It was critical to make certain we had venerable OEM partners that have the supply chain and manufacturing bandwidth to allow us to execute large scale orders and deliver as promised."
The city of Bukavu, which is the capital of South Kivu, has experienced an exponential urban growth since colonial times. Sadiki et al. (2010) reported about 620,000 inhabitants for 2008; however, other areas of the Province now have population centers exceeding 1,000,000 citizens. The population growth rate has increased steadily since 2002, due to the massive population entry of citizens from Goma after the Nyiragongo eruption of January 2002.
South Kivu is known for its agriculture potential, as well as its vast hydrocarbon reserves under the lake with the same name.
This announcement by Dominovas Energy comes after the Company's announcement just a few weeks ago of its 3MW PPA with the SOMICO SARL mines, also in the Democratic Republic of the Congo, and its 3MW PPA to electrify the City of David in the country. Dominovas Energy is forging ahead with its platform to deploy a technology that will revolutionize the way electricity is delivered in Africa. The physical deployment of the RUBICON™ in the Democratic Republic of Congo is expected to begin in Q4 of 2016. Yet the 200MW deployment will not begin until 1st Quarter of 2017. The 200 MW installation is a continuation of what is the largest single deployment of fuel cell technology on the continent of Africa, representing a paradigm shift in the DRC's approach to addressing concerns regarding harmful carbon emissions, and to reducing the ever-expanding equipment maintenance and inefficiencies that are associated with increased costs, as are endemic with power generation from diesel generators, combined-cycle gas-fired turbine (CCGT) power plants, and other combustion-centric technologies.
The RUBICON™ will produce over 25.5 million kWh of clean, efficient, and reliable electricity every year. The 200MW Power Provider Agreement (PPA) will yield more than US$1 billion in guaranteed revenue to Dominovas Energy over the multi-year term PPA.
Emilio De Jesus, President of Dominovas Energy's Africa Division, expressed, "I cannot begin to express my gratitude to the leadership of the Democratic Republic of the Congo for the acceptance of our technology and their trust in our ability to deliver 21st century technology and solutions for their Country. This 200MW multi-year deployment will address immediate electricity needs of a Province that is on a fast track for economic growth. It will serve as a model for large scale RUBICON™ deployments across Africa and beyond. Michael Watkins added, "We have worked diligently to put ourselves in this position to be able to qualify for acceptance in the Power Africa Initiative, which provides us direct partner access to finance partners that share in the mission to provide power to Africa. Today, our sales cycle is maturing, our OEM partners are committed and in place, and our revenue and financing model is being received with favor. As a result, our pipeline of projects is creating the type of production scale that will promote efficient and cost-effective manufacturing. Equally exciting is that our manufacturing will further stimulate job creation and expansion domestically, as the RUBICON™ is manufactured and supported by a robust supply-chain in the U.S."
About the Democratic Republic of Congo
The Democratic Republic of Congo is a French speaking country located in Central Africa (Sub-Saharan Africa). It received its independence from Belgium in 1960. The Democratic Republic of Congo has an area of 2.34 million square kilometers and a population of 71 million inhabitants. The Democratic Republic of Congo has the fourth largest population on the African continent, while being the second largest country relative to land mass. Currently only 7% of its population has access to electricity. The Democratic Republic of Congo shares nine common boarders with neighboring countries. The president, Joseph Kabila, was elected in 2001. The country experienced a 6.24% growth in GDP in 2013 resulting in a recorded GDP of $29.3 billion. Electric production in 2010 was 7.8 billion kWh. Improvements in infrastructure are a primary focus of the government and its international development partners. The lack of access to electricity has greatly handicapped the country's ability to attract and grow commercial industries including the mining sector.
The Democratic Republic of Congo is rich in natural resources having Extractive Industries with emphasis on copper, cobalt, zinc, diamonds, oil shale, and coltan, accounting for approximately 12% of the its GDP. The country is home to some of the largest mineral reserves in Sub-Saharan Africa.
About Dominovas Energy Corporation (
Founded in 2005, Dominovas Energy Corporation (DEC) is a publicly traded company, based in Nevada. With its operating headquarters in Atlanta, Georgia, USA, Dominovas Energy Corporation is a leading power solutions provider to emerging markets around the world. DEC employs its proprietary RUBICON™ Solid Oxide Fuel Cell (SOFC) technology for deployment in multi-megawatt power generation units worldwide. The worldwide pursuit of clean and efficient production of electricity via Solid Oxide Fuel Cell technology inspired its founders to create an "energy solutions" company. Recognizing that "green" and "alternative energy" markets offer immense potential for growth, Dominovas Energy is aggressively moving to allocate its intellectual and financial capital forthwith, in order to strategically address a green energy solution that is 100% reliable, efficient, and measurably cleaner than GenSets and CCGT. By manufacturing and deploying the RUBICON™ throughout of the world, Dominovas Energy is committed to creating shareholder value by not only generating guaranteed revenue streams, but also by increasing the value of "human and community capital." Devoted to core values by operating under the utmost of honesty and integrity in all its business transactions, Dominovas Energy is additionally dedicated to respecting the rights of all individuals, while acknowledging and respecting all cultures necessary to support the growth and development of the communities and countries in which it operates. The Company strongly believes in the impact this singularly advanced technology will make on the world and is resolute in its mission to provide electricity where and when economically viable. For more information, visit www.dominovasenergy.com.
Forward-Looking Statements
This press release, as well as other statements made by Dominovas Energy Corporation (the "Company"), contain forward-looking statements that reflect, when made, the Company's current views with respect to current events and financial performance. Such forward-looking statements are subject to many risks, uncertainties and factors relating to the Company's operations and business environment, which may cause the actual results of the Company to be materially different from any future results. All statements that address future operating, financial or business performance or the Company's strategies or expectations are forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements as is applicable would be discussed under captions as follows: "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's filings as would be filed with the Securities and Exchange Commission as required. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect the Company. It should be remembered that the price of the ordinary shares and any income from them can go down as well as up. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events and/or otherwise, except as may be required by law.
Contact Information:
Media and Investor Contact:
Eric Fresh
SVP, Finance and Investments
Eric.fresh@dominovasenergy.com