Innoventé inc.

Innoventé inc.

February 28, 2011 16:15 ET

Innovente Aquires a Cogeneration Plant in Newfoundland

QUEBEC CITY, QUEBEC--(Marketwire - Feb. 28, 2011) - Innovente Inc. (the "Company") (TSX VENTURE:IGE), a leader in producing clean energy from organic waste, announces the acquisition of a 5 MW cogeneration plant owned by Newfoundland Labrador Hydro. Situated in Roddickton, Newfoundland, this plant was purchased in order to be relocated to the company's installations in St-Patrice-de-Beaurivage, Quebec. With this agreement, Innoventé is getting one step closer to start its electricity production in 2012.

With acquiring an existing plant, Innoventé is making an important saving of $7M on initially estimated costs of $17M. M. Richard Painchaud, President of Innoventé says: "Innoventé is once again showing it can identify great opportunities when it comes to acquiring assets that will allow the completion of important projects at the lowest cost. The savings achieved with this purchase will contribute to the development of new projects in Quebec, in Ontario and in USA".

About Innoventé Inc.

Innoventé produces clean energy and fertilizers from organic waste. Innoventé can accomplish this transformation using innovative technologies allowing the production of high calorific value biofuel. Furthermore, these technologies contribute to recuperate an important fraction of fertilizers such as nitrogen, phosphorus and potassium, all contained in organic waste. Innoventé's strategic vision lies upon developing and operating transformation centers throughout regions in Québec, in Canada and across the world.

Innoventé already owns a valorization center in St-Patrice-de-Beaurivage. This center can annually receive over 50,000 tonnes of organic waste which Innoventé will transform into biofuel suitable for production of electricity, heat and fertilizers. In February 2010, Hydro-Quebec awarded the company a 25-year supply contract to produce electricity from a cogeneration plant with a 4.6 MW capacity. Together with electricity, Innoventé will annually produce 10 MW of heat, 7,000 tonnes of fertilizers and will reduce by 25 000 tonnes the Greenhouse Gases (GHG) emissions.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements contained in this press release involve known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements of Innovente Inc. to be materially different from any future results, performance or achievements expressed or implied by the said forward-looking statements.

Contact Information

  • Innovente Inc.
    Genevieve Blais
    Director of Communications
    418-692-1011 (200)