Message #8 From:
NewsBot Date: August 24, 2005 12:26:00 AM
DIGG News Digital Gas Mass Storage Partner ICCU Selected for an Award from the New York State Energy Research and Development Authority
NEW YORK--(BUSINESS WIRE)--Aug. 24, 2005--Digital Gas, Inc. (OTCPink Sheets:DIGG) announced today that its joint venture partner ICCU of the Netherlands has been selected for an award from the New York State Energy Research and Development Authority ("NYSERDA") for what both companies believe is the world's most advanced ultracapacitor, promising to become a standard appliance in commercial and industrial buildings and in every home. The award is pending final contract negotiations on mutually acceptable terms and conditions.
Governor George E. Pataki announced several days ago that $15.5 million in funding was awarded by NYSERDA to support 32 distributed generation and combined heat and power (DG/CHP) projects throughout the State. The projects support the State's energy goals by augmenting the availability of clean and efficient generation capacity and the development of technologies for use in combined heat and power applications. ICCU, part of the "Energy Now" consortium will install its system in the Bronx.
The Ultracap has achieved an unheard of price breakthrough per kilowatt hour of storage capacity and can operate over a minimum thirty-year lifetime with zero maintenance. ICCU and Digital Gas will manufacture and market the Ultracap in North and South America through their newly formed "Digital Ultracap" joint venture. The Ultracap will provide an affordable buffer between utility power generation capacity and power consumption on a massive scale. It is estimated that this type of device can save up to fifteen billion dollars ($15 Billion) annually on America's estimated two hundred billion dollar ($200 Billion) annual electric bill. Digital Ultracap's product, which can store electricity with 95% efficiency, can currently offer utilities energy storage systems at $400 per kWh or less, including power electronics. Existing flow-battery systems store energy with only 80-85% efficiency. Over time, this difference in efficiency translates into a significant operating cost difference.
Since the announcement of the joint venture in July, ICCU and Digital Gas have signed the necessary documentation to allow Digital Ultracap to operate as a separate entity. Present negotiations with several investment bankers may lead to a reverse merger with, preferably, a cash rich public entity or an IPO. If either of these alternatives is chosen, the management of Digital Gas has decided to distribute its ownership in Digital Ultracap to its shareholders via a stock dividend. "Prior to signing an investment banking deal, Digital Ultracap will offer ICCU's major shareholders and investors, which participants in ICCU include a major European bank, a major European utility, an international construction company and an international metals company the opportunity to buy into the new company," said Theo van Bakkum, who will serve as Chairman of the Board of Digital Ultracap.
In addition to the above, Digital Gas has recently arranged for an invitation to manufacture the Ultracap in a state of the art one million square foot electronics center in the United States. Digital Gas has indicated to the owners of the facility that it would be interested in owning 50% of the center, subject to final due diligence and the successful negotiation of a long term cost control contract.
Major utilities, potential large corporate customers and local, state and federal governments may express interest or inquire further at our email address below.
For further information: call Brian Smith (732) 927-4073 or email energei@optonline.net
