NTE Energy's hybrid technology creates significant benefits by decreasing use of fossil fuels in power generation, increasing domestic renewable energy production, and providing the forestry and agriculture sectors with solutions for their biomass residuals
ST. AUGUSTINE, FL (April 30, 2012) – NTE Energy is pleased to announce it has been awarded a patent by the United States Patent & Trademark Office for its proprietary biomass hybrid renewable energy technology. This technology revolutionizes the production of renewable energy by allowing the simultaneous operation of a biomass energy cycle in concert with a traditional power plant. Patent number US 8,161,724 was issued on April 24, 2012.
"This patent represents a game-changing moment for the renewable energy industry," said Seth Shortlidge, President and CEO of NTE Energy. "Our technology will help generators provide reliable, low cost, efficient electricity, while creating new economic opportunities and jobs. NTE Energy's hybrid technology creates significant benefits by decreasing use of fossil fuels in power generation, increasing domestic renewable energy production, and providing the forestry and agriculture sectors with solutions for their biomass residuals."
NTE Energy will utilize this technology in the development, construction and operation of new hybrid renewable power generation facilities located throughout the United States, including projects under development in Florida, North Carolina and Virginia. As an alternative, NTE Energy will license the technology to other parties, including independently owned hybrid renewable energy facilities.
"Hybrid technology allows utilities to provide renewable, baseload power from a native biomass fuel that also helps to diversify the regional generation portfolio," said Mark Daley, Executive Vice President of Sales and Marketing. "Each facility will also create more than 120 permanent jobs, with hundreds of additional construction jobs to build each plant."
NTE Energy's patented hybrid technology integrates biomass and conventional steam electric generating technologies into a single efficient hybrid renewable power generation facility. The addition of hybrid technology to an existing generation facility provides substantial capital cost savings over stand-alone biomass facilities through the use of a shared steam turbine and other common major equipment and systems. The technology can be integrated into the design of new combined cycle plants or retrofit onto almost any existing power plant that has excess steam turbine capacity including those combined-cycle plants employing duct burners.
"We're pleased that the United States Patent & Trademark Office has issued this patent to NTE Energy," said Lucas Missong, Vice President at EIF, a private equity firm focused on the power industry and a partner with NTE Energy in the development of hybrid technology. "This proprietary technology will allow for greater renewable energy production in a more cost efficient manner."
The patent was awarded to technology developed by Seth Shortlidge and Greg Cahill of Tri-Mont Engineering. Alan Smithe, Vice President of Engineering at NTE Energy, was the company's technical lead in the prosecution of the patent application. NTE Energy was represented by John W. Gulliver and Joseph Maraia of Pierce Atwood LLP.
About NTE Energy
NTE Energy is focused on developing and/or licensing hybrid energy projects in the United States and internationally. Located in St. Augustine, Florida, the nation's oldest city, NTE Energy has been a leader in the development of commercially viable hybrid renewable energy technology since 2009. The NTE Energy team has expertise in marketing, development, engineering, legal and regulatory affairs, with executive staff previously holding leadership roles in major energy, legal, and construction/engineering firms. For more information, visit www.nteenergy.com.
About Energy Investors Funds
EIF was founded in 1987 as the first private equity fund manager dedicated exclusively to the independent power and electric utility industry. EIF has mobilized over $4 billion in capital raised in eight funds, and currently manages five private equity funds from its offices in Boston, New York, and San Francisco. These funds have made over 100 diversified investments that have an underlying asset value greater than $15 billion. EIF has over 3,675 MW of capacity in operation and under construction, as well as an additional 2,875 MW under development. EIF closed on its latest private equity fund, EIF United States Power Fund IV, L.P. in October 2011, with $1.713 billion in capital commitments. For more information, visit www.eif.com.