HENDERSON, NV, Dec 16, 2010 (MARKETWIRE via COMTEX) -- Energy Quest, Inc. ("EQI") (OTCBB: EQST), an emerging leader in alternative energy and the development and production of hydrogen-enriched alternative fuels in an environmentally responsible manner, announced today it is to begin preliminary work on a modular biomass (Agricultural Waste) to Power Energy plant producing 6.4 megawatt (6 net). The plant will consist of four 1.6 megawatt (1.5 net) modular power systems. Project is to be located in Lee County, Georgia.
The modular gasification bio-energy plant will consume 10 to 12 tons per hour of agricultural waste biomass which will be provided from the surrounding area. The plant will produce approximately 6 MW of electrical power which will be sold to the area utility or Co-Op.
The gasification system used to produce gas for the power plant generator engines will also produce 16 to 18 thousand tons per year of a high quality Biochar which will be sold as a soil enhancement product. The plant will operate 24 hours a day and when completed provide 20 full time jobs. EQI would be an owner and operate this facility.
Energy Quest's advanced modular gasification design will result in lower set up costs and increased efficiencies. The gasifiers will provide clean syngas fuel for the power generators.
Estimated cost of the bio-energy project is $12 million USD. A rudimentary pay out time (POT) calculation based on conditions of 2010 using gross revenues of $6,500,000 with net revenues after tax of $3,200,000 annually will be less than 4 years. It is felt that the project is economically more attractive than this figure may initially indicate as various government grants, recyclables and incentives (not taken in consideration in the POT calculations) are available for projects of this nature.
About Energy Quest Energy Quest, Inc., a Nevada Corporation, is an emerging leader in the development, construction and marketing of low-cost alternate fuels worldwide. Through superior technology, the Company is focused on becoming a GreenPowerhouse(TM). Record energy prices, combined with the global focus moving rapidly towards addressing pollution, has heightened the need for sustainable, zero emission energy. Energy Quest's technology is based on clean, renewable energy, positioning it to benefit from global trends. Website http://www.nrgqst.com/
Forward-Looking Statements From time to time, the company may issue forward-looking statements, which involve risks and uncertainties. This statement may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as actual results could differ and any forward-looking statements should be considered accordingly. The Company's filings may be accessed at the SEC's Edgar system at www.sec.gov. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company cautions readers not to place reliance on such statements. Unless otherwise required by applicable law, we do not undertake, and we specifically disclaim any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such a statement.
Contact:
Energy Quest, Inc.
Investor Relations
877-661-2112/888-619-2221
404-478-9845
e-mail: info@nrgqst.com
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