WALNUT, Calif., Sept. 2, 2014 /PRNewswire/ -- VIASPACE Inc.
(OTCQB: VSPC) issued an update on the Giant King Grass power plant
and animal feed projects in Nicaragua.
VIASPACE CEO Dr. Carl Kukkonen
traveled to Nicaragua in August to
participate in the formal power plant feasibility study being
conducted by Pelican SA of Managua. The feasibility study team met at the
plantation on the shores of Lake Nicaragua to assess the
agricultural aspects of the project and to inspect potential sites
for the power plant and survey the route for the transmission line
to connect to the national grid.
The agricultural feasibility study team included experts from
Nicaragua, Costa Rica, Europe and the
United States. The team reviewed plans for planting,
growing, harvesting, transporting and processing 284,000 tons of
fresh Giant King Grass every year for the 12 MW biomass power
plant. The team heard from the local Energia Reino Verde team that
has been growing Giant King Grass in Nicaragua since 2012. Energia Reino
Verde (English translation "Green Kingdom Energy") is the special
purpose company that will own and operate the 12 MW biomass power
plant and 2,100 acre Giant King Grass (GKG) plantation in
Nicaragua.
The grid connection group of the feasibility study team also
visited the plantation and examined potential sites for the power
plant. They also conducted a survey for the route for the
transmission line to connect to the Nicaraguan grid. The distance
is approximately 9 km. The power will be sold to the Nicaraguan
grid and potentially also to private customers. Nicaraguan law
allows private customers to use the grid to deliver reliable
electricity to them.
A potential Engineering, Procurement and Construction (EPC)
contractor from the United States
visited the plantation and power plant site to evaluate the
project. Energia Reino Verde is interviewing several potential EPC
contractors and hopes to make a selection after the feasibility
study is completed.
Nicaragua is currently in a
drought, but the Giant King Grass plantation is located on Lake
Nicaragua with plenty of water for irrigation. Animal feeders
throughout the country will likely face a serious shortage of
animal feed in the beginning of 2015. The Nicaraguan partners are
considering a major expansion of the Giant King Grass animal feed
production to help meet needs for animal feed throughout the
country. As part of the animal feed project, Giant King Grass
was harvested and made into silage. Samples were also sent to Dairy
One in the US for forage analysis.
Kukkonen reported, "I am very satisfied with the progress on the
project in Nicaragua. We have an excellent team, and the
external review by the feasibility study group will validate and
improve our plan. This plantation and power plant will be a
flagship for VIASPACE. We have other potential customers watching
us closely and we expect to have similar projects in place in the
future. VIASPACE will earn revenue from the Giant King Grass
license fee and also generate earnings from a retained equity stake
in the power plant."
VIASPACE Chairman, Dr. Kevin
Schewe, commented, "I encourage all interested parties and
investors to examine the new pictures that we are posting on our
Facebook page showing aerial views of the where the 12 MW biomass
power plant and 2,100 acre Giant King Grass plantation will be
located including views of the Giant King Grass that is already
growing there. We are proceeding with the animal feed side of the
business in parallel with the 12 MW power plant and we show Giant
King Grass being chopped to make silage as animal feed. This is our
flagship project and business model because we will earn revenue
from our Giant King Grass license fee and also generate earnings as
an equity partner in the sale of electricity. In addition and very
significant, we are going to demonstrate how the animal feed
business and biomass electric power generation can be complementary
businesses generating an even more robust economic profit related
to the Giant King Grass plantation."
Dr. Schewe, concluded, "I commend Dr. Kukkonen and our partners
in Nicaragua for having the vision
and diligence to move this project forward with remarkable speed
and success. There are many eyes watching this project and we
believe that we are gaining additional recognition as a leader in
this business space as its success unfolds. We are moving forward
on so many other fronts as well and my support for this company is
stronger than ever."
New pictures from Nicaragua are
available on the VIASPACE Facebook page
www.facebook.com/viaspaceinc.
About VIASPACE Inc.
VIASPACE grows renewable Giant King™ Grass as
a low-carbon fuel for clean electricity generation; for
environmentally friendly energy pellets; and as a feedstock for
bio-methane production and for green cellulosic biofuels,
biochemicals and biomaterials. Giant King
Grass is a proprietary, high yield, dedicated biomass energy
crop. Giant King Grass when it is
cut frequently at 4 to 5 feet tall is also excellent animal feed.
The USDA granted approval for planting Giant King Grass throughout
the US and cooperates in exporting by performing the required
inspections and issuing the phytosanitary certificate needed for
import into foreign countries. Giant King
Grass is being grown in California, Arizona, Hawaii, St. Croix Virgin Islands, Nicaragua, South
Africa, China, Myanmar, Pakistan and Guyana. For more
information, please go to www.VIASPACE.com or contact Dr.
Jan Vandersande, Director of
Communications, at 800-517-8050 or IR@VIASPACE.com.
Safe Harbor Statement
Information in this news release includes forward-looking
statements. These forward-looking statements relate to future
events or future performance and involve known and unknown risks,
uncertainties and other factors that may cause our actual results,
levels of activity, performance or achievements to be materially
different from those expressed or implied by these forward-looking
statements. Such factors include, without limitation, risks
outlined in our periodic filings with the U.S. Securities and
Exchange Commission, including Annual Report on Form 10-K for the
year ended December 31, 2013, and
other factors over which VIASPACE has little or no control.
SOURCE VIASPACE Inc.