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EIF NTE Hybrid Renewable Energy Subsidiary Files for Patent for Biomass Hybrid Renewable Energy Technology
Monday, April 12, 2010
St. Augustine, FL -- A subsidiary of EIF NTE Hybrid Renewable Energy, LLC, a joint venture between Energy Investors Funds (“EIF”) and NTE Energy, LLC, filed a patent application in the United States Patent & Trademark Office on March 31, 2010 regarding its proprietary biomass hybrid renewable energy technology. Developed by Greg Cahill of Trimont Engineering and Seth Shortlidge of NTE Energy, this technology revolutionizes the production of renewable energy by providing for the simultaneous operations of a biomass hybrid renewable energy cycle in concert with a traditional, natural gas-fired power plant.
EIF NTE Hybrid Renewable Energy intends to use this technology in the development, construction and operation of new hybrid renewable power generation facilities to be located throughout the United States and intends to license the technology to other parties for use in independently owned hybrid renewable energy facilities. EIF NTE Hybrid Renewable Energy plans to announce new hybrid renewable projects in Florida, South Carolina, and Alabama in the near future.
Seth Shortlidge, President of EIF NTE Hybrid Renewable Energy, said, “We are extremely excited to have filed a patent application associated with our proprietary biomass hybrid renewable energy technology. We believe this technology will lead to a significant increase in the production of lower cost, clean renewable energy in the upcoming years.”
“EIF is pleased to have participated in this patent filing,” said Lucas Missong, a Vice President of EIF. “This groundbreaking technology will allow us to develop plants using hybrid renewable energy and we’re excited to begin to license the technology to others who are interested in creating clean, renewable electricity with it as well.”
EIF NTE Hybrid Renewable Energy is a leading developer of hybrid renewable energy generation solutions. Hybrid renewable energy combines different types of renewable energy, such as solar, biomass and other technologies, with traditional energy technologies in power generation plant to provide sustainable sources of clean electricity at a lower cost to customers than traditional renewable energy resources alone.
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. Its consistent, proven investment strategy is to create geographically and technologically diversified portfolios of electric power-related assets that provide superior risk-adjusted equity returns with current cash flow and capital appreciation. As an investment manager, EIF seeks to mitigate commodity risk (fuel and electricity) by focusing primarily on acquiring power assets with long-term off-take contracts. EIF has mobilized over $4 billion in capital raised in seven funds, and currently manages four private equity funds from its offices in Boston, New York, and San Francisco. These funds have made over 100 diversified investments which have an underlying asset value greater than $15 billion. EIF controls 4,000 MW of operating power assets with another 2,200 MW of power assets under development or construction. For more information visit www.eif.com.
About NTE Energy
NTE Energy, LLC is focused on developing hybrid energy projects in the United States. 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. For more information visit www.nteenergy.com.
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