GS Energy Announces Formation of Carbon Trading Unit
GS Energy Corporation (OTC Bulletin Board: GSEG) today announced its formation of a carbon trading division to focus on the increased development of GS Energy's renewable energy certificate, energy efficiency certificate, carbon and other emissions credit trading businesses.
The new division, GS Carbon Trading, Inc., will trade and sell renewable energy certificates ("RECs"), or Green Tags, and energy efficiency certificates ("EECs"), or White Tags, as well as emissions credits and other similar attributes.
Green Tags enable retail residential and non-residential consumers to purchase green, or environmentally friendly, energy through their existing utility and offset reliance on power generated from fossil fuel sources. Green Tags are the intangible environmental benefits associated with generating one megawatt hour ("MWh") of electric energy from a renewable resource such as biomass, sunlight, and wind. Green Tags don't require the energy to be physically delivered to the buyer, but instead offset the difference between cost of the renewable power and power from fossil energy sources and can be used by consumers regardless of whether or not their local utility has access to green power generation.
White Tags are similar to Green Tags except they represent one MWh of electricity savings due to the use of energy conservation methods and equipment. White Tags are determined through precise calculations of energy savings derived from conservation measures, such as the use of more efficient lighting, heating and cooling. GS Carbon's Sterling Planet group is pioneering the U.S. market for White Tags with its state-of-the-art technology with advanced mathematical techniques and neural network algorithms to establish accurate (greater than 99.9%), scalable and cost-effective processes for the measurement, verification and certification of White Tags.
Importantly, Green Tags and White Tags can be used to favorably impact the economics of renewable energy generation and energy conservation projects by monetizing reduced carbon emissions.
Carbon Trading
The Green Tag market is expected to grow from about $250 million to nearly one billion dollars per year by 2010. In addition, the new White Tag market is emerging as a potentially far larger market. Presently, these markets are characterized by fragmented brokerage-driven transactions. The growth and increasing liquidity of these markets is creating valuable opportunities for trade-driven transactions that capitalize more efficiently on changing market conditions.
"GS Energy's carbon trading group was founded to specifically focus on building a trading business that effectively capitalizes on the evolving carbon markets while facilitating decarbonization," said Kevin Kreisler, GS Energy's chairman and chief executive officer. "We intend to provide GS Carbon with the necessary capital, management and other resources necessary to meet this goal in the immediate term in ways that do not interfere with the development of GS Energy's planed power production facilities and ongoing manufacturing services."
GS Energy also announced its plans today to take GS Carbon public in a reverse merger or similar transaction with a compatible public company on or before October 1, 2006.
About GS Energy Corporation
GS Energy Corporation (OTC Bulletin Board: GSEG) is an integrated new energy production company whose mission is to facilitate the more efficient use of traditional sources of energy and the increased production and use of renewable sources of energy. Additional information on GS Energy and its business model is available online at www.gs-energy.com.
Safe Harbor Statement
This press release contains statements that may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of GS Energy Corporation, and members of their management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
GS CleanTech Corporation
Phone: 212-994-5374
Fax: 646-572-6336
investorrelations@gs-energy.com
www.gs-energy.com
or
Investor Relations:
CEOcast, Inc.
Andrew Hellman, 212-732-4300
or
Public Relations:
Walek & Associates
Deborah McCandless, 212-590-0523
Fax: 212-889-7174
dmccandless@walek.com
www.walek.com
Source: Business Wire (September 6, 2006 - 7:10 AM EST)
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