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Sterling Planet Supplies More Than 761 Million Kilowatt Hours of Wind and Biomass Energy to Western Area Power Administration, U.S. Army, and Department of Energy
NEW YORK--(BUSINESS WIRE)--Jan. 17, 2006--GreenShift Corporation (OTCBB: GSHF) today announced that Sterling Planet, Inc., the nation's leading retail renewable energy provider through the sourcing and sale of renewable energy credits ("RECs") and a GreenShift portfolio company, is supplying 10 U.S. Department of Energy ("DOE") agencies and a U.S. Army base with 117,825,000 kilowatt hours of RECs over a five-year period in cooperation with the Western Area Power Administration ("Western").
This order was recently increased to a five-year total of 761,025,000 kilowatt hours, representing enough electricity to power more than 73,000 average U.S. homes for a full year.
The DOE agencies include:
-- Berkeley Lab, Lawrence Livermore Lab and Stanford Linear
Acceleratory Center, California;
-- Pantex Plant in Amarillo, Texas;
-- Kansas City Plant, Kansas;
-- Sandia National Laboratories, New Mexico;
-- Los Alamos National Laboratory, New Mexico;
-- Fort Carson, Colorado;
-- Golden Field Office and Central Regional Office, Colorado;
-- National Renewable Energy Laboratory in Golden, Colorado; and,
-- Western Area Power Administration.
Sterling Planet is supplying the RECs from biomass generation at Sierra Pacific Industries' sawmill sites in Anderson, Lincoln and Sonora, California. Credits will also come from wind generation at the Mountain View project in Palm Springs, California, and at several other wind energy sites.
RECs, also known as green tags, are the intangible environmental benefits associated with generating one megawatt hour of electric energy by a renewable resource. RECs 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. Purchasing RECs helps to meet the goals outlined in the "Greening the Government through Efficient Energy Management" initiative, which provides goals for Federal agencies to expand the use of renewable energy.
Western coordinated the requests for proposal for all the agencies and also committed to purchasing some of the RECs. "It's easy and cost effective to get Renewable Energy Credits through this program," explained Theresa Williams, Western's Renewable Resources for Federal Agencies project manager. "At Western, we are pleased to continue our commitment to support renewable energy."
Western cites the following reasons for purchasing RECs:
-- Achieve environmental benefits such as decreased air pollution
from fossil fuel-fired power plants;
-- Increase national security by lessening our dependence on
imported energy and diversifying our electrical energy
generation;
-- Manage exposure to rising or volatile energy prices;
-- Support local economic development by creating local jobs and
generating local tax revenue;
-- Comply with administration goals for Federal agencies to
increase use of renewable energy to 2.5 percent by 2005; and,
-- Comply with Executive Order 13123 goals to reduce greenhouse
gas emissions 30 percent by 2010 and to reduce energy use 30
percent by 2005.
About Sterling Planet
Sterling Planet is the nation's leading retail provider of solar, wind and other clean, renewable energy through direct sales and electric utility partnerships. Sales to date have created environmental benefits comparable to not driving 5.7 billion miles or taking 460,000 cars off U.S. roads. Founded in 2000, Sterling Planet was the first company to offer renewable energy credits to every U.S. home and business as a way to support sustainable energy production that benefits the environment, the economy and society in general. Today, Sterling Planet has 28 utility partners nationwide in Connecticut, Florida, Massachusetts, New Jersey, New York, Rhode Island and elsewhere. The company is also exploring emerging clean energy markets, maintaining a focus on businesses, universities and clients seeking LEED credits for green building certification. www.sterlingplanet.com.
About GreenShift Corporation
GreenShift Corporation (OTC Bulletin Board: GSHF) is a publicly traded business development company (BDC) whose mission is to develop and support companies and technologies that facilitate the efficient use of natural resources and catalyze transformational environmental gains.
BDCs are regulated by the Investment Company Act of 1940 and are essentially publicly-traded equity funds where shareholders and financial institutions provide capital in a regulated environment for investment in a pool of long-term, small and middle-market companies through the use of senior debt, mezzanine financing, and equity funding. GreenShift plans to use equity and debt capital to support and drive the value of its existing portfolio of companies and to make investments in a diversified mix of strategically compatible growth stage public and private businesses and technologies. Additional information regarding GreenShift Corporation is available online at www.greenshift.com.
Safe Harbor Statement
This press release contains statements, which 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 GreenShift 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.
CONTACT: GreenShift Corporation
Jim Grainer, 973-398-8183
Fax: 973-398-8037
investorrelations@greenshift.comwww.greenshift.com
or
CEOcast, Inc.
Ed Lewis, 212-732-4300
SOURCE: GreenShift Corporation
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