AltaRock demo featured by MIT; Alternative Earth Resources reports results; POWER a MATOC project lead

News this week features GEA members: AltaRock Energy’s Oregon EGS Demo is featured this week on the MIT Technology Review site. Alternative Earth Resources reports results for the year ending June 30. POWER Engineers is named geothermal project lead for NGP projects under the Army’s MATOC awards.


AltaRock Energy: EGS Demo Featured on MIT Technology Review
Alternative Earth Resources: Results Reported for Year Ending June 30, 2013
POWER Engineers: Company Named Geothermal Project Lead for NGP’s MATOC Projects

AltaRock Energy: EGS Demo Featured on MIT Technology Review
The MIT Technology Review this week features GEA member AltaRock Energy and its Enhanced Geothermal Systems (EGS) demonstration near the Newberry Volcano in Oregon in an article titled “Fracking for Geothermal Heat Instead of Gas.” The article summarizes successful work AltaRock accomplished earlier this year: “AltaRock has essentially invented a new plug. At a well near the Newberry Volcano, it has demonstrated that it’s possible to temporarily plug a geothermal well with a special polymer. The material degrades after it’s been down in the hot rock for a certain amount of time, allowing the company to move on to another part of the well. The company fractured three separate areas of one well using the technique.”

Alternative Earth Resources: Results Reported for Year Ending June 30, 2013
Alternative Earth Resources Press Release (VANCOUVER) October 21 – Alternative Earth Resources Inc. (formerly Nevada Geothermal Power Inc.) (“Alternative Earth” or “the Company”) (TSX.V: AER) today announced results for the year ended June 30, 2013. The Consolidated Financial Statements and Management’s Discussion and Analysis (MD&A) are available at http://www.sedar.com and on the Company’s website at http://www.alternative-earth.com. Alternative Earth was responsible for the development of the Blue Mountain geothermal resource from exploration through commissioning of the nameplate 49.5 MW (gross), 38.8 MW (net) Faulkner I power plant, and continues to hold interests in four other geothermal properties. The results of the Blue Mountain power plant are included in Alternative Earth’s results up to March 28, 2013, on which date the Company transferred its interest in the project to Blue Mountain Power, LLC, a subsidiary of EIG Global Energy Partners (“EIG”), which had been the mezzanine lender on the project. Alternative Earth continues to operate the power plant through its subsidiary, Nevada Geothermal Operating Company (“Opco”), and is providing some management and administrative services during a cooperative transition period.

The transfer of the Company’s investment in the Blue Mountain project to EIG resulted in the removal of debt obligations and the recognition of a gain of $80.9 million in the quarter ended March 31, 2013. The gain is offset by previous year losses such that no tax is payable.

The Company is compensated for services provided to the Blue Mountain project during the above mentioned transition period, but management does not expect to be involved with the project for an extended period. The agreement between the Company and EIG provides for Opco’s involvement in the project for a maximum period of 12 months, and a minimum of three months from March 28, 2013. The Faulkner I plant operations handover date is expected to be on or before December 31, 2013.

The loss from continuing operations for the year ended June 30, 2013 amounted to $1.5 million, down from $6.7 million in the year ended June 30, 2012. The Company has cut costs and staff numbers dramatically over the last year. The Company plans to improve its cash position by continuing to cut costs and by selling or joint venturing some or all of its geothermal resource properties.

As at June 30, 2013, the Company’s assets (consisting primarily of cash and cash equivalents of $2.0 million and resource property interests carried at $1.5 million) exceeded its liabilities (consisting primarily of asset retirement obligations) by approximately $3.6 million.

On April 2, 2013, the Company changed its name from Nevada Geothermal Power Inc. to Alternative Earth, and completed a five for one share consolidation, which leaves the Company in a position to maintain its property portfolio or pursue other opportunities.

POWER Engineers: Company Named Geothermal Project Lead for NGP’s MATOC Projects
POWER Engineers Press Release (Hailey, ID) October 2013 – New Generation Power, Inc. (NGP) has been awarded a Multiple Award Task Order Contract (MATOC) by the US Army to develop geothermal and solar power generation projects for Department of Defense installations. POWER Engineers has been named project lead for geothermal projects under this award. The Chicago-based small business will join a pool of other qualified geothermal and solar contractors eligible to bid on future individual geothermal and solar technology project task orders from the Energy Initiatives Task Force (EITF) and the US Army Corps of Engineers (USACE).

NGP, along with their consortium members: Eaton Corporation, Martifer Solar USA, Golder Associates, POWER Engineers, Lockheed Martin and Veolia Energy, will combine their expertise and advanced technological capabilities to contribute valuable renewable energy projects for the DoD.

In addition to POWER Engineers being named the project lead for geothermal projects, several POWER experts have been named to MATOC subgroups: Dick Corolewski: LEAD Marketing/PR/Lobbying (geothermal and solar subgroups); and Construction; Ray Arguello: Business Development; Matt Lee: Finance; and Greg Clark: Technology.

“We have an experienced consortium and are well-positioned to respond to future Task Orders. We look forward to working with the US Army Corps of Engineers at Huntsville and the EITF and applaud the DoD for their foresight and commitment to renewable and alternative energy,” said Yeye Zhang, Executive Vice President at NGP.

“This award brings NGP and our industry leading team one step closer to our goal of bidding on task orders. We look forward to helping the USACE and EITF to achieve their renewable energy objectives on Army bases in the US,” said Beatrice Quach, Capture Manager at NGP.

The DoD has allocated $7 billion through the MATOC program for the development of renewable energy projects in four technologies: geothermal, solar, wind and biomass.

This is the second MATOC award for NGP. Last month, the company received a MATOC for solar energy.

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