Canadian Firm Leads German Biogas Project

A Canadian energy company will play a critical part in development of a new biogas plant in Germany which will turn agricultural waste into Renewable Energy.

Calgary, Alberta – January 24, 2003 [] Maxim Power Corp. entered into an agreement with Gesellschaft Fur Biogas und Umwelttechnik mbH (“GBU”) of Bensheim Germany to build, own and operate a 5.5 MW biogas fueled power project in Northern Germany. Total project costs are estimated at 12.5 million Euros ($US 13.5 Million) and the plant will process in excess of 100,000 tons per year of agricultural wastes. The plant will be in a highly concentrated agricultural area of Germany and will utilize a large-scale anaerobic digester to address the increasingly stringent European Union environmental regulations with respect to the disposal of agricultural wastes. The local agricultural cooperative will supply the majority of the biomass and agricultural waste under a long-term contract and the electricity will be sold under a 20-year fixed price contract to the local utility under Germany’s Renewable Energy laws. Under the development agreement, Maxim has acquired a 100 percent interest in the project, including the assignment of all contracts and a site option, and is responsible for securing the remaining permits, which are expected to be issued during the 2nd quarter of 2003. Following the issuance of these permits, construction will be initiated and will take approximately 12 months to complete. With the recently completed ORS Project (currently Germany’s largest combined biomass gasification, composting, and power generation project), Maxim will have two projects in Germany, which benefit from fuel price relief, tipping revenues, and the sale of power into a government mandated long term energy purchase contract. The project will add to the company’s growing generating capacity throughout the world. Maxim currently owns and operates 59 MW of generating capacity in Canada, Europe and Asia and has in excess of 100 MW under evaluation and development. “Europe continues to offer maxim numerous attractive project development and acquisition opportunities in cogeneration and Renewable Energy,” John Bobenic, President and CEO of Maxim.
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