Catalytica Energy Systems to Combine with Renewable Energy Company

Catalytica Energy Systems signed an agreement in which three renewable energy divisions of NZ Legacy, LLC, that are engaged in renewable energy power projects and harvesting biomass fuel will combine with Catalytica Energy Systems in an all-stock transaction.

The combined companies will operate under a holding company to be called Renegy Holdings, Inc. Upon completion of the proposed transaction, the combined company will operate under two divisions focused on clean energy — a division focused on becoming an independent power producer (IPP) of renewable energy, and a division providing emissions compliance services for the coal-fired power generation industry. Under the first division, Renegy’s mission is to use existing technology to supply clean, renewable and economical power, with the vision of becoming a leading renewable energy IPP in the U.S. In addition to owning a 24-megawatt (MW) biomass plant, which is currently under construction in Snowflake, Arizona, and expected to begin operating in the first half of 2008, Renegy will endeavor to create multiple renewable energy projects over a five-year period through acquisition, construction, installation and operation. Future projects will focus primarily on biomass, solar and wind power. The transaction, which has been unanimously approved by the Board of Directors of Catalytica Energy Systems, is subject to approval by the stockholders of Catalytica Energy Systems, regulatory approvals and customary closing conditions. Multiple other renewable energy project opportunities are currently being explored in the Western and Southwestern U.S., including additional biomass plants along with anaerobic digester, concentrating solar and wind projects.
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