GreenAngel Investee Habitat Lands $4 Million Contract
(Vancouver, BC, November 16, 2010) GreenAngel Energy Corp. (”GreenAngel”) (TSX-V: GAE) reports that investee company Habitat Carbon Assets have partnered with Brazil’s second largest pig iron producer to reduce greenhouse gas emissions and in the process generate up to $4 million worth of UN certified carbon credits.
The project involves the replacement of old wood burning kilns with innovative highly energy efficient kiln technology, reducing carbon emissions by over 200,000 tonnes. Because the installation will also lead to reductions in other gases, including methane, and the offsets will be certified through the United Nations the resulting carbon credits are considered to be of premium value. Habitat will share 48% of the expected $4 million worth of credits created in the project.
Comments Habitat CEO Thomas Kineshanko, ”This project firmly validates Habitat’s ability to add value to large-scale cleantech buyers. We are positioning our new OffsetID platform to be the leading global platform for cleantech buyers and sellers to identify and realize carbon revenue. This milestone has helped to advance our discussions with some of the leading cleantech players in North America.”
Michael Volker, Chairman of GreenAngel comments, ”We expect this agreement to be the first of many for Habitat as they leverage their new OffsetID platform to rapidly identify, quantify and implement carbon offset projects like this one. Even though the carbon market is already large, we believe there remains still great unexploited potential – particularly in South America.”
About Habitat Carbon Assets
Habitat makes carbon reducing clean technology more affordable. Using a proprietary platform, Habitat enables clean technology buyers and sellers to identify the carbon offset potential of single site or dispersed clean technology applications. Once offset potential is identified, Habitat processes the certification and monetization of the offsets – generating additional revenue for all parties involved. For more information, please visit habitatcarbon.com
About GreenAngel Energy
GreenAngel Energy Corp. is a green energy technology company. Our focus is commercializing new technologies that produce renewable energy, improve energy efficiency, or use renewable energy resources such as water, wind and solar. We also work with companies that deploy or manage technologies and processes that reduce greenhouse gas (GHG) emissions. In addition to providing strategic capital to investee companies, GreenAngel also provides business and advisory services to help ensure these companies achieve commercial success. The firms include Delaware Power Systems, Light-Based Technologies, Habitat Carbon Assets, Rapid Electric Vehicles, DPoint Technologies, and Paradigm Environmental Technologies. For more information, please visit www.greenangelenergy.ca.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
ON BEHALF OF THE BOARD
Bob de Wit
CEO and Director
(604)916-3434
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company’s listing of its common shares on the TSX Venture Exchange. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them.