CLENERGEN CORPORATION (CRGE.BB) APPOINTS TIM BOWEN AS CHIEF OPERATING OFFICER
(Thomson Reuters ONE) -
FOR IMMEDIATE
RELEASE
April 7, 2010
Clenergen today announces the appointment of Tim Bowen as Chief Operating
Officer of Clenergen Corporation, with immediate effect.
Tim (aged 45) has significant experience in advising companies on increasing
shareholder value. Most recently, Tim was the Chief Financial Officer of Greenko
Group plc (AIM: GKO.L) a developer / owner / operator of renewable energy
biomass, hydro and wind assets in India. As CFO, Tim was responsible for
overseeing Greenko's pre-IPO funding, as well as its successful AIM IPO in
November 2007, 23 months after incorporation. Greenko now has a market
capitalisation of circa $275 million and is on track to delivering upon its
stated target of delivering 1,000MW of power by 2015.
Previously, Tim played a leading role in three other public companies. This
includes being joint COO / CFO Tim for IDOX plc, a leading software and services
provider to a UK local authority marketplace. Tim oversaw its AIM IPO in 2000 as
well as three further acquisitions and subsequent fund raisings and was
instrumental in developing the company's early stage growth.
Tim is a Fellow of the Chartered Institute of Management Accountants and has a
B.Sc (Econ) Hons. in accounting and financial management. His successful track
record in the Indian renewable energy sector, both at the State and Central
Government level, will provide the management expertise necessary for Clenergen
India Private Limited (a wholly owned subsidiary of Clenergen Corporation) to
achieve its short term target of 150MWe of Biomass Power Generation. Under the
terms of a 15 year Power Purchase Agreement (PPA) with Power Trading Corporation
of India Limited (PTC), each MWe of electricity will generate on average, $1.4
million of gross revenue per annum.
Tim will direct Clenergen India Private Limited's acquisition of existing
operational biomass power plants, as well as joint ventures with major land
owners in India, where up to 30% increased profit will be generated through the
direct cultivation and supply of energy crops. The Company has sub let a site
near Tuticorin in the State of Tamil Nadu for the construction of a new 32MWe
Biomass power plant and has placed deposits on land within close proximity for
the cultivation of energy crops to supply biomass to the new facility.
Mark Quinn, Clenergen CEO, said "We identified Tim earlier this year as an ideal
candidate to join the Clenergen team. I am very pleased to announce Tim's
appointment as COO. Tim has broad, hands on experience of leading successful
growth companies, including securing funding either from debt of
equity. Tim also has strong international experience of the clean energy
generation industry and I look forward to working with Tim as Clenergen moves
into full operational mode."
Tim Bowen, said
"After a detailed evaluation of the renewable energy sector, Clenergen presented
the opportunity to achieve significant growth on a global scale. I believe that
the combination of supplying fuel (wood chips, wood pellets and transport fuel)
and sustainable renewable electricity, for both captive end users and regional
Government energy projects, is truly a compelling business model".
About Clenergen Corporation
Clenergen Corporation is a publicly listed company on the OTC stock market
(symbol CRGE). Clenergen develops Clean Energy Generation
supplies of electricity. Clenergen Installs and operates Distribution
Environmental Power Systems (DEPS) and applies Plant Science to the cultivation
of proprietary biomass
energy to regional, independent clients and national grids. www.clenergen.com
Notice Regarding Forward-Looking Statements
This current report contains "forward-looking statements," as that term is
defined in Section 27A of the United States Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Statements in this press release
which are not purely historical are forward-looking statements and include any
statements regarding beliefs, plans, expectations or intentions regarding the
future, including but not limited to our ability to complete the acquisition and
establish our company as one of the leading biomass power general companies
globally.
Actual results could differ from those projected in any forward-looking
statements due to numerous factors. Such factors include, among others, the
inherent uncertainties associated with clean technologies; changes in the
operating costs and changes in economic conditions and conditions in clean
technologies. These forward-looking statements are made as of the date of this
news release, and we assume no obligation to update the forward-looking
statements, or to update the reasons why actual results could differ from those
projected in the forward-looking statements. Although we believe that the
beliefs, plans, expectations and intentions contained in this press release are
reasonable, there can be no assurance those beliefs, plans, expectations or
intentions will prove to be accurate. Investors should consult all of the
information set forth herein and should also refer to the risk factors
disclosure outlined in our current and periodic reports filed from time-to-time
with the Securities and Exchange Commission.
Contact:
Jessica Hatfield
Communications Director
Clenergen Corporation
Tel: 0044 (0)207 739 0028
Fax: 0044 (0)207 657 3275
www.clenergen.com
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