NEW YORK, Jan. 09, 2018 (GLOBE NEWSWIRE) -- PwrCor, Inc. (OTCQB:PWCO), a cleantech energy technology company launching advanced and disruptive solutions for the Waste-Heat-to-Power, Geothermal, and Solar Thermal markets, today announced that the manufacture, initial testing, and trial runs of its first engine have been completed successfully.
The engine is built to operate using ultra-low-grade heat from a geothermal source. This marks a key milestone to provide clean, “green” electrical power to the Surprise Valley Hot Springs Resort in Modoc County, CA. The engine was designed and constructed at Southwest Research Institute in San Antonio, Texas, and is the first of its kind that deploys the Company’s proprietary technology. The engine is continuing to go through the Company’s rigorous preparatory testing regimen before its scheduled shipment to California later this month.
PwrCor’s technology represents the ability to cost effectively convert ultra-low-grade heat to power and is the breakthrough that the geothermal and waste heat industries have been seeking. The Company expects to release testing data in the near future that will illustrate the potential of the technology; however, preliminary results meet or exceed expectations.
PwrCor will be paid directly by Modoc County from funding that was arranged via a grant from the California Energy Commission. The mission of the California Energy Commission includes supporting the use of alternative energy sources, which the PwrCorTM technology will help accomplish. Once the installation is completed, the Surprise Valley Hot Springs Resort is expected to no longer rely solely on utility power.
Chester Robertson, County Administrative Officer, stated “Modoc County has abundant geothermal resources, including above surface low temperature reservoirs. The County seeks to be a leader in application of new technologies for geothermal energy, and is excited to have the initial installation using PwrCor's unit in a geothermal application. It will enable clean electrical power generation from existing surface waters at a site where there has historically been only direct heat utilization. The technology will be applied at a scale that promotes distributed electrical energy with minimal site disturbance and capital investment compared to large geothermal projects.”
PwrCor’s proprietary technology efficiently utilizes supply heat at temperatures below 200°F, considered “ultra-low-grade” heat. The hot spring water in California’s Surprise Valley comes to the surface at temperatures of approximately 190°F. PwrCor’s engine is expected to supply power to the resort using just a fraction of the heat capacity of the geothermal resource.
Tom Telegades, CEO of PwrCor, stated, “This engine is the first of its kind, and its successful development marks a major accomplishment for PwrCor. The Surprise Valley geothermal project is a prime example of executing the Company’s strategy to apply PwrCorTM technology to strategic markets. We are currently working on additional project initiatives in the Oil and Gas, Solar Thermal, Reciprocating Engines and Turbines, Fuel Cell, and Data Center markets, all of which have enormous amounts of wasted ultra-low-grade heat that can be converted to useful power. We believe that PwrCor’s technology can change the energy profile of entire industries.”
About the Technology
PwrCorTM engines use proprietary technology that can cost effectively convert ultra-low-grade heat to usable mechanical or electrical energy, opening up an immense market representing hundreds of giga-watts of wasted energy that previously could not be economically harnessed as usable power by competing technologies. PwrCor’s breakthrough technology can change the profile of how energy is created and consumed in markets around the globe. PwrCorTM is a cleantech ‘GREEN’ technology that uses no fossil fuels, does not operate via combustion, has no emissions, and does not process any working fluids that are flammable, harmful to the environment, or costly to replace. PwrCorTM is scalable, modular, and runs relatively silently, all within a small footprint.
About PwrCor, Inc.
PwrCor, Inc., is a cleantech energy technology company offering advanced and disruptive solutions for the Waste-Heat-to-Power, Geothermal, and Solar Thermal markets, as well as other applicable markets. PwrCor is also focused on energy infrastructure development projects and delivering cleantech energy solutions to commercial and not-for-profit customers. Please visit our website at www.pwrcor.com for additional information.
Safe Harbor Forward-Looking Statement
With the exception of the historical information contained in this release, the matters described herein contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements involve unknown risks and uncertainties that may individually or mutually impact the matters herein described for a variety of reasons that are outside the control of the Company, including, but not limited to, its ability to raise sufficient financing to implement its growth strategy, and its ability to successfully develop and commercialize its proprietary products. Readers are cautioned not to place undue reliance on these forward-looking statements as actual results could differ materially from the forward-looking statements contained herein. Readers are urged to read the risk factors set forth in the Company's most recent reports on Forms 10-K, 10-Q, 8-K, Schedule 14A and other filings made with the SEC. Copies of these reports are available from the SEC's website, www.sec.gov, or without charge from the Company. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Actual results could differ materially from those anticipated in these forward-looking statements, if new information becomes available in the future.
Company Contact:
Thomas Telegades, CEO
212-796-4097
ttelegades@pwrcor.com
Investor Relations Contact:
PCG Advisory Group
Stephanie Prince, Managing Director
Ph: (646) 762-4518
sprince@pcgadvisory.com