SPOKANE, Wash., April 23, 2014 (GLOBE NEWSWIRE) -- MPM Technologies, Inc., ("MPM") (OTC:MPML) subsidiary Carbon Cycle Power ("CCP") has engaged in meaningful negotiations with several Spokane companies to construct a waste-to-value demonstration facility in the State of Washington. The facility will deploy CCP's patent-pending photon-induced plasma arc gasification technology to process biomass, such as lumber mill waste and agricultural residue, and municipal solid waste for the cogeneration of heat and power. The company also plans to incorporate a bench scale system to produce renewable diesel and jet fuel in order to gather data, and assess technical and economic feasibility.
CCP has met with several companies that will play a critical role in constructing a waste-to-value demonstration facility, including:
- steel distributors for raw materials
- machine shops for machining and fabrication
- engineering firms specializing in automation and pro logic control systems
- heavy industrial engineering firms to support integration into the existing utility grid
CCP also is meeting with representatives from several communities to select the demonstration facility location.
Spokane-based Carbon Cycle Investments ("CCI") acquired a controlling interest in MPM, following a stock purchase agreement in April 2013. A driving force behind the stock purchase agreement was the opportunity to create a demonstration site for CCP's gasification technology.
"Once this demonstration facility is completed, we are confident it will be viewed as a global standard for waste elimination as well as an alternative for the production of electricity and renewable fuels," said Brian Burrow, interim CFO for CCI/MPM. "The ability to produce energy from the planet's vast supply of biomass and municipal waste is both sustainable and necessary."
About MPM Technologies, Inc. : MPM is a leading global manufacturer of environmental control equipment and a developer of waste-to-value energy solutions. MPM has offices in Spokane, Wash., and Ramsey, NJ. www.mpmtech.com . CCP is a wholly owned subsidiary of MPM that develops waste-to-value energy solutions through the deployment of photon-induced plasma arc gasification technology. Based in Spokane, Wash. www.carboncyclepower.com
About Carbon Cycle Investments, LLC : CCI is a holding company that develops, acquires and manages businesses that stimulate social, economic and environmental sustainability. CCI is based in Spokane, Wash. www.carboncycleinvestments.com
FORWARD-LOOKING STATEMENTS : The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
Brian Burrow, Interim Chief Financial Officer 509-242-3036
