SPOKANE, Wash., May 8, 2014 (GLOBE NEWSWIRE) -- MPM Technologies, Inc., ("MPM") (OTC:MPML) subsidiary Carbon Cycle Power ("CCP") has signed a memorandum of understanding (the "MOU") with Spokane machining and manufacturing company Wheeler Industries, Inc., to build CCP's waste-to-value solution – a patent-pending photon-induced plasma arc gasification technology that will process biomass, such as lumber mill waste and agricultural residue, and municipal solid waste for the cogeneration of heat and power.
The MOU states that CCP and Wheeler are engaged in discussions that will lead to the fabrication of the gasification chamber, which is the "engine" behind the waste-to-value technology, as well as certain supporting components needed for operation. Once constructed, the gasifier will be deployed at a demonstration facility in Washington State. The opportunity to create a demonstration site for CCP's gasification technology was a driving force behind Carbon Cycle Investments' acquisition of a controlling interest in MPM Technologies, Inc., back in April 2013.
"This is the essential first step in developing an alternative solution for the production of electricity and renewable fuels from various waste streams," said Brian Burrow, interim CFO for CCI/MPM. "We are also in discussions with several other companies who share our vision and are interested in helping us accelerate the development of this demonstration facility, and we expect additional MOUs to be signed in the coming weeks."
"We are excited to get to work on this project," said David Wheeler, vice president of Wheeler Industries. "This is one of those projects you know is really something and makes you want to be involved -- it could change the way people think about waste."
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 Technology 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 Wheeler Industries, Inc. : Founded in 1981, Spokane's Wheeler Industries is diversified machining and manufacturing job-shop tailored to handle a variety of work, from simple turning and milling to prototyping to close tolerance CNC production. www.wheelerindustries.net
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
