December 16, 2010
Energy Quest, Inc. (EQI) announced today it is to begin preliminary work on a modular biomass (Agricultural Waste) to Power Energy plant producing 6.4 megawatt (6 net). The plant will consist of four 1.6 megawatt (1.5 net) modular power systems. Project is to be located in Lee County, Georgia.
The modular gasification bio-energy plant will consume 10 to 12 tons per hour of agricultural waste biomass which will be provided from the surrounding area. The plant will produce approximately 6 MW of electrical power which will be sold to the area utility or Co-Op.
The gasification system used to produce gas for the power plant generator engines will also produce 16 to 18 thousand tons per year of a high quality Biochar which will be sold as a soil enhancement product. The plant will operate 24 hours a day and when completed provide 20 full time jobs. EQI would be an owner and operate this facility.
Energy Quest's advanced modular gasification design will result in lower set up costs and increased efficiencies. The gasifiers will provide clean syngas fuel for the power generators.
Estimated cost of the bio-energy project is $12 million USD. A rudimentary pay out time (POT) calculation based on conditions of 2010 using gross revenues of $6,500,000 with net revenues after tax of $3,200,000 annually will be less than 4 years. It is felt that the project is economically more attractive than this figure may initially indicate as various government grants, recyclables and incentives (not taken in consideration in the POT calculations) are available for projects of this nature.