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May 31, 2001
Mirant Commits to Invest $3 Million In Cheng PowerEmerging Technologies Help to Improve the Environment, Efficiency and Reliability ATLANTA – Mirant (NYSE: MIR) today announced a commitment for a $3 million investment in Cheng Power Systems (CPS) of Mountain View, Ca. The investment is a first for Mirant since the inception of its venture capital group in January 2001. “We believe our investment in CPS will provide for an attractive return on capital and offer access to emerging technologies which will directly improve our business and the environments where we operate,” said Bill Harper, a principal in Mirant’s venture capital group. “The CPS products in development would make it possible for Mirant to produce cleaner, more efficient and reliable power as we pursue our goal of expanding worldwide operations to 50,000 megawatts by 2005.” The funding supports the development and commercialization of two CPS products. The Cheng Low Nox System decreases Nitrogen Oxide levels in plant emissions, and the Advanced Cheng Cycle improves plant output by increasing the amount of megawatt hours of electricity a turbine can produce without increasing fuel intake. Mirant’s commitment of a $3 million investment was part of a $9 million round of funding to CPS which was led by Saw Mill Capital. As part of the agreement, Bill Harper will serve on Cheng’s board of directors. Cheng Power Systems, a power technology company, develops proprietary systems to improve output, efficiency, reliability and emissions of power generation. Mirant is a global competitive energy company with a leading position in both power generation and energy risk management and marketing. With an integrated business model, Mirant develops, constructs, owns and operates power plants and sells wholesale electricity, natural gas and other energy commodities. Headquartered in Atlanta, with 10,000 employees worldwide, Mirant has extensive operations in North America, Europe and Asia. Mirant owns or controls more than 20,000 megawatts of electric generating capacity around the world, with another 9,000 megawatts of announced development. In North America, Mirant controls an extensive natural gas asset base, including transportation, storage and access to approximately 3.8 billion cubic feet per day of natural gas production. Caution regarding forward-looking statements: Some of the statements provided in this release include forward-looking information, in addition to historical information. Mirant cautions that there can be no assurance that such indicative results will be realized and that there are various important factors that could cause actual results to differ materially from those indicated in the forward-looking statements, such as, but not limited to (i) adverse changes in government regulations (including environmental regulations); (ii) additional competition in CPS's product markets; (iii) potential business strategies, including acquisitions or dispositions of assets that CPS may pursue; (iv) political, legal, market and economic conditions and developments in CPS’s markets; (v) financial market conditions and the results of financing efforts; and (vi) other factors or developments negatively affecting CPS’s development and commercialization of its products. |
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by dejavuMedia |