[2] Catalytica's Xonon Specified With GE 7FA Gas Turbines for Enron Power Project.MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Dec. 15, 1999-- Catalytica Combustion Systems, Inc., a subsidiary of Catalytica, Inc. (Nasdaq:CTAL CTAL Confederacion de Trabajadores de America Latina (Confederation of Latin American Workers) CTAL Canadian Tire Acceptance Limited CTAL Computer Technology Application Lab, Inc. CTAL Confidentially Typed Assembly Language ), and GE Power Systems, a division of General Electric (NYSE NYSE See: New York Stock Exchange :GE), today announced that Catalytica's Xonon combustion system has been specified as the preferred emissions control Emissions control may refer to:
The Pastoria Energy Facility, a project proposed by affiliates of Enron North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , a subsidiary of Enron Corp., is a 750 megawatt meg·a·watt n. Abbr. MW One million watts. meg  a·watt (MW) natural gas fired power generation project located on Tejon Ranch Tejon Ranch Company is the largest private landowner in California. It was incorporated in 1936 to organise the ownership of a large tract of land originally comprised of four Mexican land grants, and began ranching in the 1840's. property south of Bakersfield, Calif. The project is presently under regulatory review by the California Energy Commission The California Energy Commission is California’s primary energy policy and planning agency. Created in 1974 and headquartered in Sacramento, the Commission has responsibility for activities that include forecasting future energy needs, promoting energy efficiency through and is expected to begin construction in 2001 and enter commercial operations by the summer of 2003. GE Power Systems President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Robert Nardelli Robert L. Nardelli (born May 17, 1948, in Old Forge, Pennsylvania) is the chairman and chief executive officer of Chrysler. He had earlier served in a similar capacity at The Home Depot from December 2000 to January 2007. commented, "GE continues to differentiate our products in the marketplace through technology innovations that provide added value Added value in financial analysis of shares is to be distinguished from value added. Used as a measure of shareholder value, calculated using the formula:
The Xonon combustion system for GE gas turbines is being adapted by GE and Catalytica under a collaborative commercialization agreement announced in November 1998. Xonon achieves stable combustion required for optimal gas turbine performance at temperatures low enough to minimize the formation of NOx, a primary contributor to smog. Xonon has demonstrated the lowest combustion emissions observed in gas turbine operation. Enron acquired a 15% interest in Catalytica Combustion Systems in December 1997 because of its interest in using Catalytica's Xonon technology to develop environmentally clean power generation facilities. "The Xonon technology offers an attractive alternative to traditional emissions control systems," said Cliff Baxter, chairman and CEO of Enron North America. "We're pleased to be working with GE and Catalytica towards the commercialization of Xonon for use on large-scale turbines." Catalytica Combustion Systems President and CEO Dennis Orwig stated, "This announcement clearly represents a milestone for us. Enron is an obvious first choice for GE and Catalytica for the use of Xonon in a large-scale project." Under negotiated agreements, Catalytica is investing $9.9 million to accelerate development of the Xonon-equipped GE gas turbines. Catalytica expects to recover its investment in late 2000 from Enron or may recover this amount through the future sale of Xonon-equipped gas turbines. Catalytica, Inc. builds businesses in high growth industries where the company's technologies optimize manufacturing and solve environmental problems. Catalytica Pharmaceuticals, Inc. provides drug development and manufacturing products and services to the pharmaceutical industry; Catalytica Combustion Systems, Inc. produces Xonon, a catalytic cat·a·lyt·ic adj. Of, involving, or acting as a catalyst: "Deregulation's catalytic power . . . is still reshaping the banking, communications, and transportation industries" Ellyn E. product that permits essentially pollution free combustion for the energy market; and Catalytica Advanced Technologies, Inc. serves as the incubator incubator, apparatus for the maintenance of controlled conditions in which eggs can be hatched artificially. Incubator houses with double walls of mud, a fireroom, and several compartments each holding about 6,000 hens' eggs were developed in ancient times; the for new catalytic technologies for industrial applications. Catalytica, Inc. employs over 1,600 people and had 1998 revenues of $406 million. Find Catalytica on the World Wide Web at http://www.catalytica-inc.com. This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. regarding incorporation of Catalytica's Xonon combustion system into the GE 7FA turbine, the ability to work closely with Enron and GE to place Xonon-equipped GE7FA turbines at the Pastoria project, the planned installation of these turbines at the Pastoria project, the ability to successfully complete regulatory reviews to commence construction of the Pastoria project, the ability for Catalytica to recover its investment, the ability to market the Company's development, manufacturing and other services to current and prospective clients, and Catalytica's competitive position in its markets. Actual results could differ and such differences could be material. These statements involve risks and uncertainties, including without limitation, the fact that there may be unanticipated technical or other factors related to the incorporation of Xonon into the GE 7FA turbines, installation timelines and regulatory review outcomes are uncertain, recovery of investments are subject to current market conditions that cannot be predicted at this time, the market is an emerging market and actual market opportunities may differ from those stated. Catalytica undertakes no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after the date of this release. Investors are encouraged to review Catalytica's Form 10K for the year ending December 31, 1998, Forms 10Q for the periods ending March 31, June 30, and September 30, 1999, as well as Form S4/A dated August 19, 1999, filed with the Securities and Exchange Commission for additional factors that could affect Catalytica's future performance. Note to Editors: XONON is a trademark of Catalytica. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion