Norwood Foundry, Innovative Energy Solutions agree to power up for clean energy facility.

Norwood Foundry Ltd., Nisku, Alberta, Canada, and Innovative Energy Solutions Inc. (iESi), Las Vegas, entered into an agreement to begin the engineering, development and operation of iESi's first power generation plant utilizing iESi's clean energy technology. The new clean energy plant will enable Norwood Foundry, which employs 75, to generate six times (12 MW) more electricity than it consumes (2 MW).

iESi's technology will eliminate the need for fossil fuel-fired equipment, such as boilers, to generate super-heated steam required to drive turbines and generators to produce electricity. This will benefit Norwood, which currently uses induction furnaces to cast both ferrous and nonferrous green sand and nobake components.

The finished plant will apply iESi's clean energy technology to generate a power capacity of 12 MW/hr. for Norwood, which expects to market approximately 10 MW/hr. to external entities. The revenue created through the joint venture project is expected to exceed $6 million annually.

Under the joint venture, iESi will be responsible for the implementation of its technologies, while Norwood will finance the project. ACS Engineering, Calgary, Alberta, Canada, has been retained to provide engineering, procurement and construction services to the project. The plant is slated to be fully operational by the third quarter of 2005.

"As one of the largest consumers of electricity in the Nisku area, the implementation of iESi technologies will allow us to save money and continue our leadership position in the metalcasting industry," said Norwood Foundry Director Bart Dornan. "iESi technologies will help us realize incremental income on the surplus power we generate, while being environmentally responsible, since no green-house gases will be emitted."