enXco Announces Signed Agreement Between Parent Company EDF Energies Nouvelles With REH To Develop CETO Technology
Escondido, CA.—January 21, 2008—enXco announces that its parent company, EDF Energies Nouvelles has signed a partnership agreement with Renewable Energy Holdings plc (REH) covering the development and deployment of the innovative CETO wave energy process in electrical generation projects.
The terms of the deal with REH, a UK company investing in renewable energy technologies and projects, provide for an investment of €4 million by EDF EN in REH. The agreement grants EDF EN, in partnership with REH, the exclusive right to develop electrical generating projects using CETO technology in the Northern Hemisphere and on La Reunion Island in the Indian Ocean east of Madagascar. Those projects will be 51-75% owned by EDF EN and 25-49% owned by REH.
CETO technology is the first converter of energy from waves installed on the seabed, where it cannot be seen and is sheltered from storms. Unlike other technologies, CETO employs lightweight submarine infrastructure to pump seawater ashore at high pressure to a turbine producing electricity. This technology is already operational in the southern hemisphere.
This partnership gives substance to EDF EN's decision to expand into new segments, such as sea energies, and to pursue selective diversification in new sources of growth, alongside wind and solar energy.
enXco, Inc. (www.enxco.com) an EDF-EN Company (www.edf-energies.nouvelles.com) develops, constructs, operates and manages renewable energy projects throughout the United States. Since 1987, enXco has grown to be a significant owner and developer of wind-energy installations in the United States and one of the largest Operations & Maintenance 3rd party providers for wind farms, currently servicing more than 3,800 turbines and more than 2,000 MW.