WALNUT, Calif., Oct. 3, 2012 (GLOBE NEWSWIRE) -- VIASPACE Inc. (OTC:VSPC) today announced that it has signed a contract with Tibbar Energy USVI LLC to supply Giant King Grass for a 1,500 acre Giant King Grass plantation to be established in St. Croix, US Virgin Islands.
Tibbar Energy USVI LLC is developing a 6 MW renewable biomass energy project in the U.S. Virgin Islands on the island of St. Croix. The project utilizes VIASPACE's proprietary renewable energy crop called Giant King Grass as a feedstock for anaerobic digestion, generating biogas which is used to fuel an engine generator set to produce electricity. "We see the U.S. Virgin Islands as the ideal location for this type of renewable energy project with its tropical climate for agriculture, and the strong need for economically viable energy. Electricity on St. Croix, currently generated from diesel and heavy fuel oil, is very expensive and produces substantial carbon dioxide emissions. The Tibbar biogas system uses continuously renewable Giant King Grass, and produces electricity at a much lower cost than fuel oil with negligible carbon dioxide emissions," says Tania Tomyn, President and CEO of Tibbar Energy.
Tibbar has entered into an exclusive partnership with VIASPACE to grow Giant King Grass on St. Croix on a 1,500 acre plantation to supply renewable biomass to the biogas power plant. "We are excited to have VIASPACE as a partner. Their Giant King Grass is an ideal, nonfood, dedicated agricultural energy source with both high crop and biogas yield," according to Tomyn.
This 20 year project is slated to be underway in 2013, fully on-line by the first quarter 2014 and will generate over 20 full time jobs with a total projected economic benefit of $150 million (over the life of the project) to the community through its agricultural and power generation components.
For more information on Tibbar Energy, go to www.tibbarenergy.com.
VIASPACE CEO Dr. Carl Kukkonen stated, "We are completely committed to supporting the ambitious schedule of the Tibbar project in St. Croix. We have signed a contract that will provide ongoing revenue for VIASPACE based on Giant King Grass harvested throughout the 20 year lifetime of the project. This is our first project in the United States which makes it an important milestone for VIASPACE."
About VIASPACE Inc.
VIASPACE grows Giant King Grass as a low-carbon fuel for electricity generating power plants; for energy pellets; and as a feedstock for bio methane production and cellulosic biofuels, biochemicals and biomaterials.
Safe Harbor Statement
Information in this news release includes forward-looking statements. These forward-looking statements relate to future events or future performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Such factors include, without limitation, risks outlined in our periodic filings with the U.S. Securities and Exchange Commission, including Annual Report on Form 10-K for the year ended December 31, 2011, as well as general economic and business conditions; the ability to acquire and develop specific products and technologies; changes in consumer and business demand for the Company's products; competition from larger companies; changes in demand for alternative and clean energy; risks associated with international transactions; risks related to technological change; and other factors over which VIASPACE has little or no control.'
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