Green Energy Development Announces Termination of Its Affiliation With Carbon International and Postpones Search for a Carbon Commerce Partner
Atlanta, Georgia. – January 24, 2011 – Green Energy Development, Inc. (“GED”), the premier developer and provider of global renewable utilities and sustainable energy projects, including biomass/waste-to-energy, solar, wind, geothermal, and other energy solutions and technologies, announced that its Board of Directors has decided to abandon pursuit of a carbon credit / commerce business partner. Opting to focus exclusively on its core renewable energy utility development efforts, this decision terminates GED’s ongoing discussion to obtain a minority equity position in Carbon International, LLC (“CI”), and effectively terminates its previous pending affiliation with CI.
GED believes that due to the current uncertainty in the carbon markets, caused in part by the current lack of a United States national energy or carbon policy, the carbon markets should be a future consideration of GED as its renewable assets generate carbon certificates. This allows for GED to focus all its resources on its renewable energy utility development efforts, and as the carbon markets mature and stabilize, a business determination will be made as to whether carbon trading should become part of GED’s core business or be contracted to third parties.
GED’s Chief Technology & Strategy Officer, Terry L. Wright, stated that “we are completely focused on the global development, deployment, and planning of renewable energy utility assets, and believe that until the carbon trading market stabilizes, pursuit of a carbon commerce partner is premature and distracts from our core focus.” Mr. Wright added “when a national energy policy emerges that, in addition to solidifying a national renewable energy policy, brings more clarity and certainty to future carbon trading, we will reconsider our interest and options in a more stable carbon space. At this time, we have ample renewable energy opportunities that we are pursuing and cannot justify the carbon distraction.”
Lastly, GED Chairman and CEO, David R. Ames noted that “GED continues to be committed to the renewable energy revolution and the development and deployment of renewable energy solutions globally. We will continue to amass carbon certificates generated by our renewable assets until quantities become substantial enough to be meaningful factors in opportunity negotiation and/or prudent business financial decisions.”
About Green Energy Development, Inc.
Green Energy Development, Inc. (“GED”) is the premier global renewable energy utility. GED is technology agnostic, allowing it to focus on all major approaches to renewable energy including biomass/waste to energy, wind, solar, geothermal, and others. GED’s business model provides diversity and risk mitigation across global renewable energy opportunities in this emerging market. GED renewable energy opportunities are identified and qualified through an extensive global network of technical and strategic stakeholder relationships, and GED’s monitoring, assurance, auditing, and management system provides investors a real-time view of project/utility performance.
- Contact Information
- David R. Ames
- Chairman and Chief Executive Officer
- Green Energy Development, Inc.
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