May 20, 2013 06:00 AM Eastern Daylight Time
ST. AUGUSTINE, Fla.–(BUSINESS WIRE)–NTE Hybrid, the hybrid renewable energy technology joint venture between NTE Energy and Energy Investors Funds (EIF), is pleased to announce the award of its second set of patent claims by the United States Patent & Trademark Office. This patent expands the applicability of NTE Hybrid’s groundbreaking hybrid technology to non-combined cycle fossil fuel fired power plants, including coal, oil and natural gas fired facilities. This new patent substantially increases the range of facilities in which NTE Hybrid’s technology can be applied.
NTE Energy and EIF formed NTE Hybrid in 2010 with the goal of creating one of the world’s lowest cost and most reliable renewable energy technologies. Following the award of its first patent issued on April 24, 2012, NTE Hybrid has continued to develop and improve the efficiency, applicability and versatility of the company’s hybrid renewable energy technology to expand its application throughout the power industry.
NTE Hybrid’s newest patent introduces an innovative process where the steam output from a renewable thermal process is incorporated into the feedwater heaters on traditional thermal power plants, including coal, oil or natural gas fired facilities. This process replaces steam typically provided through steam turbine extractions, boosting the output of the facility through the use of a renewable energy.
“We’re very excited about the Patent and Trademark Office granting us a patent for these substantial enhancements to our hybrid renewable technology,” said Seth Shortlidge, CEO of NTE Energy. “It represents the culmination of the great work of our incredible team to continue to improve and invent processes that make our technology a reality for increasing the generation of clean, renewable energy throughout the world.”
NTE Hybrid intends to license the use of its hybrid technology for the development and construction of hybrid renewable power generation facilities to be located throughout the United States and internationally.
“The timing of this patent award couldn’t have been better,” said Lucas Missong, Vice President at EIF. “As the world seeks solutions to increase the generation of low-cost, baseload renewable energy, we are excited that the commercial implementation of our hybrid technology will provide for a new option that can be used in a wide range of power generation applications.”
As NTE Hybrid announced on February 13, 2013, it is currently in the process of selecting one or more partners to license and fully commercialize its hybrid technology. NTE plans to name the first of these licensees in the near future.
For more information on NTE Hybrid’s patented hybrid technology, please visit www.ntehybrid.com.
NTE Energy, through its subsidiaries NTE Hybrid and NTE Solutions, provides a wide range of services nationally and internationally to the power, water, and oil & gas industries. Headquartered in St. Augustine, Florida, NTE Energy has been a leader in the development of commercially viable hybrid renewable energy technology. The NTE Energy team has expertise in marketing, development, engineering, legal and regulatory affairs, with executive staff previously holding leadership roles in major energy, legal, and construction/engineering firms. For more information, visit www.ntesolutions.com and www.ntehybrid.com.
About Energy Investors Funds (EIF)
EIF was founded in 1987 as one of the first private equity fund managers dedicated exclusively to the independent power and electric utility industry. Its consistent, proven investment strategy is to create geographically and technologically diversified portfolios of electric power-related assets that provide superior risk-adjusted equity returns with current cash flow and capital appreciation. EIF has raised over $5 billion in equity capital (including $500M in co-investments) and currently manages multiple private equity funds from its offices in Boston, New York, and San Francisco. These funds have made over 100 diversified investments with an underlying asset value greater than $15 billion. EIF-managed funds own approximately 4,000 MW of capacity in operation and under construction and an additional 6,000 MW in various stages of development. EIF closed on its latest fund, EIF United States Power Fund IV, L.P., in October 2011, with $1.713 billion in capital commitments. For more information, visit www.eif.com.