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SOUTH JORDAN, UTAH, August 9, 2005 (NYSE: HW) – HEADWATERS
INCORPORATED announced today that it has completed two non-binding Memoranda of Understanding (“MOUs”) linked to potential coal-to-liquid fuels projects in Arizona and North Dakota.
Parties to the Arizona project include Headwaters and the Hopi Tribe. Parties to the North Dakota project include Headwaters, Great River Energy, North American Coal Corporation and Falkirk Mining Company.
Each MOU anticipates Headwaters will act as the principal developer of an indirect coal liquefaction plant that will produce approximately 10,000 barrels per day of ultra clean diesel and other liquid fuels, as well as electricity from an IGCC power station. Plant expansions could increase output up to 50,000 barrels per day of liquid fuel production. The other parties to the MOUs will participate as equity partners in the project development and will contribute coal resources sufficient to serve the lives of the respective plants.
VIENNA / WOLFSBURG - The automobile/technician award with the highest amount of award money in the world was awarded today at the TU Vienna to Dr Wolfgang Steiger (Volkswagen) and Dr Wolfgang Warnecke (Shell) for the development of a fuel from natural gas (GTL) and biomass (BTL) and their use in automobiles.
The "Professor Ferdinand Porsche Preis 2005" from the Technical University in Vienna is presented together with 50,000 Euro provided by Porsche Holding, Salzburg, and Porsche AG, Stuttgart, and is awarded to those technicians whose work will have a lasting influence of the development of the automobile.
The abbreviations GTL (Gas to Liquids) and BTL (Biomass to Liquids) represent one of the most important developments in alternative fuels. These synthetic fuels make it possible not only to use new sources of energy – and thus reduce the dependency on oil – but also create fewer emissions. "It is a source of fuel which could bridge the gap until there is a sufficient availability of hydrogen and with it the series production of the fuel cell and which can also reduce the one-sided dependency on oil that we can see today“, Professor Dr Bernhard Geringer, Head of the Institute for Internal Combustion Engines at the Technical University in Vienna, said of this development. Geringer continued, "The most impressive aspect of this approach is the possibility to synthesize a fully-defined end-product from a large number of organic substances".
"A temporary fix with no real benefit other than financial savings for people isint much of a fix in my book. Too much procrastination in the alternative-fuels department is eventually going to come back to bite us in the butt when we are faced with drying oil fields and colossal failure of oil-dependant systems."