Gradient Resources ("Gradient"), a vertically integrated developer of geothermal energy projects, announced today that it has executed an engineering, procurement and construction ("EPC") contract with Science Applications International Corporation's (SAIC) (NYSE: SAI) wholly-owned, design-build subsidiary, Benham Constructors LLC, for the delivery of a new 60 (net) megawatt ("MW") modular binary cycle power plant at its Patua project in northern Nevada. SAIC's technology partner for this project is TAS Energy Inc. (TAS), of Houston, Texas.
Gradient's Patua site, near Fernley NV, is the company's first geothermal power plant. Drilling at Patua recommenced in February 2010. Physical construction of the first 60 MW phase of the power plant will begin in the second quarter of 2011; and the anticipated date for commercial operations is the 3rd quarter of 2012.
"Gradient is pleased to achieve this significant milestone in the development of its Patua project," said Craig Mataczynski, CEO. "The opportunity to partner with strong companies like SAIC and TAS will help make the project successful and support continued development of the geothermal industry."
"SAIC is committed to developing renewable, economically attractive energy resources nationwide," said J.T. Grumski, senior vice president and business unit general manager. "We look forward to working with Gradient and TAS to deliver the new plant, which will help tackle the growing need for a clean, reliable and secure energy supply."
"TAS is excited to partner with SAIC and Gradient to build the largest binary plant that has ever been constructed," said Craig Hurlbert, Chairman & CEO of TAS Energy Inc. "This is an opportunity for TAS to showcase our Advanced Supercritical Organic Rankine Cycle and improved air cooled design technology."
About Gradient Resources Inc.
Gradient Resources, formerly Vulcan Power Company, is a geothermal developer founded in 1991 that accumulated significant land leases during an industry downturn. The company holds an extensive property portfolio of geothermal leases and applications covering more than 170,000 acres in Nevada, California, Oregon, Washington, and Arizona. Gradient has signed a long-term Power Purchase Agreements ("PPA") with Sacramento Municipal Utility District, and is currently negotiating additional PPAs with other utilities. Gradient is a vertically integrated company and wholly owns the subsidiary companies that provide its drilling related services. Investors include an affiliate of Denham Capital and a principal investing division of Bank of America Merrill Lynch. For additional information on Gradient Resources and geothermal power, go to www.gradientresources.com.
About SAIC
SAIC is a FORTUNE 500® scientific, engineering, and technology applications company that uses its deep domain knowledge to solve problems of vital importance to the nation and the world, in national security, energy and the environment, critical infrastructure, and health. The company's approximately 43,000 employees serve customers in the U.S. Department of Defense, the intelligence community, the U.S. Department of Homeland Security, other U.S. Government civil agencies and selected commercial markets. Headquartered in McLean, Va., SAIC had annual revenues of $10.8 billion for its fiscal year ended Jan. 31, 2010. For more information, visit SAIC: From Science to Solutions®.
About TAS Energy Inc.
TAS Energy Inc. is a technology company providing clean economic power solutions by focusing on the energy efficiency and renewable energy markets. TAS designs and manufactures modular energy conversion and cooling systems for the power generation industry; district, commercial and industrial process cooling; mission critical; and the renewable energy sector. TAS specializes in high efficiency standard product designs optimized for high life cycle return performance. Its product capabilities include geothermal and industrial waste heat power generation solutions, gas fired generation augmentation, chilled water systems, modular data centers and clean heat and power on‐site energy systems. More can be learned at www.TAS.com.
