GOLDEN AGE RESOURCES (OTCMKTS:GDAR) is making efforts to improve its operations. The company recently confirmed the purchase of a fuel cell system and announced plans for the construction of a cogeneration pilot project in Mexico. The company is focused on providing large scale green power plants in Latin America and the Caribbean regions. The new fuel cell is a result of a strategic alliance with Global Energy Corp.
GEIG is a company that focuses on producing power through fuel cells, which utilize natural gas and bio-fuels to extract hydrogen for power generation. The new fuel cell acquired by GDAR, has a capacity of 5KW. The unit utilizes bio-fuel for power production, but is only a demonstration unit. This is what would lead the company to the cogeneration pilot project.
The new project in Mexico would have a capacity of 100KW. The financing for the project has already been arranged. The VP of Golden Age, Thoma Wolff, announced that the plant will be treated as a scalable waste to energy conversion project. The new plant will produce 2 MW of energy per hour. He also announced that the bio-fuel would be provided by the municipal department or sisal waste. The generated power would be sold to the CFE, under a 20-year power purchase agreement.
The leased property for the project has an area of 800,000 m2, but only 20,000 m2 would be used for the current pilot project. This indicates that the company hopes to expand the plant’s capacity, once success has been reported. The construction is expected to begin in 4Q2015. The completion of the project would take up to 6 months and would be online by 2Q2016. The cost of the project has been estimated to be $2 million, with a US hedge fund providing the finances.
GOLDEN AGE RESOURCES (OTCMKTS:GDAR) closed at $0.00030, after losing 25% on May 14. The company has 105.22 million shares being traded in the market, with a 52-week range of $0.00-$0.02.
