KENNETT SQUARE, Pa.,
Oct. 15, 2014 /PRNewswire/
-- Exelon Generation has joined with CB&I (NYSE: CBI) of
The Woodlands, Texas, and 8 Rivers
Capital of Durham, NC to build NET
Power's first-of-a-kind demonstration power plant that will
validate a new natural gas power system that produces zero
atmospheric emissions, including carbon dioxide.
The plant will be built at a site in Texas, using a new supercritical
CO2 turbine supplied by Toshiba, a collaborator on the
project. The plant will demonstrate NET Power's Allam Cycle
technology, which uses carbon dioxide as a working fluid to drive a
combustion turbine and ultimately produces pipeline-quality
CO2 that can be sequestered or used in various
industrial processes, including enhanced oil recovery.
"This technology is a potential game changer in reducing carbon
emissions from power generation," Exelon President and CEO
Chris Crane said. "The collaboration
with CB&I and 8 Rivers is another step towards Exelon's vision
of a clean, innovative energy future."
The $140 million demonstration
project – which includes technology development, plant design and
construction, and a full testing and operations program – is funded
by a combination of cash and in-kind contributions from Exelon and
CB&I.
"Our participation in NET Power further expands CB&I's
technology portfolio and will allow our customers the ability to
meet today's increasing energy demands while complying with
tomorrow's stringent environmental regulations," said Philip K. Asherman, CB&I's President and
Chief Executive Officer.
Officials from Exelon, CB&I, 8 Rivers, NET Power and Toshiba
have finalized technology development and operations and
maintenance agreements. CB&I will provide engineering,
procurement and construction services. Toshiba has begun
manufacturing the novel supercritical CO2 turbines for
the demonstration plant. 8 Rivers, the inventor of the Allam Cycle,
will provide continued technology development and the intellectual
property for the project. Exelon will operate and maintain the
plant.
"The truly innovative approach of this technology turns
conventional wisdom on its head," said 8 Rivers Capital CEO
Bill Brown. "NET Power presents an
opportunity to not only eliminate all air emissions from natural
gas power plants, but to do so at a cost that is highly competitive
with conventional power plants."
Project design activities have been ongoing since 2010, and
commissioning is expected to take place in 2016.
Exelon Corporation (NYSE: EXC) is the nation's leading
competitive energy provider, with 2013 revenues of approximately
$24.9 billion. Headquartered in
Chicago, Exelon does business in
48 states, the District of
Columbia and Canada. Exelon
is one of the largest competitive U.S. power generators, with
approximately 35,000 megawatts of owned capacity comprising one of
the nation's cleanest and lowest-cost power generation fleets. The
company's Constellation business unit provides energy products and
services to approximately 100,000 business and public sector
customers and more than 1 million residential customers. Exelon's
utilities deliver electricity and natural gas to more than 7.8
million customers in central Maryland (BGE), northern Illinois (ComEd) and southeastern Pennsylvania (PECO). Follow Exelon on Twitter
@Exelon.
CB&I (NYSE: CBI) is the most complete energy infrastructure
focused company in the world and a major provider of government
services. With 125 years of experience and the expertise of
approximately 55,000 employees, CB&I provides reliable
solutions while maintaining a relentless focus on safety and an
uncompromising standard of quality. Visit www.cbi.com for more
information.
8 Rivers Capital, LLC is a Durham,
NC-based technology commercialization firm and the inventor
of the Allam Cycle. 8 Rivers is continuing to develop further
applications for the Allam Cycle, as well as other technologies in
the energy, water, communications and space-launch industries. For
more information, visit www.8RiversCapital.com.
SOURCE Exelon Generation; CB&I; 8 Rivers