Huntington Beach, CA (PRWEB) May 20, 2010
Patrick S. Carter, Chief Executive Officer of recently launched, renewable energy firm 808 Renewable Energy® Corporation (http://www.808renewableenergy.com), is pleased to announce that the firm’s project, 808 Energy3, LLC is officially the largest owner of cogeneration units in the State of California. This news was brought about by the firm’s acquisition of 54 cogeneration units in cities stretching from San Diego to San Francisco. These plants exist in a total of 17 different municipal, state and private buildings.
The first firm of its kind, 808 Renewable Energy has developed an investment method that connects technology and finance – this investment method allows for the building or converting of power plants in manufacturing facilities, that can both generate and use renewable energy. These facilities can save on energy costs and reduce environmental impact, and investors can directly support these companies that are implementing “green energy” solutions.
Cogeneration, also referred to as combined heat and power (CHP), can be a cost-effective source of reliable energy, as well as heating and cooling – the single most costly operating expense in typical buildings. Cogeneration is the use of a heat engine or power station to simultaneously generate both electricity and useful heat.
A typical cogeneration system consists of an engine, or steam or combustion turbine, that drives an electrical generator. A waste heat exchanger recovers waste heat from the engine and/or exhaust gas, to produce hot water or steam. Cogeneration uses this captured excess heat that would otherwise be wasted in a conventional power plant.
“While installing cogeneration units in commercial locations sounds like a near-perfect solution to a number of energy and pollution problems, financing and initial costs are often the reasons business leaders give for not getting into cogeneration or other renewable energy, such as solar or wind power. This is where 808 Renewable energy comes into play,” says Mr. Carter.
808 Renewable Energy’s projects, such as 808 Energy3, are “incentivized” investment opportunities that result in on-the-ground energy solutions. There are federal tax programs that provide incentives to investors in renewable energy. To date, 808 Energy3 has raised $6.6 million in funding, and has brought 3.4 megawatts of energy on-line. A total of 12 megawatts of energy is expected upon completion, which is projected to be by July 1, 2010.
All of 808 Energy3’s necessary interconnect agreements, as well as the contracts with each of the 17 buildings, have been signed, and all building permits for the cogeneration units are in place. Once all building is complete, these on-site plants will be 92% energy efficient as compared to traditional energy systems, the best of which are only 55% efficient. This means that less fuel will be consumed to produce the same amount of useful energy – and less pollution is produced.
808 Renewable Energy is committed to acquiring or building 100 new “green energy” power plants that utilize cogeneration and solar systems to produce electricity, heat and chilled water, all to be placed at moderately-sized manufacturing, industrial and other facilities across the U.S.
“Once this goal is attained, it will not only reduce America’s dependence on foreign oil, it will also provide significant savings to each facility where a plant is placed,” says Mr. Carter.
808 Energy3’s cogeneration units will be placed in some of the most prime office and manufacturing real estate in locales such as La Jolla, Beverly Hills, San Diego, Long Beach, Costa Mesa, San Francisco and Oakland, as well as the California Public Utility Commissioner state building in San Francisco, and the Fremont Marriott hotel.
About 808 Renewable Energy Corporation:
Headquartered in Huntington Beach, CA, 808 Renewable Energy bridges the gap between industry and investors with renewable energy cogeneration investment packages. 808 Renewable Energy’s primary focus is to provide and manage renewable “green energy” projects for manufacturing companies and other large facilities. This is accomplished by installing or acquiring for clients, cost-free cogeneration, solar and other renewable energy equipment, which lowers energy costs, reduces environmental emissions, and produces a smaller carbon footprint for everyone involved. The Company started as 808 Investments, LLC in 2006.
Major revenue drivers for 808 Renewable Energy are for the sales of generated electricity, heat, and/or chilled water. The Company’s expenses center around the purchase, installation, start-up, permitting, insurance, and maintenance of the renewable energy generation equipment, as well as the cost of raising capital.
808 Renewable Energy offers membership interests in their Energy Projects tailored to meet their primary focus of deriving maximum net income, obtained from cogeneration power and beneficial rebates, as well as significant tax incentives. Investor benefits include certain tax credits, relevant cash flow, and by helping America reduce its dependence on foreign oil, investors, in effect, help solve America’s energy problem. Each Project produces a base minimum return to investors; when usage rates are above the minimum agreed-upon baseline, investor returns increase, as well.
808 Renewable Energy has in place an engineering and maintenance staff capable of handling all design, permitting, maintenance, and upgrades necessary to ensure that their devices operate smoothly and efficiently. To that end, the Company has a depth of experience in the design, manufacture, and supply of state-of-the-art technologies in pollution control, energy, waste-to-energy, energy efficiency systems, and combined heat and power systems (cogeneration mechanical units).
For further information and updates on 808 Renewable Energy, its management team members, completed projects and services offered, please visit: http://www.808renewableenergy.com.
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