Dominovas Energy’s (OTC: DNRG) CEO, Neal Allen Provided the following critical update to shareholders today:
As the end of third quarter quickly comes to a close for Dominovas Energy, great progress has been realized. In 2017, Dominovas Energy accepted the challenge to become a major player in the African energy sector by leveraging its Power Africa membership along with its mandate to exploit three specific energy technologies: Fuel Cell, Clean Coal and Hydro.
Fuel cell, as the initial focus of Dominovas Energy’s foray into the energy sector, presented as the most challenging opportunity in that the “proof of concept” for a commercially viable deployment is what is most needed to support sales. Initially, Dominovas Energy via its relationship with the University of Johannesburg anticipated that a 50 kilowatt (50kW) unit deployment would satisfy pundits and act as a showcase for potential customers to platform the veracity and viability of the RUBICON™. However, Dominovas continued to have ongoing discussions with potential large scale off-takers for the RUBICON™ and ultimately determined that the most viable deployment for the RUBICON™, both economically and from an engineering perspective, would be to stay the course and deploy the RUBICON™ in minimum 1 Megawatt (1MW) arrays. The Company is in the business to deploy “utility-grade” energy systems and that is what must be presented to the market that we serve.
In support of this strategy are Dominovas Energy’s previously reported financial partner Graecrest Energy along with its strategic partner Leveraged Green Energy. These and other key strategic partners are working closely with the Company to deliver the first of its kind MW systems. Africa remains a quite viable market for Dominovas Energy with South Africa leading the charge. The fact that Dominovas Energy was, as previously reported, able to secure Egoli gas as its natural gas supplier in South Africa is a cornerstone for the future financially viable deployment of the RUBICON™ in South Africa. Dominovas Energy has additionally contractually engaged with a current and well-established fuel cell market leader in South Africa for the purpose of utilizing Dominovas Energy’s venerable supply chain, in concert with exploiting their already established client base. The opportunity to deploy SOFC (solid oxide fuel cell) given the technology’s veracity allowing for baseload power further enhances the scope of coverage and significantly increases the customer base for both of our companies. Collectively, we are anticipating that we will have under Power Provider Agreements a minimum of 3 financed MWs of power before year’s end.
Dominovas Energy’s previously announced 450MW clean coal powered power plant project, as evidenced by the previously announced and executed Letter of Intent with the Republic of Madagascar and Agence Malgasy pour le Développement économique et de Promotion d’éntreprises (“AMDP”) is progressing at a rapid pace. Procedurally, Dominovas has identified and begun the process of engaging its strategic partners as necessary to provide this project financing, feasibility studies, EPC services, engineering services, as well as vendor identification for the providing of turbines and all other related equipment. The project in Madagascar is expected to include several global strategic partners with an expected total budget of US $2.5 billion dollars. The 4th quarter should welcome the commencement of feasibility studies necessary for the confirmation of sufficient coal supply and quality, water resources along with the identification of present supportable capacity with analyses of the future needs of Madagascar, as dictated by anticipated growth in the mining, agriculture, tourist, housing and manufacturing sectors.
Lastly, Dominovas Energy is quite excited about the progress that has been achieved in the Republic of Angola. The previously reported 18MW hydro project has advanced to the stage of Dominovas Energy having contracted COBA via their Angola office to provide the initially requested feasibility studies to the government for our hydro project on the 15th of June 2017. Full feasibility studies will additionally be provided to the government in order to commence “breaking ground” later this year. Project financing will be provided and facilitated by Graecrest Energy, as has been previously reported. Project completion is anticipated to be 1st quarter of 2018. COBA is a multinational and multidisciplinary group of Engineering and Environmental Consultants, founded in 1962. The COBA Group provides engineering consultancy services ranging from basic and planning studies, technical, environmental and economic feasibility studies, design and construction design, as well as project management and works supervision, to operation follow-up and behavior monitoring. The COBA Group has offices/subsidiaries in three continents and experience in more than forty countries and encompasses several companies, in accordance with functional specializations or geographical areas. Dominovas is fortunate to have COBA Angola as a strategic partner in Angola, as COBA is the preeminent engineering firm in Angola evidenced by over four decades of experience and engagement with and within the Republic of Angola.
It is important to note that typically energy projects of these magnitudes have particularly long and arduous sales and business development cycles. We have been fortunate that our strategic partners and alliances have enabled us to significantly reduce the typical timelines into an economically supportable construct. Certainly, I understand shareholders impatience when it comes to quantifiable results, but infrastructure projects that by contract will generate revenue for 20-30 years after completion are projects that I feel will generate the quantifiable value that shareholders expect and deserve. Dominovas Energy is in the energy business for the long haul, and we are specifically committed via our partnership with Power Africa to help close the gap for many of the over 600 million Africans in sub-Sahara Africa that are without power.
The first 3 quarters of 2017 have ushered the closing of several of Dominovas Energy’s sales cycles and the maturation of its business development in Africa. Moving stridently into the development and operational phase of our projects has been much anticipated by us, our strategic partners, and our shareholders. Most definitely Dominovas Energy could not have achieved the success that we have without the support and confidence of our shareholders and the investment community.
Energy is the foundation and core of economies worldwide. Dominovas Energy is proud to be at the forefront of providing technological and sustainable solutions to frontier markets that will be affordable to our customer base, but will also provide a basis for long term economic growth and stability to our company.
About Dominovas Energy Corporation (OTCQB: DNRG)
Founded in 2005, Dominovas Energy Corporation (DEC) is a publicly traded company, based in Nevada. With its operating headquarters in Atlanta, Georgia, USA, Dominovas Energy Corporation is a leading power solutions provider to emerging markets around the world. DEC seeks to deploy its proprietary RUBICON™ Solid Oxide Fuel Cell (SOFC) technology, the ORCAS™ hydro systems and sourced clean coal technology for deployment in multi-megawatt power generation units worldwide. The worldwide need of clean and efficient production and distribution of is well documented. Dominovas Energy recognizes that worldwide, the markets offer immense potential for commercial development of energy resources. Dominovas Energy is aggressively moving to allocate its intellectual and financial capital forthwith, in order to strategically address this opportunity. By engaging throughout the world, Dominovas Energy is committed to creating shareholder value by not only generating guaranteed revenue streams, but also by increasing the value of “human and community capital.” Devoted to core values by operating under the utmost of honesty and integrity in all its business transactions, Dominovas Energy is additionally dedicated to respecting the rights of all individuals, while acknowledging and respecting all cultures necessary to support the growth and development of the communities and countries in which it operates. The Company strongly believes that the impact of advanced “energy” technology can and will positively change the world, and Dominovas Energy is resolute in its mission to provide electricity where and when economically viable.
For more information, visit www.dominovasenergy.com.
This press release, as well as other statements made by Dominovas Energy Corporation (the “Company”), contain forward-looking statements that reflect, when made, the Company’s current views with respect to current events and financial performance. Such forward-looking statements are subject to many risks, uncertainties and factors relating to the Company’s operations and business environment, which may cause the actual results of the Company to be materially different from any future results. All statements that address future operating, financial or business performance or the Company’s strategies or expectations are forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements as is applicable would be discussed under captions as follows: “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s filings as would be filed with the Securities and Exchange Commission as required. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect the Company. It should be remembered that the price of the ordinary shares and any income from them can go down as well as up. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events and/or otherwise, except as may be required by law.