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|CONTACT:||-OR-||INVESTOR RELATIONS COUNSEL:|
|Environmental Power Corporation||The Equity Group Inc.|
|Kam Tejwani||Devin Sullivan|
|President and Chief Executive Officer||(212) 836-9608|
CONFIDENTIAL/NOT FOR DISSEMINATION
FOR IMMEDIATE RELEASE
ENVIRONMENTAL POWER CORPORATION REPORTS 2004 FINANCIAL RESULTS
Portsmouth, NH March 31, 2005 Environmental Power Corporation (AMEX:EPG) today announced results for the fourth quarter and year ended December 31, 2004 (see attached tables).
Fourth Quarter 2004
Total revenues for the fourth quarter of 2004 rose 18% to $17.1 million from $14.4 million in the fourth quarter of 2003.
Revenues for the fourth quarter of 2004 included sales of $2.1 million at the Companys subsidiary, Microgy Cogeneration Systems, Inc. (Microgy), as compared to no such revenues last year. Microgy recognized revenues from the construction in progress at three of the five farms it signed under its relationship with Dairyland Power Cooperative (DPC) to construct and sell on-site anaerobic digestion (AD) systems to host farms and power generating equipment to DPC. Microgy holds an exclusive license in North America for the development and deployment of this proprietary AD technology, which transforms manure and food industry waste into methane-rich biogas that can be used to generate electricity or thermal energy, or refined to pipeline-grade methane for sale as a commodity. This technology also allows the nations estimated 3,500 large animal feeding operations to comply with a growing number of proposed and adopted mandates developed by federal, state and local officials aimed at regulating the management of farm waste. Complying with these mandates places a potentially significant cost burden on Americas farmers.
Power Generation revenues rose 4.6% to $15.0 million from $14.4 million in the fourth quarter of 2003, due primarily to a 5% increase in billable rates under the power purchase agreement with Penelec
The following information was filed by Environmental Power Corp (EPGRQ) on Thursday, March 31, 2005 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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