Exhibit 99.1

 

 

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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
(603) 431-1780         dsullivan@equityny.com
ktejwani@environmentalpower.com         Adam Prior
          (212) 836-9606
          aprior@equityny.com

 

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 Company’s 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 nation’s 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 America’s 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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