Exhibit 99.1

 

   CONTACT:

 

  
   Company Contact    Public Relations Contact
   Scott Tetenman, Manager of Project Financing and Treasury    John Abrashkin
   Environmental Power Corporation    Ricochet Public Relations
   914 631-1435 x42    (212) 679-3300 x121
   stetenman@environmentalpower.com    jabrashkin@ricochetpr.com

LOGO

Environmental Power Announces Third Quarter 2008 Results and Provides Business Update

TARRYTOWN, N.Y., November 10, 2008 – Environmental Power Corporation (NASDAQ: EPG) (“we”, “us”or the “Company”) today announced results for the third quarter ended September 30, 2008.

Business Commentary

During the last quarter, the Company undertook a number of initiatives in its transformation from a development based company to a sustainable operating company. These initiatives include the following, which will be further described later in this press release:

 

   

Enhance Capital Structure – Begin to raise necessary equity capital through means that minimize shareholder dilution, including debt and investment by strategic partners at the project and corporate level. In addition, pursue an additional $26 million in tax-exempt bond financing for the Bar 20 Project.

 

   

Confirm Huckabay Ridge Operating Performance – Complete modifications to the biogas collection system and the gas conditioning system to ensure reliable performance to meet target output and economics.

 

   

Reduce G&A Costs – Reduce G&A costs by 25% and maintain reductions for 2009.

 

   

Project Costs – Take advantage of the decrease in the cost of commodities to reduce our project capital costs and therefore improve project returns.

 

   

Seek Value for our By-Products – Finalize an alliance with Organix that will use our solids as a peat replacement, and continue exploring the value of our solids as a component of eco-friendly building products.

 

   

Seek Parity with other Renewables and Bio-Fuels – Support recently introduced legislation creating tradable tax-credits for the production of renewable natural gas from waste products.

 

   

Project Development – While prioritizing our announced projects, prepare our next group of projects to continue our growth.

These initiatives formed the framework for our decision making and focused the organization at the inflection point in its growth cycle. These points will be described in greater detail during the update call scheduled for today at 10:00 a.m. EST.

Market Update

We continue to experience strong interest in our RNG® product due to increased focus on domestic renewable sources of energy as well as the possibility of increased mandates related to Renewable


The following information was filed by Environmental Power Corp (EPGRQ) on Monday, November 10, 2008 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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