Vancouver, B.C., February 1, 2022 – Infinitum Energy Pte Ltd. (“Infinitum”, “iEg”, or the “Company”) is pleased to announce it has entered into a joint venture agreement (the “JV Agreement”) with Samsara Energy Management LLC (“Samsara”) to develop a 240MW wind energy project in Mongolia (the “Project”).
Pursuant to the JV Agreement, Samsara has secured 200 hectares of land in a potential Class 1 wind area (the “Project Site”), which will be contributed to the Project. The Company anticipates up to 240MW of installed wind capacity at the Project Site. The Project Site’s Class 1 designation gives this project tremendous energy generation potential relative to the land required, thus making the project far more attractive relative to a Class 2 or 3 site. The Company’s team has already identified transmission interconnection and other supporting infrastructure necessary to successfully develop the project.
Mr. Lindsay Nagle, CEO of Infinitum, commented: “Both our Chairman, Brian O’Sullivan, and I are thrilled to be returning to Mongolia, supporting the development of Mongolia’s vast wind resource potential with a strong team of local, Ulaanbaatar-based, industry veterans. Also, 240MW of clean-energy will provide an enormous contribution to Mongolia’s 30% renewable energy target, and goal to reduce reliance on coal-fired capacity. At present, we estimate total Project capital expenditures in excess of US$350,000,000, and represents another significant contribution to the country.” said Mr. Lindsay Nagle, CEO of Infinitum.
About Samsara Energy Management LLC.
Samsara develops wind and solar energy projects in Mongolia. The company aims to capitalize on Mongolia’s vast renewable energy potential and to participate in the Asian Super Grid initiative, enabling East Asian countries to exchange renewable energy. Its management team has extensive experience developing a number of renewable energy projects throughout Mongolia. The company holds interests in several strategic wind and solar projects, in key locations along existing transmission infrastructure in Mongolia.
About Infinitum Energy Pte Ltd.
Infinitum is a Singapore-based climate infrastructure company focused on emerging market clean-energy project development. The team’s prior experience includes more than $12B of clean energy project development over their respective careers. The team has come together around Infinitum, using existing and proven waste-to-energy, wind, and solar technologies.
They are supported by a world-class project finance syndicate and development bank project underwriting, allowing the team to successfully execute in areas where the positive impacts of renewable energy development needed. The Company’s lead projects are located in Sierra Leone, Uganda, Turkey, Sri Lanka, Buffalo (NY) and now Mongolia, totalling more than US$2b of potential capital expenditures currently in development phase (pre-financial close).
For further information on the Company, please visit https://www.infinitumenergygroup.com/
ON BEHALF OF THE BOARD
Director & CEO
For more information contact:
Jeremy Wright, Director & CFO
+1 (604) 837-7990
Unless otherwise denoted, all currencies are denominated in United States of America Dollars.
The public listing of the Company’s securities on a highly esteemed and globally recognized exchange (the “Listing Transaction”) is subject to a number of conditions, including, but not limited to, applicable Securities Commission and Exchange acceptance and if applicable, shareholder approval. There can be no assurance that the Listing Transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in a future management information circular, filing statement, or prospectus, to be prepared in connection with the Listing Transaction, any information release or received with respect to the Listing Transaction may not be accurate or complete and should not be relied upon.
This news release may contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words “expect“, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information or statements.
This news release may contain forward-looking statements and information concerning the Company; and includes its wholly owned subsidiaries.
The forward-looking statements and information are based on certain key expectations and assumptions made by the Company, including expectations and assumptions concerning the success of new project development, the Company’s ability to integrate acquired businesses and complete strategic acquisitions of additional business and other factors that affect demand for the Company’s products.
Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the Company’s actual results and experience to differ materially from the anticipated results or expectations expressed. These risks and uncertainties, include, but are not limited to expenditures and other factors that affect demand for the Company’s products, industry competition, the need to effectively integrate acquired businesses, uncertainties as to the Company’s ability to implement its business strategy effectively on a global basis, labor, equipment and material costs, access to capital markets, interest and currency exchange rates, technological developments, political and economic conditions and the Company’s ability to attract and retain key personnel.
Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release or otherwise, and not to use future-oriented information or financial outlooks for anything other than their intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether, as a result of new information, future events or otherwise, except as required by law.