U.S. EcoGen, LLC (“USEG” or the “Company”) is the parent company to six (6) subsidiaries, and with offices located in Florida. The Company will develop, finance, construct, own, lease and operate a portfolio of biomass-fueled electrical generating facilities, timber plantations and wood pellet mills to be located in the United States and certain international markets. The Company’s business model includes the development of biomass-fueled power generation facilities (“Generating Facilities”), which will sell capacity and electrical energy at wholesale to electric utility customers under long-term, competitively priced, Power Purchase Agreements (“PPA”).
USEG’s Generating Facilities’ fuel supply will be provided from dedicated, purposely grown, clean woody biomass timber plantations (“Plantations”). USEG will own or lease the Plantations thereby enhancing fuel procurement security and price stability, on a sustainable basis. USEG Plantations will provide the biomass feedstock for USEG’s wood pellet mills (“Pellet Facilities”), which will supply wood pellets to electric utilities that utilize biomass as fuel, with sales to be made on a long-term contract basis. Such utility customers typically co-fire wood pellets and other forms of biomass with coal in their coal-fired electrical generating facilities. Co-firing biomass with coal has been demonstrated to reduce greenhouse gas emissions.
To build, own and operate one of the nation’s most robust portfolios of electrical generating facilities, fueled by renewable and clean energy resources, powered by proven cutting-edge technologies and managed by a superior utility and agricultural management team.
USEG was formed in 2009 by William F. Quinn, P.E., a seasoned electric utility professional with over 30 years of power generation and electrical transmission experience. Mr. Quinn also brought on board an experienced management team with former ties to Pacific Gas & Electric’s National Energy Group (NYSE: “PCG”) (“PG&E”), The Shaw Group Inc. (NYSE: “SHAW”) (“SHAW”) and Ginn Development.
Renewable energy currently represents about 8% of the United States’ electric power supply, with biomass as a primary source. In the Southeastern United States, biomass is the predominant renewable energy resource, in part due to the abundance of clean woody biomass resources in the region. Florida, in particular, trails the rest of the United States with less than 2% of its electrical power generation currently being produced from renewable energy resources. Accordingly, the market for biomass fueled electrical power generation is underdeveloped and has the capacity for significant growth in the next several decades.
Recent legal and regulatory developments in Europe and the United States are expected to significantly increase the demand for power generation produced by biomass and co-firing biomass with coal in existing coal fired electrical generating stations.
USEG has chosen to focus on the production and utilization of biomass because it is a resource capable of producing clean, sustainable electrical power generation on a 24 hour per day, 7 day a week basis. Based on studies conducted by the U.S. Department of Energy, agriculture and forest resources have the capability to potentially produce at least one billion dry tons of biomass annually in a sustainable manner—enough to displace approximately 30% of the U.S's present petroleum consumption.
William F. Quinn, P.E., USEG’s President and CEO, leads an experienced team of electric utility and agricultural professionals. Mr. Quinn, a former Vice President for PG&E, managed the company's project development and associated capital investment activities. Mr. Quinn’s experience also includes CEO positions at SHAW, a multinational engineering and construction contractor, Meridian Power Corporation, a power development company, and Argos Utilities Corporation, an electrical transmission and distribution contractor. USEG’s management team includes three senior managers from PG&E (the former heads of project finance, operations, and engineering). The core team also includes three senior forest products and agricultural professionals to compliment the deep bench of electric utility professionals.