In New York, Global Energy (GEYI.OB) has granted Covanta the exclusive right to develop projects in the United States with the AlphaKat Technology (an expansion of its existing rights) and extending the exclusive term for an additional 5 years. In consideration of GEYI giving up the right to develop projects in the U.S., Covanta agreed to pay the full cost of registering the fuel produced by the AlphaKat Technology with U.S. EPA and to provide systems to GEYI on a preferred basis for projects outside the U.S. if Covanta elects to manufacture systems.
Renewable Energy, LLC will continue to have the right to develop projects with the AlphaKat Technology in the U.S. pursuant to a sublicense with Covanta and GEYI has the right to invest 51 percent of the equity in all the projects developed by Renewable in the U.S.
More background on the story from the Digest
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