10 Mar 2010 07:00
VIALOGY PLC ("VIALOGY")
VIALOGY SIGNS RENEWABLE ENERGY CONTRACT WITH ENEL NORTH AMERICA TO CHARACTERIZE AND DE-RISK GEOTHERMAL PROSPECTS
n ViaLogy technology extended to green energy
n Goal is reduction of exploration/drilling risks/costs
London, March 10. ViaLogy (LSE:VIY) announces signing of a contract with Enel North America, a subsidiary of Enel Green Power, the Enel Group company operating renewable energy sources in 14 countries, including the US. Enel Green Power is one of the world's leading players in the renewables industry and a global leader in geothermal power generation. The Enel Group is Italy's largest power company and Europe's second listed utility by installed capacity.
Under its initial contract, ViaLogy will extend its QuantumRD sub-surface detection technology to seismic survey design, and the identification and location of appropriate geothermal drilling locations at an Enel North America site in Nevada.
Geothermal energy generation obliges commitment of very large capital resources, and a determining factor in the geothermal business equation is the inordinately high cost of exploration, drilling and extraction which entails significant risk. Geothermal well positioning requires robust detection and characterization of natural cracks and fractures in volcanic regions with extremely hard rock; accurate mapping of fractures and discontinuities forming pressurized traps; and mapping formations that can support drilling holes with large diameters in hard rock.
QuantumRD's ability to assess complex subsurface stratigraphy, porosity and fluid saturation levels more accurately than other current technologies, utilizing seismic, magneto-telluric and other chemical tracer data, should reduce risk and alter the sector's investment risk profile. Over time, this could contribute to the broader use of clean, environmentally sustainable geothermal-based electricity.
ViaLogy's Energy business focus remains squarely on the upstream hydrocarbon industry sector where its QuantumRD technology is projected to build upon its success thus far to become an industry standard. But the opportunity to bring its technology to bear in such a vital and financially promising part of the green energy industry is important to the company's future success and earnings, as well as an opportunity to do its part in mitigating the effects of global warming.
ViaLogy CEO, Robert W. Dean, said, "The Enel contract opens up a new market for us in renewable energy development. It broadens our business base, and provides yet another means of developing and refining our QuantumRD technology, and could be a significant source of 'green' growth."
For further information please contact
ViaLogy plc
Robert W Dean, President & CEO - US +1 626-296-6337 (mobile: +1 703-589-3807)
Terry Bond, Chairman - UK & Europe +44 (0) 1235-834734 (mobile: 07860 842756)
Nominated Advisor to ViaLogy PLC (Seymour Pierce)
Mark Percy / Catherine Leftley +44 (0) 20-7107-8000
About ViaLogy: Network Centric Signal Processing
ViaLogy is a leading innovator of network-centric, real-time signal processing platforms for sensor applications. ViaLogy is currently deploying and designing computational systems, powered by its patented technologies, for applications in life sciences, public safety and security, surveillance, defense and geoseismology. ViaLogy focuses on market driven problems where automation, timeliness, quality and reliability of information processing are essential. ViaLogy's core competency incorporates rapidly and accurately detecting weak signals buried in high noise background and clutter. This technology can be employed to solve problems involving sensor integration and information overload challenges involving video, telephony and control sensors, as well as for enhancement of numerous signal processing applications. For more information, visit our website at www.ViaLogy.com. Except for statements of historical fact, the information presented herein constitutes forwardlooking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results.
About Enel Green Power and Enel North America
Enel Green Power is the renewable power company of Enel S.p.A. aimed at developing and operating power generation from renewable sources in Italy and around the world. The company's business incorporates all of Enel's activities in the wind, solar, geothermal, hydroelectric and biomass fields in Europe, North America and Central and South America. With over 4,500 MW of installed capacity and 17.2 TWh of produced electricity in 2008, Enel Green Power is a leading global company in renewables. Enel North America, Inc. is a subsidiary of Enel Green Power and operates all EGP renewable energy plants in 20 U.S. States and in three Canadian Provinces. For further information, please visit http://enelgreenpower.com/en/.