Canadian Alter NRG to put more effort into plasma gasification business
Sep 15, 2011 - Canadian Alter NRG Corp (TSE:NRG) said Wednesday it would focus its efforts on the advancement and marketing of its Westinghouse plasma gasification technology, under a new strategic direction.
The company's unit CleanEnergy will keep going with a "more modest growth profile and a tightened business focus" so as to be cash positive, Alter NRG said. The subsidiary develops geoexchange solutions that cater for heating and air conditioning through the use of geothermal energy.
Along with its new strategy, the company unveiled a number of management changes. Mark Montemurro has stepped down as chief executive with effect on or before January 1, 2012. Alter NRG is now looking for a new chief executive with experience in capital markets and international sales of large infrastructure technology.
Kevin Bolin has been appointed as executive chairman with immediate effect, following the resignation of Michael Heier. Joe Schwager was named head of a newly formed project committee to explore revenue generating opportunities, while Nancy Laird will become lead director of the company.