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Cleantech Transit Inc. (OTC.BB:CLNO) announced in a recent press release that funding to be provided to Phoenix Energy for the commercialization of a 500 Kilowatt biomass gasification plant should be eligible to apply for a renewable energy cash back incentive program offered by the U.S. Federal Government. If it concludes its planned investment in Phoenix Energy, under Section 1603 of the American Reinvestment and Recovery Act, Cleantech Transit will be entitled to receive its pro-rata share of 30% cash grant payments. Once the final interconnect process and application are complete the grant should be received within 60 days. The 5-year grant vesting period, means all parties must remain owner of record for that length of time, underscoring Cleantech and its partners' commitment to this project and the host community.
The U.S. Treasury's cash grant program was created to provide funding, in lieu of tax credits, for the development of clean energy projects and clean tech jobs nationwide. The Merced facility has already employed several individuals, both for the construction phase and subsequent plant operations once in service.
As previously announced, the full commercial operation of the first plant is expected to be completed during the second quarter of 2011.
Alex Holtermann, CEO of Cleantech, commented, The structure of this cash back program will add more predictability to our financing needs. The cash back incentive program also applies for new projects, which can accelerate the installation of other plants this year.
About Cleantech Transit Inc.
Cleantech Transit Inc. was founded to capitalize on technology advances and manufacturing opportunities in the growing clean energy public transportation sector. The Company has expanded its focus to invest directly in specific green projects that can maximize shareholder value. Recognizing the many economic and operational advances of converting wood waste into renewable sources of energy, Cleantech has selected to invest in Phoenix Energy (www.phoenixenergy.net). This project can generate shareholder returns as well benefit the Company's manufacturing clients worldwide. For more information, visit www.cleantechtransitinc.com.
Devon Energy Corporation (NYSE:DVN) announced that its board of directors has increased the amount of the quarterly cash dividend on Devon's common stock by approximately six percent. The amount of the dividend declared for the second quarter of 2011 is $0.17 per share. The dividend is payable on June 30, 2011 based on a record date of June 15, 2011. The increase in our quarterly cash dividend underscores Devon's financial strength and our commitment to optimizing returns to our shareholders, said Larry Nichols, Devon's Executive Chairman. The increased dividend supplements our ongoing $3.5 billion share repurchase program and reflects the board's confidence in our underlying business.
Devon Energy Corporation, together with its subsidiaries, engages in the exploration, development, and production of natural gas and oil; transportation of oil, gas, and natural gas liquids (NGLs); and processing of natural gas.
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