ThermoEnergy Corporation is to be given $2.3 million in Federal funding for the rapid development and commercialization of the company's patented new zero air emission power plant technology known as the TIPS process.
TIPS, an acronym for ThermoEnergy Integrated Power System, eliminates the atmospheric emissions of mercury, acid gases and particulates from fossil fuel burning power plants. In addition, TIPS captures and recovers carbon dioxide in liquid form ready for sequestration or beneficial reuse.
ThermoEnergy contends that with TIPS, harmful air emissions from power plants, which endanger lives and as well as the environment, will become a thing of the past.
This money will be spread over three separate projects, each of which will allow us to bring this technology to market at a time when not only the US, but the world, greatly needs such a technology, said Dennis Cossey, president and CEO of ThermoEnergy Corporation.
With this funding, we expect to be able to have a large-scale prototype system up and operating in late 2006 or early 2007, Cossey added.
TIPS is the realization of over five years of basic research and development. Based on current process modeling, ThermoEnergy believes that it can build one of its new zero air emission power plants for about the same price as a conventional coal-fired power plant.