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IST awarded $16 million contract in Bolivia

Toronto, Ontario - December 11, 2007:

Innovative Steam Technologies (IST), has been awarded a contract valued at $16 million to supply its Once-Through Steam Generator (OTSG) units to Bolivian power generation company Empresa Guaracachi S.A., a subsidiary of U.K.- based Rurelec PLC. 

Under the terms of the contract, IST will supply two OTSG units equipped with supplementary duct burners for increased steam capacity and an exhaust cooling system to permit the open cycle operation of the existing gas turbines. The OTSG units will increase the existing plant’s operating efficiency by 40 per cent — an extra 96MW of energy — as a result of converting waste energy from the exhaust of the gas turbines into electricity.  The units are scheduled to be delivered in August 2008.

As a result of the improved energy efficiency and reduced C02 emissions, the project qualifies for certified emissions reductions certificates, known as “carbon credits”, under the Kyoto Protocol of the United Nations Framework Agreement on Climate Change. It is the first combined cycle power project in Bolivia, which will help alleviate power shortages that are forecasted to occur this year.

“We are very proud to be part of Guaracachi’s Combined Cycle Gas Turbine project,” said Bob Dautovich, President of IST. “The project is one of the largest single power units to be constructed in Bolivia, and will represent 10 per cent of the country’s power production.”

This contract brings IST’s total sale of OTSG units to 116 units in 15 countries world-wide.  OTSG technology improves the efficiency of its customers’ power plants and is better for the environment compared to many power generation sources.