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IST awarded contract totalling over $33 million

Toronto, Ontario - July 8, 2008:


— Largest single contract award to date —

Innovative Steam Technologies (IST), has been awarded a contract totalling over $33 million to supply its Once-Through Steam Generator (OTSG) units to Sherritt Power in Boca de Jaruco, Cuba.

Under the contract, IST will supply five OTSGs to Sherritt Power for the Energas Boca de Jaruco Combined Cycle Project.  The OTSGs are designed to recover waste exhaust heat from five 35 mega watt gas turbines. The gas turbines are currently installed and operating at the Energas power plant. With the addition of the energy from the OTSGs, the output of the plant will increase by 150 mega watts, bringing the plant’s total output capacity to approximately 320 mega watts.

IST began the design and production of the units for this project in May 2008, and they are scheduled for delivery in stages between May and July 2009.

The new contract brings IST’s backlog to $74 million, a new high for the company.

“This project with Sherritt Power is extremely exciting for IST on more than one level,” said Bob Dautovich, President of IST. “Not only is this our first project in Cuba, marking our entry into an additional international market, but the project is also the largest single contract award to date for our business.”