Centram signs agreement with ADAGE
Aug. 9, 2013, Toronto – Centram Geothermal has entered into an agreement with ADAGE Ventures regarding the exploration, development, and financing of its projects.
"We are very pleased to have the ADAGE team on-board to help develop our projects," said John Paterson, Centram's president and CEO in a media release. "Their expertise and efforts are expected to add significant value as we move forward."
Centram has geothermal energy projects underway in Guatemala and Panama. The company stated in a news release that it is committed to exploring and developing economic geothermal resources throughout Central America with the objective of generating low-cost, base-load electricity using the natural heat below the earth's crust to help meet the region's increasing energy demand, and reduce dependence on hydrocarbon-based generation technology.
The agreement states that ADAGE can earn interest by achieving certain milestones in the progression of Centram's projects.