Energtek Inc (OTC BB: EGTK), a provider of natural gas solutions and Adsorbed Natural Gas (ANG) technology, has announced that the Vermont Public Service Board will allow Energtek North Country Inc to use"competitive market forces to control rates, service quality, and reliability" for ENCI's commercial and industrial natural gas customers, especially to small and mid-size enterprises, rather than using regulated rates. ANG is compressed gas that is trucked to customers who do not have access to a gas pipeline.
ENCI plans to provide natural gas to commercial and industrial customers via truck delivery in the State of Vermontwithout PSB oversight of its rates, management, or the construction of its proposed natural gas compression facility inSwanton, Vermont. In itsOctober 1, 2014, ruling, the PSB stated that ENCI's plan to supply natural gas to customers without pipeline access will compete with propane and other trucked fuels, relying on market forces to control price and service quality.
Timothy Nulty, ENCI's CEO, stated, "We are excited to bring trucked natural gas to these markets. We believe our innovative technology will allow our customers to save money today and profit from the price, efficiency, and environmental advantages of natural gas over competing fuels, without waiting for pipeline distribution infrastructure to be permitted and constructed."
AddedYoav Krill, Energtek's CEO: "We are reaching our goals as spelled out in our business plan, andVermont will be one of the first states where we begin operations. We sincerely thank the successful efforts of our ENCI management and legal teams for receiving the necessary state rulings allowing deliveries of natural gas to our customers in 2015."
About Energtek
Energtek develops and applies innovative mobile transportation solutions for small, mid-size and large industrial, residential and agricultural consumers and NGV. Energtek, based in Israel, operates subsidiaries inNorth America,Europeand Asia. Its US headquarters are in New York City.
SOURCE NEW YORK,Oct. 8, 2014/PRNewswire/ --Energtek Inc.www.energtek.com