Global Geothermal

Advanced Waste Heat Engineering

A Wasabi Energy Company
Kalina Cycle
Wasabi Energy Subsidiaries Secure Contract with
FLSmidth to build 8,600 kW Kalina Cycle Power Plant.
Sustainable Power Generation
Efcient. Safe. Reliable. Proven.
Wasabi Energy | ASX Announcement | Page 1
Wasabi Energy Limited
ABN 24 000 090 997
Level 9, 175 Collins Street
Melbourne Vic 3000
Australia
Telephone: +61 3 9663 7132
Facsimile: +61 3 9650 0066
www.wasabienergy.com
31 January 2011

Wasabi Energy (ASX: WAS, AIM: WAS) is pleased to announce

that through its subsidiaries
1
, it has secured a major contract
with FLSmidth to build an innovative Kalina Cycle
2
power
plant (fgure 1) in the Khairpur region of Pakistan.
Once commissioned, the Kalina Cycle power plant (the
Power Plant) will generate 8,600 kW of renewable power
from the waste heat stream of the Khairpur Cement
Plant, owned and operated by the D.G. Khan Cement
Company
4
. Wasabi Energy will provide FLSmidth with
front end engineering design (FEED), procurement and
commissioning services in relation to the Kalina Cycle
technology, as well as a project specifc sub-license.
Power generation from the Khairpur Kalina Cycle power plant
is expected to commence in the frst quarter of 2012 and once
fully operational, is expected to reduce the CO
2
emissions of
the cement plant by up to 31,000 tonnes per year
3
.
As the frst Kalina Cycle power plant installed in the cement
industry, the Khairpur power plant will be an important
reference plant for the Kalina Cycle technology in this
highly energy intensive industry and will also provide a
strong platform for targeting similar projects, globally.
Secures major Kalina Cycle contract with the leading cement industry EPC provider - FLSmidth
The innovative energy efciency project will be the largest Kalina Cycle power plant in the world
Generation of licensing and engineering revenues through the Kalina Cycle project contract
The Khairpur Kalina Cycle power plant is a platform to capture global cement industry opportunities
Wasabi Energy Subsidiaries Secure Contract with
FLSmidth to build 8,600 kW Kalina Cycle Power Plant.
1
- Global Geothermal Limited (U.K.) and Recurrent Engineering LLC (U.S.) are wholly owned subsidiaries of Australian Securities Exchange (ASX: WAS) and Alternative Investment Market (AIM: WAS) listed, Wasabi Energy Limited.
2
- Kalina Cycle is a registered trademark of Global Geothermal Limited. The Kalina Cycle is a patented power cycle technology owned by Global Geothermal Limited.
3
- Based on IEA emissions intensity data for Pakistan of 432g CO
2
/kWh, average annual output of 8,600 kW and a operational capacity factor of 95%.
0lobal 0eothermal
Advanced Waste Beat nglneerlng
A Wasabi Energy Company
Khairpur Cement Plant - Site of Kalina Cycle Power Plant
Details regarding the Khairpur Kalina Cycle power plant
contract have been provided in the following sections:
>> Key Aspects of Contract ..................... page 2.
>> About FLSmidth ................................... page 2.
>> Global Cement Industry .................... page 3.
>> Chairmans Comment ......................... page 4.
Fig. 1
Image courtesy of Muhammad Bilal
Wasabi Energy | ASX Announcement | Page 2
Key Aspects of Contract
As engineering, procurement & construction (EPC) provider
to D.G. Khan Cement Company
4
, FLSmidth has entered into
an agreement to deliver a waste heat recovery solution, with
the primary objective of improving the power efciency of
the Khairpur Cement Plant. Following a review of various
waste heat recovery technologies potentially suitable for the
Khairpur Cement Plant, FLSmidth selected the Kalina Cycle
as the most efective, efcient and safe option.
In turn, as owners and engineers of the Kalina Cycle
technology, Wasabi Energy subsidiaries
1
have been
collectively awarded a signifcant contract requiring close
collaboration with FLSmidth in the design and delivery of an
innovative 8,600 kW Kalina Cycle power plant. Key aspects of
the contract between Wasabi Energy and FLSmidth include:
Process & Mechanical Engineering Services
Procurement Services & Major Equipment Supply
Kalina Cycle Commissioning Services
Kalina Cycle Process Guarantee
Power Plant Performance Testing
Kalina Cycle Licensing Fee Agreement
About FLSmidth
5
FLSmidth in Brief
Provides equipment, systems and services for the
cement and minerals industries
Founded in 1882 by Frederik Lsse Smidth
Listed on NASDAQ OMX Copenhagen (the former
Copenhagen Stock Exchange) in the C20 index
Employees: Approximately 10,500 of which 1,600 in
Denmark
Turnover 2009: DKK 23,134m (EUR 3,107)
Ofces in 42 countries world-wide
Headquarters: Valby (Copenhagen), Denmark.
FLSmidth is a leading supplier of equipment and services
to the global cement and minerals industries. FLSmidth
supplies everything from single machinery to complete
cement plants and minerals processing facilities including
services before, during and after the construction.
FLSmidth is a global company with a local presence in more
than 40 countries and project and technology centres in
Denmark, USA and India.
The Groups in-house resources are primarily engineers
who develop, plan, design, install and service equipment,
with most of the manufacturing being outsourced to
subsuppliers.
Over the past 128 years, FLSmidth has developed a
business culture based on three basic values: competence,
responsibility and cooperation, refecting the way in which
FLSmidth interacts with its stakeholders.
Corporate Overview
Research & Development
FLSmidth pursues an active research and development
programme which refects the aim of being the preferred
partner and leading supplier to the global cement and
minerals industries.
With the increasing focus on CO
2
, higher energy prices
and the increasingly stringent emissions standards in the
world markets, FLSmidth deploys considerable resources
to develop new solutions to meet the important future
challenges faced by our customers.
4
- The Khairpur Cement Plant is owned and operated by D.G. Khan Cement Company, the largest cement manufacturing company in Pakistan. D.G. Khan Cement Company is a member of the Nishat Group.
5
- Information regarding FLSmidth has been sourced from a range of publicly available publications developed by FLSmidth and available on the FLSmidth corporate website, 2011.
Overview of the Kalina Cycle Power Plant
The Kalina Cycle power plant to be built at the Khairpur
Cement Plant will be based on the Kalina Cycle KCS1-2Aa
system, a patented power plant confguration specifcally
developed for the cement manufacturing industry.
The Kalina Cycle power plant will recover waste heat from
the process gas streams; specifcally from the preheater and
clinker cooler exhaust gases (fgure 2 - steps 4 & 7, respectively).
The Kalina Cycle is particularly well suited to the typical heat
sources available in a cement plant. The unique ammonia
water working fuid of the Kalina Cycle exhibits important
thermodynamic characteristics which include non-
isothermal boiling and condensing. These thermodynamic
characteristics combined with the fexibility to alter the
ammonia-water concentration at various points in the
power plant, improve the efectiveness of heat acquisition,
regenerative heat transfer and heat rejection.
The thermodynamic advantages outlined above deliver
improved heat transfer efciencies and also increase power
plant efciency resulting in maximum power generation.
For additional information on the operational and economic
advantages of the Kalina Cycle, refer to the following section:
>> Overview of the Kalina Cycle .............. page 5.
Wasabi Energy | ASX Announcement | Page 3
6
- Researched and compiled by Activated Logic from a range of public and proprietary sources, 2011.
7
- Cement Technology Roadmap 2009 - Carbon Emissions Reductions up to 2050. Published by the International Energy Agency (IEA) and the World Business Council for Sustainable Development (WBCSD).
8
- Analysis by Activated Logic, 2011. Key assumptions: Annual cement industry power consumption 300 TWh (IEA), energy recovery of 20% and power capacity factor of 75%.
Cement Production Process
7
- Generalised Schematic
Fig. 2
Global Cement Industry
Global demand for cement, a key ingredient for the production
of concrete, is increasing rapidly, driven primarily by the rapid
industrialisation of developing countries, particularly across
Africa & Middle-East, Latin America and developing Asia. The
increased demand for cement globally presents society with
signifcant energy and carbon emissions reduction challenges.
Energy intensiveness of Cement Production
7
Cement production is a highly energy intensive process
generally requiring between 89 and 130 kWh of electricity
for each tonne of cement produced. Annual power
consumption by the global cement industry is estimated to
be approximately 300 TWh; as a result is directly responsible
for about 5% of all anthropogenic CO
2
emissions, globally.
Industry Emissions Reduction Mechanism
In a recent report titled Cement Technology Roadmap
7
published
jointly by the World Business Council for Sustainable Development
and the International Energy Agency, a number of carbon
emissions reduction strategies were identifed. The frst strategy
relates to thermal and electrical efciency, and specifcally made
the recommendation for; deployment of existing state of the
art technologies in new cement plants, and retroft of energy
efciency equipment where economically viable. The Kalina
Cycle technology is suitable for both new and existing plants.
Key-Statistics
6
Kalina Cycle Market Opportunity
Wasabi Energy estimates that the integration of the Kalina
Cycle technology into a cement plant in a waste heat
recovery confguration has the potential to reduce overall
power consumption by 10 - 20%. On this basis, the Kalina
Cycle has the potential to reduce power consumption of
the global cement industry by up to 9,132 MW
8
.
1
2
3
4
5
6
7
8
9
10
Prehomogenization
and raw meal grinding
Crushing
Preheating
Precalcining
Clinker production
in the rotary kiln
Cooling and storing
Quarries
Blending
Cement grinding
Storing in
the cement silo
Quarrying
raw materials

Sources of Waste Heat from Process Gas Streams
To be utilised by the 8,600 kW Kalina Cycle Power Plant.
For a description of the Kalina Cycle heat recovery, refer to:
>> Overview of the Kalina Cycle .............. page 5.
5
75
100
1,500
2,800
9,132
- Percent of all anthropogenic CO
2
emissions
- Mtpa of new cement kiln capacity
5
required annually
- kWh/t power consumption in cement production
- Number of cement plants in the world today
- Mtpa of installed cement kiln capacity today
- MW of potential power generation from waste heat
Preheater exhaust gases
C
lin
ke
r co
o
le
r exh
au
st g
ases
Wasabi Energy | ASX Announcement | Page 4
The contract with FLSmidth we are announcing today, is
another important step towards the widespread adoption of the
Kalina Cycle. In recent months we have announced a number
of renewable energy focused applications of the Kalina Cycle
including in the solar, geothermal and ocean thermal sectors,
however, this deal with FLSmidth is a major milestone for our
industrial Enhanced Energy Efciency (EEE) business stream.
We frst recognised the enormous opportunities for the Kalina
Cycle in the cement industry a number of years ago. At the
time, prevailing power prices were generally much lower and the
interest from industry to improve energy efciency as a means of
reducing CO
2
emissions had not gathered sufcient momentum.
Notwithstanding the market conditions at the time, we pressed
ahead with developing and securing some key intellectual
property relating to the integration of our core Kalina Cycle
technology with process gas streams in the cement industry.
We are delighted to be working with FLSmidth on the Khairpur
Kalina Cycle power plant project and we recognise there are
signifcant synergies with our patented technology and the core
Comment from the Chairman
Australian Enquiries
Mr. John Byrne
Wasabi Energy Limited
Ph: +61 (0)3 9663 7132
Yours Sincerely,


Mr. John Byrne
Executive Chairman
U.K. Media Enquiries
Mr. Josh Royston / Ms. Hilary Millar
Threadneedle Communications
Ph: +44 (0) 207 653 9850
Executive Chairman of Wasabi Energy and Director of Global
Geothermal Limited, Mr. John Byrne commented:
U.K. Investor Enquiries
Ivonne Cantu / Beth McKiernan
Cenkos Securities plc
Ph: +44 (0)207 397 8900 / +44 (0) 131 220 9778
For further information contact
Image courtesy of FLSmidth
Sinai White Cement Plant
Fig. 3
capabilities of FLSmidth. FLSmidth is the largest EPC provider to
the global cement industry and have installed more than 2,000
cement kilns throughout their 128 year history.
We are pleased that FLSmidth has taken a leadership role in
terms of implementing energy efciency technologies in the
cement industry and are equally encouraged that FLSmidth has
selected the Kalina Cycle technology as the best available waste
heat to power generation technology for this plant.
We recognise that the global opportunities for the Kalina Cycle
are as diverse as they are immense. In an efort to capture a
broader range of opportunities and accelerate the adoption of
the Kalina Cycle; over a year ago we embarked on a strategy
of establishing alliances with industry leading EPC contractors.
Having now established our presence in the cement industry, our
next target is the global steel industry as the energy efciency
and emissions intensity challenges are similar across these
two major industries. Our position in the steel industry is more
established, as our technology has been successfully operating
at the Kashima Steel Works in Japan since 1999, however we
plan to strengthen our capabilities in this industry by forming
strategic alliances with leading organisations.
Wasabi Energy | ASX Announcement | Page 5
Kalina Cycle
Enhanced Energy
Efciency
Renewable Energy
Generation
Cement & Lime Kilns
Steel Manufacturing & Melting Works
Petrochemical Processing Plants
Glass Manufacturing Infrastructure
Hydrogen & Biofuel Combustion
Solar Thermal
Ocean Thermal
Other Industrial Applications
Geothermal Plants Primary Cycle
Bottoming Cycle
Other Renewable Applications
Gas Turbine Bottoming Cycles
Operational Advantages
Economic Advantages
Use of existing and proven power plant components
Underlying principles are simple and understood
Ammonia has no ozone depleting potential
Less sensitivity to decreases in heat source temperature
Safe power plant confguration
Improved design performance on both hot & cold days
10% to 50% more power with the same heat input
Lower power plant auxiliary loads
Ammonia is a relatively inexpensive working fuid
Very high capacity factor with minimal downtime
Reduced capital cost for fxed output rating
Optimise plant efciency with ammonia-water variation
Global Geothermals Kalina Cycle, the proven and most
thermodynamically efcient power cycle technology in the
world, is now on the verge of large-scale adoption in:
Enhanced Energy Efciency (EEE), and
Renewable Energy Generation (REG);
applications, across the globe.
Building on the initial Kalina Cycle Technology
breakthroughs in the mid 1980s, the innovative technology
has undergone intensive development, optimisation and
large-scale demonstration with some of the most signifcant
power generation and industrial companies in the world. A
comprehensive suite of second generation Kalina Cycle
innovations

including the patented RIP-Cycle and Multiple
Heat-Source applications have recently been pioneered
by Global Geothermal Limited; however the superior and
unparalleled thermodynamic efciencies remain frmly at
the core of the Kalina Cycle

.
The superior efciency of the Kalina Cycle provides
an environmentally sustainable alternative for power
generation, whilst ofering signifcant savings in the
construction of new power generation capacity and
ongoing operational costs.
The thermodynamic power cycles which collectively
constitute the Kalina Cycle have been reviewed and verifed
by the U.S. Department of Energy (DOE), numerous leading
universities and a variety of independent researchers and
consulting engineers over a 20 year period, including, most
recently, Shaw Groups Stone & Webster.
Overview of the Kalina Cycle Technology
The Kalina Cycle is the greatest innovation in
power generation technology in over a century.
The adoption of the Kalina Cycle is underpinned by a series of
operational and economic advantages over alternative power
generation technologies.
Global Geothermals Kalina Cycle.
The next-generation, power cycle technology.
Segmented Applications for Kalina Cycle Technology Recent Activity
New contract
announced today
Contract with FLSmidth,
a leading supplier of
equipment and services
to the global cement
and minerals industries,
to build an 8,600 kW
Kalina Cycle power
plant at the Khairpur
Cement Plant, located
in Pakistan.
Wasabi Energy | ASX Announcement | Page 6
0lobal 0eothermal
Advanced Waste Beat nglneerlng
A Wasabi Energy Company
General corporate information regarding Wasabi Energy and the companies Wasabi Energy holds a strategic investment in can be
found in this section. Announcements regarding Wasabi Energy corporate developments are made to the Australian Securities
Exchange (ASX) and the London Stock Exchanges, Alternative Investment Market (AIM), are also available on the Wasabi Energy
website. Additional information regarding the investee companies can be found at their respective web sites, details below.
Wasabi Energy Limited is an Australian Securities Exchange listed public company (ASX: WAS) with a secondary listing on
the AIM market of the London Stock Exchange (AIM: WAS) that holds strategic investments in companies and projects it
believes can provide solutions to the worlds energy and environmental challenges. Wasabi Energy is actively involved in the
management of the respective investee companies and assists in the achievement of critical business milestones, fnancing
growth and ultimately the delivery of results that matter.
Wasabi Energy has recently focused its portfolio of investments into three core business streams, renewable power, sustainable
water and renewable biofuels. Each of these core business streams is represented by a strategic corporate investment by
Wasabi Energy (Global Geothermal Limited, Aqua Guardian Group and Australian Renewable Fuels, respectively) and has
been strategically selected to provide solutions for the key sustainability challenges facing the world.
Additional information:
www.wasabienergy.com
0lobal 0eothermal
Advanced Waste Beat nglneerlng
A Wasabi Energy Company
About Wasabi Energy
globalgeothermal.com aquaguardiangroup.com
Wasabi Energy Ownership: 100% Wasabi Energy Ownership: 50%
water power
Global Geothermal Limited (GGL) holds an extensive Kalina Cycle intellectual property portfolio and is focused on licensing the
innovative technology into two core business streams, Enhanced Energy Efciency (EEE) and Renewable Energy Generation (REG).
In 2007, Global Geothermal Limited, a private company incorporated in the United Kingdom, was established to consolidate
the global Kalina Cycle intellectual property interests, which involved the acquisition of U.S. based engineering frm, Recurrent
Engineering LLC, now a wholly owned subsidiary. The initiation of new Kalina Cycle projects generally requires Global
Geothermal Limited issuing a Kalina Cycle technology license to the project developer, and for Recurrent Engineering LLC to
provide the power cycle engineering necessary for the design of the Kalina Cycle power plant.
Wasabi Energy Limited has been progressively increasing its ownership interest in the Kalina Cycle technology for over 5 years,
through the acquisition of a range of commercial interests and substantial intellectual property portfolios. As of January 2011,
Global Geothermal Limited is a wholly owned subsidiary of Wasabi Energy Limited.
About Global Geothermal Limited
Sustainable Renewable
arfuels.com.au
Wasabi Energy Ownership: 23.3%
biofuels
Renewable
Corporate Information
PREPARED BY:

Activated Logic
Innovative
Kalina Cycle Technology
Global Geothermals Kalina Cycle

.
The next-generation, power cycle technology.
Global Geothermal
Advanced Waste Heat Engineering
A Wasabi Energy Company
Contact
Level 9,
175 Collins Street
Melbourne
Victoria 3000
Australia.
Ph: + 61 3 9663 7132
Fax: + 61 3 9650 0082
www.wasabienergy.com
www.globalgeothermal.com