Alter NRG Reports Third Quarter 2009 Activities, Financial Results and Announces Appointment of Director

November 10, 2009

Calgary, Alberta, November 10, 2009 - (TSX - NRG; OTCQX - ANRGF) - Alter NRG Corp., (“Alter NRG” or the “Company”) is pleased to report on its corporate activities and financial results for the three and nine month period ended September 30, 2009 and announce the appointment of Mr. Kevin M. Bolin to the Board of Directors.

Mr. Bolin is President and CEO of EnerTech Environmental, Inc., a private renewable energy company that converts biomass, primarily municipal sewage sludge, into clean fuel. Mr. Bolin has led the Atlanta-based company since its inception in 1992 and has been involved in all aspects of its growth and development, both domestically and internationally.

In his position at EnerTech, Mr. Bolin has raised over $50 million in corporate equity, negotiated international license agreements, grown the company’s intellectual property portfolio, and built strategic relationships that enabled execution of its business plan. Most recently, he was responsible for the successful negotiation of 25-year municipal contracts and contracts for renewable fuel product, which allowed for the $165 million project finance of a first-of-its-kind sewage sludge-to-fuel facility in California.

In addition to his experience in the renewable fuels market, Mr. Bolin’s background includes positions as Audit Senior with KPMG Peat Marwick and Sales Account Executive with WAGA-TV (CBS affiliate). Mr. Bolin holds a B.B.A. in Accountancy from the University of Notre Dame and was certified as a Public Accountant in the states of New York and Georgia.

The following are the highlights for the third quarter of 2009 and the period up to November 9, 2009.

Q3 HIGHLIGHTS

  • Acquired Clean Energy Developments (CleanEnergy), a leading private company providing geoexchange services in the Canadian commercial, industrial and residential markets. Geoexchange is the industry’s term to describe using heat from the ground to provide an environmentally friendly means for heating and air conditioning. Geoexchange systems have lower energy consumption compared to conventional equipment and adoption of this technology has experienced rapid market growth worldwide in recent years. Alter NRG, through CleanEnergy, intends to offer turnkey geoexchange solutions to the market which includes engineering, equipment and installation.
  • Completed the construction of Project Lighthouse, a commercial demonstration facility developed by Coskata Inc. (Coskata) that uses the Westinghouse Plasma Gasification (WPC) gasification solution to turn biomass into ethanol. The facility is in operation and represents a significant milestone in the development of cellulosic ethanol from non-food feedstocks and is expected to lower operating costs compared to current ethanol production.
  • The NRG Energy Somerset Massachusetts 110 megawatt coal retrofit project using Westinghouse Plasma Technology has been selected to proceed into the detailed due diligence phase of the DOE Loan Guarantee Program. NRG Energy continues to advance the renewable energy project, which will use up to 35% to 100% biomass. The proposed coal retrofit project would provide enough electricity to support approximately 100,000 homes in southeast Massachusetts.
  • Continued to advance an agreement in the China market which is expected to include facilities being constructed in 2010. The interest in China and Southeast Asia for the Westinghouse technology has been significant and the central government has aggressive plans to utilize renewable energy solutions.
  • Continued discussions in the European market with credible companies, respected engineering firms and governments that are looking for renewable energy alternatives. The European market has very favorable incentives and having operational facilities since 2002 and 2003 using our Westinghouse technology has been a benefit. The Company expects to execute on further strategic alliances in this market in the first half of 2010.
  • Signed a MOU for a 75 tonne per day energy from waste project located in Dufferin County, Ontario. Alter NRG submitted into a request for proposal process and was selected as the technology provider for a project expected to start construction in late 2010. Councilor Ed Crewson, Chair of the Community Development Committee for Dufferin County stated, “The selection of Alter NRG to provide the technology for our Energy from Waste facility will result in the generation of green energy through the gasification of our waste. This is a major step forward in creating a sustainable Dufferin County and thereby protecting our environment for our children’s benefit.”
  • Announced the signing of an alliance agreement with Uhde Engineering Consulting (Shanghai) Co. to provide engineering services, marketing service and jointly pursue business opportunities predominantly in the Asia Pacific region, including China. This alliance agreement provides Alter NRG presence on the ground in China and Southeast Asia through a well respected and capable engineering firm.
  • Commissioned the world’s largest hazardous waste to energy facility in Pune, India which was developed by SMS Infrastructures, Central India’s largest engineering company. The facility is operational and has received the government environmental approvals.
  • Focused engineering efforts on the construction of the Coskata Lighthouse facility and the preparation for the testing program of our gasification testing facility in Madison, Pennsylvania. This resulted in lower second quarter revenues as the testing facility was closed and our engineering resources were supporting preparation for the upcoming 50 test program in Q4 of 2009 and into 2010, estimated at approximately $3 million in revenue.
  • Advanced 16 projects located worldwide which are at the engineering stage of the project development. If constructed, this would represent over $400 million in plasma gasification equipment sales.

For more information on the Company’s activities please visit http://www.alternrg.com or http://www.sedar.com to view Alter NRG’s 2009 Third Quarter Report.

PRESIDENT’S MESSAGE

Evolution relies on changes that facilitate survival. Successful evolution means proving we can do more than survive. It’s been a busy, exciting and positive quarter for Alter NRG. Our company is successfully evolving and by remaining focused on our core values with an unwavering commitment to our shareholders through strategic changes we will continue our evolution and continue our success.

After exploring acquisition opportunities that would be complimentary to our plasma efforts and align with our vision, we announced the successful acquisition of CleanEnergy, a privately owned Canadian Company focused on geoexchange solutions.

This acquisition allows us to grow as a Company and advance toward our vision of commercializing growth technologies through developing environmentally sustainable and economically viable alternate energy projects, by broadening our product offering. We are in a position now to leverage our history of negotiating large commercial projects and strategic alliances in a market that provides faster growth and a more stable base of revenue from year to year through projects that have a shorter sales cycle than larger scale plasma projects.

On the plasma front we have continued our focus of developing and advancing strategic relationships while maintaining tight expenditure controls. By employing a disciplined approach we are seeing traction in a number of areas. Advancing worldwide, the Company currently has over 43 proposed projects that are actively being developed by customers or strategic partners who are sourcing feedstock, site selection, key contracts and other early stage development activities, and 16 projects that are further along in with active engineering work using Alter NRG under a signed engineering services agreement or a broader memorandum of understanding.

The total revenues to Alter NRG to support the 16 projects in the engineering stage would result in over $400 million in engineering, equipment and licensing revenues.

As we advance plasma projects and build a presence in Canada for geoexchange we will make a real environmental difference through our technologies and projects. Our evolution is very much the result of a team effort. Good governance adds value and enhances our operational performance and I would like to acknowledge the directors of Alter NRG. Our directors bring a long-term perspective to strategic decision making that reflects sound business judgment and years of industry experience and whose interests align clearly with those of our shareholders. Our strategic decisions have placed numerous opportunities in front of us leaving us well positioned for significant growth in 2010.

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