May 10, 2011

Calgary, AB – May 10, 2011 – (TSX: NRG; OTCQX: ANRGF) Alter NRG Corp. (“Alter NRG” or the “Company”) is pleased to announce a partnership with a leading Canadian chartered bank under which qualified commercial, industrial and government customers will be eligible to finance their purchase of CleanEnergy’s geoexchange systems. The financing will be structured such that qualified customers would incur little or no upfront cost, and it may be optimized to meet a customer’s budgetary or investment objectives. The lease costs are then offset by the energy savings of the geoexchange system which reduces the use of fossil fuels by up to 80%.

Danny Hay, CFO of Alter NRG believes that “CleanEnergy (which is our wholly owned subsidiary offering commercial geoexchange solutions) has quickly built its reputation as the market leader for larger buildings including recreational complexes, schools, hospitals condominiums and other projects it has executed upon in the last 12 months. Introducing this financing program through a leading chartered bank provides our commercial and government customers the ability to achieve a lower carbon footprint and increased comfort from the geoexchange system under their existing budgets.” 

Financial structure and terms will vary according to customer credit, market conditions and other considerations and are subject to final approval by the lender. The term of the financing will be between seven and ten years and will be at competitive bank rates, subject to the discretion of the lender. The Company is currently finalizing an additional arrangement with a leading US lender which will provide further financial flexibility for our geoexchange customers. 

Clean Energy Capital Securities acted as financial advisor to Alter NRG in the development of the financing program. 

ABOUT ALTER NRG

Alter NRG is pursuing alternative energy solutions to meet the growing demand for environmentally responsible energy in world markets. The Company’s vision is to commercialize growth technologies through environmentally sustainable and economically viable alternative energy projects. The Company’s objectives are twofold; First, is to further commercialize the Westinghouse Plasma Gasification Technology, a wholly owned subsidiary, to provide renewable and clean energy solutions from a wide variety of feedstocks, and providing a wide variety of energy outputs – including liquid fuels like ethanol and diesel, electrical power, and syngas; Second, to capitalize on the rapidly growing geoexchange residential and commercial heating and cooling market through a wholly owned subsidiary CleanEnergy that enables consumers to reduce their carbon footprint and reduce the cost and volatility of energy bills using the energy from the earth.

For additional information please contact:

Mark Montemurro, Chief Executive Officer
(403) 806-3877 mmontemurro@alternrg.ca

Daniel Hay, Chief Financial Officer
(403) 214-4235 dhay@alternrg.ca

The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release. 

Advisory Respecting Forward-Looking Statements

This news release contains certain “forward-looking information and statements” within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends", "confident", "might" and similar expressions are intended to identify forward-looking information or statements. In particular, this new release contains forward looking statements pertaining to, availability of project financing; industry trends; factors influencing capital investments and development activities; the Corporation’s reputation and market position within the industries in which it operates and the Corporation’s strategy and competitive advantages. Various assumptions were used in drawing the conclusions or making the projections contained in the forwardlooking statements throughout this news release. 

The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Forward-looking statements reflect management’s current beliefs and assumptions, based on information currently available to management. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, many of which are beyond the control of the Corporation. Among the material factors that could cause actual results to differ materially from those indicated by such forward-looking statements are: that the information is of a preliminary nature and may be subject to further adjustment; unforeseen environmental effects; ability to market projects effectively; arrangements with key suppliers; potential product liability and other claims; risks associated with the proprietary technology; ; the possible unavailability of financing at competitive rates; changes in government regulation, including changes to environmental regulations; the effects of competition; the dependence on senior management and key personnel, and fluctuations in currency exchange rates and interest rates, as well as those factors discussed in or referred to under the heading “Risk Factors” in the Company’s Annual Information Form dated March 29, 2011 available at www.sedar.com. Such information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements. 

The Corporation cautions that the foregoing list of assumptions, risks and uncertainties is not exhaustive. The forward-looking information and statements contained in this news release speak only as of the date of this news release, and the Corporation assumes no obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable securities laws.