<html xmlns:v="urn:schemas-microsoft-com:vml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:w="urn:schemas-microsoft-com:office:word" xmlns:m="http://schemas.microsoft.com/office/2004/12/omml" xmlns="http://www.w3.org/TR/REC-html40"><head><meta http-equiv=Content-Type content="text/html; charset=us-ascii"><meta name=Generator content="Microsoft Word 14 (filtered medium)"><style><!--
/* Font Definitions */
@font-face
{font-family:Calibri;
panose-1:2 15 5 2 2 2 4 3 2 4;}
@font-face
{font-family:Consolas;
panose-1:2 11 6 9 2 2 4 3 2 4;}
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{mso-margin-top-alt:auto;
margin-right:0mm;
mso-margin-bottom-alt:auto;
margin-left:0mm;
font-size:11.0pt;
font-family:"Calibri","sans-serif";
mso-fareast-language:EN-US;}
a:link, span.MsoHyperlink
{mso-style-priority:99;
color:blue;
text-decoration:underline;}
a:visited, span.MsoHyperlinkFollowed
{mso-style-priority:99;
color:purple;
text-decoration:underline;}
p.MsoPlainText, li.MsoPlainText, div.MsoPlainText
{mso-style-priority:99;
mso-style-link:"Plain Text Char";
mso-margin-top-alt:auto;
margin-right:0mm;
mso-margin-bottom-alt:auto;
margin-left:0mm;
font-size:10.5pt;
font-family:Consolas;
mso-fareast-language:EN-US;}
p.MsoNoSpacing, li.MsoNoSpacing, div.MsoNoSpacing
{mso-style-priority:1;
mso-margin-top-alt:auto;
margin-right:0mm;
mso-margin-bottom-alt:auto;
margin-left:0mm;
mso-add-space:auto;
font-size:11.0pt;
font-family:"Arial","sans-serif";
color:#1F497D;}
p.MsoNoSpacingCxSpFirst, li.MsoNoSpacingCxSpFirst, div.MsoNoSpacingCxSpFirst
{mso-style-priority:1;
mso-style-type:export-only;
mso-margin-top-alt:auto;
margin-right:0mm;
mso-margin-bottom-alt:auto;
margin-left:0mm;
mso-add-space:auto;
font-size:11.0pt;
font-family:"Arial","sans-serif";
color:#1F497D;}
p.MsoNoSpacingCxSpMiddle, li.MsoNoSpacingCxSpMiddle, div.MsoNoSpacingCxSpMiddle
{mso-style-priority:1;
mso-style-type:export-only;
mso-margin-top-alt:auto;
margin-right:0mm;
mso-margin-bottom-alt:auto;
margin-left:0mm;
mso-add-space:auto;
font-size:11.0pt;
font-family:"Arial","sans-serif";
color:#1F497D;}
p.MsoNoSpacingCxSpLast, li.MsoNoSpacingCxSpLast, div.MsoNoSpacingCxSpLast
{mso-style-priority:1;
mso-style-type:export-only;
mso-margin-top-alt:auto;
margin-right:0mm;
mso-margin-bottom-alt:auto;
margin-left:0mm;
mso-add-space:auto;
font-size:11.0pt;
font-family:"Arial","sans-serif";
color:#1F497D;}
span.PlainTextChar
{mso-style-name:"Plain Text Char";
mso-style-priority:99;
mso-style-link:"Plain Text";
font-family:Consolas;}
span.EmailStyle20
{mso-style-type:personal-compose;
font-family:"Calibri","sans-serif";
color:windowtext;}
.MsoChpDefault
{mso-style-type:export-only;
font-family:"Calibri","sans-serif";
mso-fareast-language:EN-US;}
.MsoPapDefault
{mso-style-type:export-only;
mso-margin-top-alt:auto;
mso-margin-bottom-alt:auto;}
@page WordSection1
{size:612.0pt 792.0pt;
margin:72.0pt 72.0pt 72.0pt 72.0pt;}
div.WordSection1
{page:WordSection1;}
--></style><!--[if gte mso 9]><xml>
<o:shapedefaults v:ext="edit" spidmax="1026" />
</xml><![endif]--><!--[if gte mso 9]><xml>
<o:shapelayout v:ext="edit">
<o:idmap v:ext="edit" data="1" />
</o:shapelayout></xml><![endif]--></head><body lang=EN-CA link=blue vlink=purple><div class=WordSection1><p class=MsoNormal>Dear Friends<o:p></o:p></p><p class=MsoNormal>One should be aware of the emerging markets in order to plan ahead. The reason for this is that technologies take years to develop, and the same is true for fuel supply chains.<o:p></o:p></p><p class=MsoNormal>There is an excellent paper by at <a href="http://www.eike-klima-energie.eu/uploads/media/Moerner_Science_environm_sea_level_3_11_Paper_534.pdf">http://www.eike-klima-energie.eu/uploads/media/Moerner_Science_environm_sea_level_3_11_Paper_534.pdf</a> on the climate emerging in the next 40 years. <o:p></o:p></p><p class=MsoNormal>The implications of his work, and that of many others who have studied this in-depth (Stuiver and Quay, Hoyt and Schatten, Lean, Cliver, Rind, Bard, Bond, Mazzarella, Friis-Christensen and Lassen, Schove, Sanders & Fairbridge, Finkl and others) are that we are presently heading into a De Vries cycle (event). <o:p></o:p></p><p class=MsoNormal>The increasing need for space heating and processed space heating fuels that are customized for dramatically improved stoves opens new opportunities for inventors and market developers.<o:p></o:p></p><p class=MsoNormal>In particular the need for processed solid fuels is paramount. They can be stored, shipped by many means of transport and are generally energy dense. The appearance of torrefied wood pellets is an example of such a fuel. <o:p></o:p></p><p class=MsoNormal>There are lots of new ideas to think about.<o:p></o:p></p><p class=MsoNormal>Regards<o:p></o:p></p><p class=MsoNormal>Crispin<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p></div></body></html>