Clean Coal executes JV deal
Saturday, June 9 2012 - 02:47 AM WIB
US firm, Clean Coal Technologies, Inc. (CCTC) started implementing its joint venture deal with Archean Group to develop, deploy and market Clean Coal Technologies' Pristine-M? technology throughout the ASEAN region
This follows the company?s recent announcement on May 31st, of the formation of Good Coal, a Singapore-based Joint Venture entity with Archean.
?The execution of the JV agreement and the licensing agreement delivers both tangible evidence of the efficacy and appeal of our Pristine-M? technology as we continue to achieve new milestones,? Robin Eves, Director, President and CEO of Clean Coal Technologies, Inc. said
?This event should serve as both a validation of our proprietary technology and demonstration of the coal mining and electric power communities? receptiveness to produce premium coal using it. We applaud Archean for leading the charge toward higher-efficiency energy in this region.?
The JV is owned 55 percent by Archean Group and 45 percent by Clean Coal Technologies. Through the JV partnership, a 1:10 scale commercial unit of the patented process is to be constructed in Oklahoma.
Archean Group has committed to contribute US $2.0 million towards the construction of the pilot plant through the JV. Full-scale commercial plants are to be constructed in Indonesia once the pilot plant has been successfully commissioned by year-end 2012, or early 2013.
Editing by Adianto P. Simamora