Clean Coal receives initial funding from Archean Group
Wednesday, March 21 2012 - 06:30 PM WIB
US firm Clean Coal Technologies, Inc (CCTI) reported on Wednesday that it has received an investment of US$2 million from Indian firm Archean Group (AG) in return for a convertible debenture which will represent, upon conversion, 6.7 % of the outstanding shares of CCTI.
The investment has been made pursuant to the terms of the agreement with AG to develop deploy and market CCTI?s Pristine-M? technology throughout the ASEAN region (including Indonesia, the Philippines, Cambodia, Vietnam, Malaysia, Brunei, Thailand, Laos and Myanmar) through a joint venture company.
CCTI said that the fund will be used to initiate construction of the proposed pilot plant in the immediate future.
According to CCTI, AG owns about 800 million tons of coal assets in Indonesia and last year exported 2.5 million tons to China and 1.5 million tons to India. The company has plans to ramp up Indonesian production to 10 million tons per annum by 2013.
?With this partnership, we bring in a tremendous amount of entrepreneurial talent that will benefit AGPL and CCTI as, together, we develop the market for dry coal in the dynamic ASEAN region,? said Robin Eves, CCTI?s CEO.
AG is present in Indonesia since early 2004 and owns several thermal coal-mining concessions that are under various stages of operations across different coal rich provinces in Indonesia.
CCTI owns a patented process technology to design and build, state of the art plants, which convert coal into a cleaner burning fuel source. This technology utilizes a patented pre-combustion beneficiation process. The company claims that its clean coal technology reduces some 90% of chemical pollutants from coal, including Mercury, thereby resolving emission issues affecting coal-fired power plants.
Editing by David Mustakim