SES launches China clean coal gasification joint venture
Thursday, April 10 2014 - 03:13 AM WIB
US-based energy and gasification technology company Synthesis Energy Systems Inc. (SES) announced that ZCM-SES Sino-U.S. Clean Energy Technologies Limited (ZCM-SES), its new joint venture with Zhangjiagang Chemical Machinery Co., Ltd. (ZCM), has officially launched the China clean coal gasification joint venture.
The announcement follows final Chinese Government approval to operate ZCM-SES throughout China, the company said in a statement obtained late Wednesday.
The joint venture's target markets also include Indonesia, Malaysia, Mongolia, the Philippines, and Vietnam. Additionally, the joint venture received initial funding by ZCM of RMB 53.8 million (US$8.7 million), which represents the required first installment of ZCM's total contribution of RMB 100 million ($16.5 million).
ZCM-SES has named Fred Ma as General Manager. Ma brings 30 years of industry experience in China to ZCM-SES, including managing the development and design of numerous coal chemical projects. His most recent positions, prior to joining ZCM-SES, were serving as Vice General Manager of Innovative Coal Chemical Design Institute (Shanghai) Co., Ltd., and the Vice President of ECO Environmental Investment Corporation (member of Hong Kong and China Gas Company Limited).
"ZCM-SES is hitting the ground running. We are already aggressively pursuing our first projects in which to supply the SES Gasification Technology. We look forward to bringing clean coal gasification to China and to helping the region advance its development plans," said Robert Rigdon, SES President and CEO. "We are also in the process of making the smooth transition of the required technical and business employees from the SES Shanghai office into the joint venture."
The representative parties appointed to the ZCM-SES Board were Chairman Lorenzo Lamadrid and President and CEO Robert Rigdon for SES, and Chairman Chen Yuzhong, Liao Bing and Chen Jun for ZCM.
ZCM holds a 65 percent ownership interest in ZCM-SES and exclusive manufacturing rights for all ZCM-SES customer projects, in exchange for funding working capital needs. SES is contributing exclusive usage of its premiere SES Gasification Technology in China and the joint venture's additional markets for a 35 percent interest in ZCM-SES.
The joint venture has received a 20-year business license from the State Administration for Industry & Commerce of the People's Republic of China (SAIC) in Zhangjiagang. ZCM-SES is currently operating in the existing SES offices at 516 Pine City Center, 777 Zhaojiabang Road, Shanghai, China 200032.
Editing by Reiner Simanjuntak