Clean Coal Technologies Sign MOU With Jindal Steel to Form JV Company
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Clean Coal Technologies (CCTI) has entered into a binding agreement to form a joint venture corporation in the ASEAN region with Jindal Steel & Power. Ownership of the joint venture will be held 65 percent by Jindal and 35 percent by CCTI. Final Terms of the joint venture agreement are being negotiated.
For its 35 percent stake in the joint venture company, CCTI will contribute a twenty-five year exclusive license to market and deploy Pristine M™ Technology, covering the ASEAN countries including Indonesia, the Philippines, Cambodia, Vietnam, Malaysia, Brunei, Thailand, Laos and Myanmar. For its 65 percent stake, Jindal will pay U.S.$6,000,000 into the joint venture company, U.S.$4 million of which will be paid to CCTI for an exclusive license of the Pristine M Technology. A payment of U.S.$1.5 million will be made to CCTI upon the signing of the joint venture agreement, and U.S.$2.5 million upon successful commissioning of a 1/10-scale pilot plant. The remaining U.S.$2 million will pay for the full construction of the pilot plant. It is anticipated that the pilot plant will take between 16 and 24 weeks to complete; construction is expected commence in February, 2012.
Construction of the pilot plant will be followed by an initial 1,000,000 ton commercial plant at Jindal’s mines in Indonesia. The joint venture company will market and deploy the Pristine-M™ Technology to third parties throughout the ASEAN region.
“This is a defining moment in CCTI’s mission to introduce our Pristine M2™ Technology as the global solution to high moisture coal. Forming a joint venture with a major global company, Jindal Power and Steel, further validates the capabilities of our technology,” said Mr. Robin Eves, director, president and CEO of Clean Coal Technologies.
About Clean Coal Technologies
CCTI a cleaner energy, technology company headquartered in New York City, NY, owns a patented process technology to convert coal into a cleaner burning fuel source. This technology is a “mild gasification” process that removes moisture and volatile matters without pulverizing the coal or pelletizing it. The coal remains highly resistant to moisture re-absorption as it is naturally coated in the process. The company’s patented end product PRISTINE coal is significantly more efficient, less polluting, more cost effective, and provides more heat than untreated dirty coal. The technology is based on long-established benefaction processes and utilizes off-the-shelf components and equipment. The process may remove as much as 90 percent of chemical pollutants from coal, thereby helping to resolve emissions issues affecting coal-fired power plants all over the world.
To stop by Clean Coal Technologies’ website, CLICK HERE
About Jindal Steel & Power
Jindal Steel and Power Limited (JSPL) is one of India’s major steel producers with a significant presence in sectors like Steel, Mining, Power Generation and Infrastructure. With an annual turnover of over U.S.$2.9 billion, JSPL is a part of the over U.S.$15 billion diversified O. P. Jindal Group. In the recent past, JSPL has expanded its steel, power and mining businesses to various parts of the world particularly in Asia, Africa and South America. The company produces economical and efficient steel and power. From the widest flat products to a whole range of long products, JSPL sports a product portfolio that caters to major infrastructure and housing projects in the country. It also has the distinction of producing the world’s longest 121 meter rails and large size parallel flange beams, high strength angle irons for transmission towers and high strength earthquake resistant construction rebars. The organization is equally concerned about the environment and is committed towards restoring nature’s balance by maintaining a clean and green environment. JSPL’s Corporate Social Responsibility policy aims at bringing about a radical transformation in the quality of people in and around the operation areas of the company through positive intervention in social upliftent programs.
To stop by Jindal Steel & Power’s website, CLICK HERE
