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Sydney, Dec 6, 2010 (ABN Newswire) - Clean Global Energy Limited (CGE) (
ASX:CGV) is pleased to advise that through a newly established US entity, Clean Global Energy Inc. ("CGEI"), CGE has entered into an exclusive Non-Binding Memorandum of Understanding (MOU) with AES Shady Point, LLC, an indirect wholly owned subsidiary of The AES Corporation (NYSE:AES).
Whilst the key terms of the MOU are confidential, CGEI will supply AES Shady Point's coal-fired power stations with UCG Syngas from a nearby mine site that CGE has entered into an MOU to acquire from Farrell Cooper Mining (see previous announcement).
The MOU proposes that CGEI initially produce Syngas for 25MWe of electrical power production with an option to further expand and supply up to 300MWe in a new dedicated UCG syngas combined cycle gas turbine at the Shady Point Power Station.
The parties are working together towards formalizing a binding agreement within the next 120 days, during which time regulatory amendments and approval to use the mine site for UCG production will be sought, along with easement access for a 15 mile pipeline and funding commitments.
CGE, subject to any required shareholder approvals, proposes to fund the majority of the project through CGEI.
CGE is focused on the commercial development and of UCG in a number of major overseas markets and is determined to lead the way to commercialising this environmentally friendly and commercially attractive process for coal exploitation in Australia and internationally.
John Harkins, CGE's Chairman and CEO stated "that these latest MOUs further signify that CGE is increasingly being recognised globally as a leader in the provision of UCG technology and the production of UCG Syngas."
ASX:CGV) is pleased to advise that through a newly established US entity, Clean Global Energy Inc. ("CGEI"), CGE has entered into an exclusive Non-Binding Memorandum of Understanding (MOU) with AES Shady Point, LLC, an indirect wholly owned subsidiary of The AES Corporation (NYSE:AES).Whilst the key terms of the MOU are confidential, CGEI will supply AES Shady Point's coal-fired power stations with UCG Syngas from a nearby mine site that CGE has entered into an MOU to acquire from Farrell Cooper Mining (see previous announcement).
The MOU proposes that CGEI initially produce Syngas for 25MWe of electrical power production with an option to further expand and supply up to 300MWe in a new dedicated UCG syngas combined cycle gas turbine at the Shady Point Power Station.
The parties are working together towards formalizing a binding agreement within the next 120 days, during which time regulatory amendments and approval to use the mine site for UCG production will be sought, along with easement access for a 15 mile pipeline and funding commitments.
CGE, subject to any required shareholder approvals, proposes to fund the majority of the project through CGEI.
CGE is focused on the commercial development and of UCG in a number of major overseas markets and is determined to lead the way to commercialising this environmentally friendly and commercially attractive process for coal exploitation in Australia and internationally.
John Harkins, CGE's Chairman and CEO stated "that these latest MOUs further signify that CGE is increasingly being recognised globally as a leader in the provision of UCG technology and the production of UCG Syngas."
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About Clean Global Energy Limited
Clean Global Energy (ASX:CGV) is a global energy company that can produce Syngas for use in heating, power generation and the production of chemicals, fertiliser, ultra clean diesel and aviation fuels.
Clean Global Energy uses a process called Linear CRIP Underground Coal Gasification (UCG) to produce Syngas.
Clean Global Energy's advanced Linear CRIP (Controlled Retractable Injection Point) UCG process provides greater efficiencies and control with less overall operating and capital costs.
Once the raw UCG Syngas is produced at the Production Well the Syngas is passed through a number of processes to produce Regular, Premuim or Ultra Syngas depending on the requirements of our clients.
Clean Global Energy's primary business focus is on providing a range of Syngas products to meet our clients needs and demands. Typical users of our Syngas are power generators, chemical, fertiliser and petroleum producers.
Clean Global Energy partners with other companies in the development of solution packages to produce cleaner power from coal, synthetic natural gas and ultra clean fuels.Clean Global Energy also licences its technology globally.
Clean Global Energy currently has projects in the US, India, Australia and China. Australian projects are focused on development of Clean Global Energy’s own extensive coal tenement portfolio into commercial income-producing assets.
Clean Global Energy is a dynamic company that is quickly growing into a major international alternate energy company. You’ll find more information at www.cleanglobalenergy.com.au, including opt-in alerts to receive updated information, as it happens.
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>>>       Clean Global Energy Limited>>> The AES Corporation |
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Gas & Oil | Energy General | Financial General | Mining | Coal | Underground Coal Gasification | |
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