Melbourne, Mar 2, 2009 (ABN Newswire) - Environmental Clean Technologies Limited (ASX:ESI) has signed a Heads of Agreement for the staged investment in a Special Purpose Vehicle (SPV) by a Vietnamese-based company, to establish a plant for the production of 20M tonnes per annum of Coldry, black coal substitute, over the next 30 years.
The Heads of Agreement is between ECT and Thang Long Investment and Commercial Joint Stock Company (TL), the parent company of Victoria Capital (party to the Letter of Intent announced 18 November 2008). This agreement provides for ECT to contribute access to the Coldry IP, plant designs and expertise, and TL shall be responsible for contributing all required capital in exchange for exclusive rights to sell the Coldry pellets to its client base, mostly in southern China. TL has also committed to fund all required financial feasibility studies and to include ECT's construction and operation partners (ARUP, McConnell Dowell and Transfield Services) in the project.
About Environmental Clean Technologies
Environmental Clean Technologies Limited is an Australia-based company. The Company is principally engaged in the research and development of dewatering and related technology. Its wholly owned subsidiaries include Asia Pacific Coal and Steel, and Enermode Pty Ltd.
ESI Chief Executive
About Environmental Clean Technologies Ltd
Environmental Clean Technologies Limited (ASX:ECT) is in the business of commercialising leading-edge coal and iron making technologies, which are capable of delivering financial and environmental benefits.
We are focused on advancing a portfolio of technologies, which have significant market potential globally.
ECT's business plan is to pragmatically commercialise these technologies and secure sustainable, profitable income streams through licencing and other commercial mechanisms.