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MicroCoal Technologies (CSE:MTI) has entered a joint venture agreement with an affiliate of Jiu Feng Investments. The agreement will see the creation of a corporation domiciled in Hong Kong, in which MicroCoal will hold a 51 percent equity interest and a majority position on the board of directors.
MicroCoal Technologies (CSE:MTI) has entered a joint venture agreement with an affiliate of Jiu Feng Investments. The agreement will see the creation of a corporation domiciled in Hong Kong, in which MicroCoal will hold a 51 percent equity interest and a majority position on the board of directors.
According to the press release, functions of the newly created company will include:
- operating an approximate 11,000 square meter MicroCoal® complex (“Complex”) in Songjiang Industrial Park, Shanghai. The Complex, which was recently officially completed at an estimated cost to JFI of over USD $19 million, includes: (1) a research and development facility featuring a MicroCoal® batch oven system, dedicated power supply and transformer, coal storage area, analytical laboratory, and is designed to be capable of supporting a planned commercial-scale operating reactor tower; and (2) a promotional showroom featuring scale models of the MicroCoal® equipment and data/conference rooms for sharing data with potential customers;
- sourcing and testing various coal samples from Asian markets to identify coals that can derive the greatest added value from the MicroCoal® process;
- hiring personnel to develop business opportunities with state-owned and private utilities in Asia (particularly China); and
- promoting the MicroCoal® technology in China and generating access to Asia’s capital markets and investors through a second MicroCoal office in Hongqiao, Shanghai.
MicroCoal CEO, Lawrence Siegel, said:
In anticipation of its official opening, the Complex has already hosted senior delegations from China’s largest power utility companies including China Petroleum & Chemical Corporation (“Sinopec”). These delegations were invited to live demonstrations of the MicroCoal® technology and witnessed successful de-hydration of a variety of low rank coal. Following these initial tests, we have received an invitation from Sinopec to sign an MOU to escalate batch testing to full-scale commercial studies. This valuable data, which is already being implemented into the Company’s R&D program in the United Sates, is supporting the Company’s primary goal to complete MicroCoal’s Generation 2.0 series of reactors in Virginia in 2015.
Click here to read the MicroCoal Technologies (CSE:MTI) press release