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Monday, December 12, 2011

CoalTek in USD 350 million venture in China

Monday, 12 Dec 2011

A Marlboro company is using microwave technology to upgrade low quality coal so it can be used at a majority of the world’s power plants.

CoalTek recently announced a USD 350 million plus joint venture with Chinese partners to build and operate its first commercial clean coal processing facility in Inner Mongolia.

According to the company, it’s the first Sino US clean coal project licensed by the Chinese government since a 2009 strategic partnership agreement announced by president Mr Obama and Chinese president Mr Hu Jin Tao.

Mr Chris Poirier CEO of CoalTek said that “It’s a landmark, groundbreaking approval. We went through a very, very rigorous process to demonstrate our technology.”

According to Mr Poirier, coal is the biggest source of stored energy in the world, and more than 6 billion tons a year are mined and consumed, primarily in power generation and steel manufacturing.

(Sourced from Boston

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