NEW YORK, Indonesia Today - Clean Coal Technologies, Inc. (CCTI) established a joint venture with India-based Jindal Steel & Power Ltd to construct coal moisture pilot plant which will use Jindal’s Indonesian coal production.
CCTI will bag around 35% stake in the JV by contributing 25-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.
Meanwhile, Jindal will own 65% ownership through US$6 million payment of which US$4 million of them will be paid to CCTI for an exclusive license of the technologies.
Without mentioning the plant location, the construction will take between 16-24 weeks to complete and will start by February 2012. The construction will be followed by an initial 1 million tons commercial plant at Jindal’s Indonesian mines. The JV will market and deploy Pristine-M™ Technology to third parties throughout ASEAN region.
Jindal will fund the working capital for the JV on terms to be negotiated in JV agreement until CCTI is able to fund their share or until joint venture revenues are adequate to cover operating costs.
Headquartered in New York, CCTI owns a patented Pristine-M™ 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.