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Oil & Gas

EESTECH Inc. and Aryan Clean Coal Technologies of India enter into joint venture

October 27, 2008
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EESTECH, Inc. and Aryan Clean Coal Technologies, a wholly-owned subsidiary of Aryan Coal Beneficiations Pvt. Ltd of India, have entered into an agreement to establish a joint venture company to introduce three 10 mega watt HCGT (Hybrid Coalmine Gas Technology) power plants to the underground coal mines of India over the next five years. The total cost for the three HCGT power plants will exceed $65 million (US) and will potentially generate revenues for the joint venture of over $25 million (US) per year from the sale of electricity and carbon credits. EESTECH''s HCGT power plant uses waste coal and ventilated air methane from under ground coal mines to generate cost-effective clean coal energy while destructing the methane that would otherwise be released to the atmosphere. Methane has a global warming potential 21 times more damaging to the atmosphere than carbon dioxide. The HCGT power plant is recognized under the international ‘Methane to Market program’ as a climate change technology with each HCGT power plant generating over 350,000 tonnes of greenhouse gas credits per year.

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