EESTech Signs USD$60 Million Indian Energy Generation Agreement
LOS ANGELES, Apr. 7 /Medianet International-AsiaNet/ --
EESTech, Inc. (EESH.PK) has signed a joint venture agreement with Aryan Clean
Coal Technologies of India, to install three 10-mega watt Hybrid Coal Gas
Technology systems over the next five years, valued at more than USD$60 million.
The Aryan Group of India is a privately owned company which started in 1980
and has an annual turnover of more than USD$130 million. EESTech (which stands
for Economically and Environmentally Sustainable Technologies) owns or holds the
rights to three important environmentally sustainable technologies relating to
the water, coal mining and energy industries.
EESTech’s Hybrid Coal Gas Technology (HCGT) is a waste-to-energy system that
uses waste coal and ventilated air methane from underground coalmines to produce
energy. By using the methane, which is 21 times more damaging to the environment
as a greenhouse gas than carbon dioxide, HCGT can generate over 250,000 tons of
carbon credits per year.
The electricity generated by the three 10-mega watt HCGT systems, which are
planned to be installed over a five-year period, will be sold to the coalmine
companies by way of twenty-year power purchase contracts with any surplus being
distributed onto the national grid.
Aryan Group and its associated companies are acknowledged as India’s leading
mining contractor. The group has business interests in a number of power
generation facilities, coal mining, coal washeries, manufacturing of coal washery
equipment, manufacturing of sponge iron and steel, logistics services and related
engineering services.
The group was responsible for introducing an eco-friendly method of mining to
the Indian coal industry, which is now being used at a number of coalmine sites
across the country.
The joint venture with EESTech is in keeping with the group’s philosophy of
adopting technologies that promote environmental sustainability to the mining and
energy industries.
"Both parties recognise the commercial synergies and areas of mutual
collaboration that exist and have formed the joint venture to introduce EESTech’s
Hybrid Coalmine Gas Technology (HCGT) to the mining and power generation
industries of India," said EESTech CEO Murray Bailey.
For further information on EESTech Inc or its products visit
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For further information please call
Dennis Rutzou or
Joanna Gitsham on
+612 9413 4244.
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Similarly, such statements herein that describe the Company’s business
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statements.
Forward-looking statements inherently involve risks and uncertainties that
could cause actual results to differ materially from forward-looking statements.
Factors which could cause or contribute to such differences include, but are
not limited to our ability to recruit and retain key personnel, the availability
of funding for future operating requirements, our ability to protect our
intellectual property, our ability to secure contracts for the installation of
our products and our ability to develop and operate such projects successfully.
We urge you to carefully consider these factors and the information detailing
other factors (which may cause actual results to differ materially) included in
EESTech, Inc.’s press releases and other historical SEC filings. The forward-
looking statements are based on current expectations and neither the Company nor
its management assumes any obligation to update these statements.
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