EESTECH and Aryan Clean Coal Technologies 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 $US65 million and will potentially generate revenues for the joint venture of over $US25 million per year from the sale of electricity and carbon credits.
EESTECH CEO, Mr Murray Bailey said: "This project will demonstrate the economic viability of HCGT as a state of the art clean coal technology and will set an industry benchmark to all coal companies around the world in the fight against global warming."
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 have otherwise been 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 recognised under the international Methane To Market program as a climate change technology with each HCGT power plant generating over 350,000 tonnes of green house gas credits per year.
