Holding a 55% stake in the JV, Archean Group will develop, deploy and market Clean Coal Technologies’ Pristine-M technology in the ASEAN region. Clean coal will own the remaining 45% in the JV.
This follows the announcement of 31st May 2012 about the formation of Good Coal, a Singapore -based joint venture entity with Archean.
Clean Coal Technologies director, president and CEO Robin Eves said the execution of the JV agreement and the licensing agreement shows the attractiveness of the Pristine-M technology.
"This event should serve as both a validation of our proprietary technology and demonstration of the coal mining and electric power communities’ receptiveness to produce premium coal using it," added Eves.
Through the JV, Archean group will invest $2m towards the construction of a 1:10 scale pilot commercial unit in Oklahoma, USA.
Once the pilot plant starts operating successfully by year-end 2012 or early 2013, full scale commercial plants will be constructed in Indonesia.
