Evergreen Energy Signs MoU with WPG
K-Fuel is Evergreenâ€™s coal upgrading technology. In addition, WPG Resources invested $2m into the companyâ€™s previously announced $16m private placement transaction.
Ilyas Khan, executive chairman of Evergreen, said: â€œWe are very pleased to announce this mutually beneficial joint venture agreement with WPG Resources. Not only will this partnership with WPG enable us to dramatically accelerate the timeline to establish a prominent foothold in this important market, but we have found in WPG a partner who shares our objectives with respect to the upgrading of coal in the Pacific Basin region.
â€œWe look forward to working in tandem with WPG who has both the underlying resources in the form of extensive coal deposits, and the infrastructure to further our efforts in developing K-Fuel into value for both our companies. Our new venture establishes a focused presence on the Asian markets where we believe the conditions for adopting the K-Fuel technology are most attractive.â€
Bob Duffin, chairman of WPG Resources, said: â€œWe are excited to be partnering with Evergreen Energy on implementing its K-Fuel technology for the Asian markets. The value K-Fuel brings forth will provide us with innovative coal upgrading applications to meet stringent environmental standards and increase energy output.
â€œThe value of our coal resources will be enhanced very substantially through the upgrading process and we look forward to working with our existing partners and customers in and around the Pacific Basin region. This has been in line with our long-term strategy, previously articulated on a number of occasions, and I look forward to working with Ilyas and his team.â€
Will the MoU benefit the firms?
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