MEDIA RELEASE 08 April 2009
EESTech signs USD$60 million Indian energy generation agreement
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
www.eestechinc.com, or for more
background on the Aryan Group visit
Released for EESTech, Inc by Dennis Rutzou Public Relations (www.drpr.com.au)
For further information please call Dennis Rutzou or Joanna Gitsham on (02) 9413