Astra Energy Technologies Pty Ltd (AET), a subsidiary of international diversified resource company Astra Resources Plc (FWB Code: 9AR), has completed the first phase of due diligence and begun the process of acquiring Interecotech’s clean coal conversion technology.
The initial stage of the acquisition will occur over the next 60 days which will include the IP pertaining to the technology, along with obtaining independent reports for global marketing and financing of the commercial plants. The first set of payments have been completed.
The balance of the acquisition will occur upon the satisfactory completion of the impending prospectus being issued by AET’s parent company, Astra Resources Plc.
The technology outlines the scientific process required for the manufacture of Activated Coal Water Fuel (ACWF), and Uniform Activated Coal Water Fuel (UACWF) based on ultrasonic chemistry activating coal water mixtures so brown coal behaves as a liquid, which provides cleaner and higher efficiency combustion in existing coal-fired power stations.
The technology can be used to gasify the fuel to create hydrogen enriched Syngas, which can be used to manufacture high grade fertilisers and as a cheaper and environmentally friendly alternative for generating electricity in IGCC plants.
Interecotech Managing Director Jim Feldman, Astra’s Joint Venture partner, says Astra will be discussing the technology with participants including representatives of the Victorian Government and Commonwealth Government of Australia for the first time at the Second International Symposium on the Sustainable Use of Low Rank Coal, which is being held mid-April in Melbourne, Australia.
“International participants will attend from Japan, China, the United States and Germany and, for the first time, be introduced to this ground breaking technology,” Mr Feldman says.
Astra’s coal conversion strategy will enable developing countries with a heavy reliance on importing costly high quality coal, which is unsustainable long term, to use locally mined, low quality thermal and brown coal reserves for power generation, thus significantly reducing generation costs and resulting in greater energy independence.
Upon completion of the acquisition, AET will retain a 75 per cent stake in the Joint Venture Company.
Astra Resources’ global portfolio includes gold interest in Southeast Asia, coal mine in Africa, iron ore in India, Norway and the Philippines, the production of the high-strength T-Steel technology in Hungary, carbon-efficiency businesses and the provision of mining services housing in Rockhampton, Queensland.