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12/02/08 (OTC:CCTC) Clean Coal Technologies, Inc.
Tuesday December 2, 6:26 pm ET
CORAL SPRINGS, Fla.-At an official signing ceremony hosted by the U.S. Department of Commerce, Clean Coal Technologies, Inc. and Sino-Mongolia International Railroad Systems Co. Ltd. recently entered into a landmark agreement under which CCTI will provide the technology to enhance low-grade coal for a coal liquefaction facility in Inner Mongolia Autonomous Region, PRC. The signing ceremony was witnessed by Deputy Assistant Secretary for International Operations, William Zarit and Mr. Bu Jin Lai, Vice Governor of Inner Mongolia Autonomous Region.
Doug Hague, President & Chief Executive Officer of CCTI stated, ?This joint venture provides the catalyst to reposition coal?s mindshare from one of a 'dirty' fuel, and to take its legitimate place among other emerging alternative solutions. In concert with the heightened global emphasis on the need for clean coal technologies, CCTI is pleased to have been selected to play a critical role in the realization of China?s energy strategy. We look forward to the successful deployment of our technology throughout China and other countries, including the United States.?
Under the terms of the cooperative joint venture, CCTI will build an initial plant with an annual capacity of 1.5 million metric tons to supply clean coal for a newly constructed power station in the same industrial park. Thereafter production will be increased to a capacity of 80 MM tons annually, the majority of which will be used as feed stock for coal-to-liquid production. Ground breaking on the 550 acre site is scheduled to take place during the first quarter, 2009, with initial clean coal production estimated to commence within 18 months thereafter.
Upon completion, this undertaking will represent one of the world?s largest clean coal and liquefaction projects, and provide the foundation for the development of a 1.0 billion metric ton facility. Total capital investment for the clean coal and liquefaction plants is expected to reach $8 billion over a 10-year period, much of the technology and services being sourced from the U.S. The agreement, which provides for the first CCTI coal plant in the Inner Mongolia Province of China, is expected to lead to additional sales of this clean coal technology as China strives to meet its energy needs, and improve environmental conditions.
?This contract is another example of how U.S.-China trade is working to promote mutual economic growth while utilizing innovative U.S. technologies to address environmental and industrial concerns associated with fossil fuels,? said William Zarit, U.S. Commerce Department?s Deputy Assistant Secretary for International Operations with the International Trade Administration?s Commercial Service. ?As exemplified by our work with CCTI, the U.S. Commercial Service continues to support expanded sales of American products and services to China, our third largest export market.?
Up until now the options available to remove impurities from coal have been cumbersome and costly ? a situation that has significantly undercut the rate of progress. But, recently a new alternative is available that offers great promise in mitigating the health hazards of coal use. Specifically, a key feature of this CJV will be the patented technology CCTI developed that dramatically reduces the contaminants and pollutants that are problematic for burning coal.
This agreement also highlights the Commercial Service?s contribution to promote clean energy under the Asia Pacific Partnership for Clean Development and Climate . APP was created in 2006 by six Asia Pacific countries, including the U.S. and China, to work together to promote clean energy among its members. In addition to clean coal, APP also targets coal mining, clean power generation, fossil fuels, renewable energy sources, and manufacturing of aluminum, steel, and cement.
The U.S. Commercial Service in Ft. Lauderdale, Florida and China has provided considerable support to CCTI in developing its business relationships in China and other international countries. With help from the Commercial Service, CCTI participated in a series of ongoing meetings arranged with key Chinese business and government decision-makers, and developed an understanding of intellectual property and other issues - all of which helped CCTI to secure the joint venture contract.
About CCTI
Clean Coal Technologies, Inc. , which began operations on September 1, 2007, was formed through the acquisition of Clean Coal Systems, Inc. and a pink sheet shell company that facilitated CCTI's listing on the OTC exchange in early October, 2007 under the symbol "CCTC". CCTI's technology is being marketed through a variety of contractual relationships, including joint ventures, licensing agreements, and build/operate/transfer relationships.
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