TTE, Guohao sign joint venture agreement

Mon. September 14, 2009; Posted: 08:43 AM

Sep 14, 2009 (Datamonitor via COMTEX) -- TTEG | Quote | Chart | News | PowerRating -- Turbine Truck Engines has signed a joint venture agreement with China-based Genes Guohao Technology.

The agreement stipulates that Turbine Truck Engines (TTE) and Genes Guohao Technology (Guohao) will form a joint venture whereby Guohao will be licensed to manufacture, market and sell TTE's detonation cycle gas turbine (DCGT) coal fired engines in Mongolia.

The joint venture letter intent further specifies that Guohao, as part of the joint venture agreement, will form a new corporation, and that TTE will license the DCGT to the new entity for a 49% stake in the newly formed corporation.

The agreement stipulates that the companies will collaborate on modifying TTE's DCGT engine for coal fired power generation applications utilizing dry coal slurry fuel.

The agreement also specifies that Guohao will fully fund the project and commit its industrial, engineering, and technical development resources to its success. Guohao has committed $300,000 to initially fund the project.

Michael Rouse, president and CEO of TTE, said: "The signing of this agreement marks a meaningful diversification for our technology. When the engine is developed for this application, it will significantly reduce airborne pollutants that are prevalent with coal fired generating stations."

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