EESTech, Inc. (EESH.OB) today announced the acquisition of a world leading Carbon Capture and Storage (CCS) technology from Canadian company, HTC Purenergy.
The acquisition is structured around a share swap, with EESTech acquiring 100% of the shares in CO2 Technologies Pty Ltd, a wholly-owned subsidiary of HTC Purenergy, giving EESTech Inc the exclusive rights to commercialise the CCS technology in China, India, Japan, Australia, New Zealand, Malaysia, Indonesia, Brunei, Thailand, Philippines and Singapore.
The CCS technology was developed in conjunction with the world acclaimed University Of Regina's Greenhouse Gas Technology Centre and the International Test Centre for Carbon Capture, in Saskatchewan, Canada.
EESTech, Inc’s patented HCGT (Hybrid Coal Gas Turbine) technology was co-developed with an Australian Government Research facility. The HCGT uses waste coal, ventilated air methane or biomass to produce electricity and steam.
When the HCGT is integrated with HTC Purenergy’s CCS technology the combined system can capture CO2 from power stations and other industrial flue gases, delivering a commercial ready, cost effective solution for the capture of CO2.
The integration of both technologies has been independently validated as cost effective climate change technologies. When the HCGT and CCS systems are combined they become the world's first stand-alone Hybrid CCS System that is non-disruptive to industry. The combined efficiencies of the HCGT and CCS Systems will set a new industry benchmark by reducing the cost of carbon capture and sequestration by up to 40%.
EESTech CEO, Mr Murray Bailey said, "The combined technologies are globally relevant technologies in the world of today. They can be fitted as a stand-alone carbon capture service to a vast proportion of existing and planned coal-fired power stations as well as industrial facilities that are dependant on fossil fuel energy".
Carbon Capture and Storage (CCS) is a type of Carbon Abatement Technology in which the carbon in fossil fuel is captured (as CO2) and committed to long-term storage in geological formations such as depleted oil and gas fields. EESTech's integrated hybrid system will cut emissions of both carbon dioxide and fugitive methane, which is 21 times more harmful as a greenhouse gas than CO2.
Using captured CO2 for Enhanced Oil Recovery (EOR) will benefit oil field operators by extending the life of depleted oil reserves, and by yielding an increase of up to 6.5 barrels of oil for every new ton of CO2 injected into suitable oil formations.
"This acquisition will position EESTech, Inc as a leader in this fast-growing marketplace and as a provider of clean coal and carbon capture technologies that are economically and environmentally sustainable", Mr Bailey said.
EESTech, Inc is well positioned to capitalize on both the energy-intensive resource boom, and the unfolding industries that will need to meet energy demands in a carbon-constrained global economy.
The announcement follows EESTech, Inc’s Septembers news that it had signed model power purchase and fuel supply terms with Beijing XingliYuan Science & Technology Company to provide Hybrid Coal Gas Turbines applicable to coal mine companies in China.
CEO of HTC Purenergy, Lionel Kambeitz, stated that “The ability of the HCGT to use waste as a fuel to generate both the energy and steam required for carbon capture and sequestration offer tremendous cost savings. We look forward to working with EESTech Inc and the opportunity to supply cost effective CO2 capture for the emerging EOR / Sequestration markets in the Asia Pacific region".
EESTech Inc (formerly Aqua Dyne Inc) was incorporated in the US and is a US Corporation permitted to trade stock on the US Bulletin Board.
EESTtech Inc trades on the US Bulletin Board and uses the stock symbol EESH.OB (Previously AQDY.OB)