CoalTek’s approval marks the first successful completion of the rigorous PRC environmental review and engineering examination by a clean coal technology company. Total investment in the joint venture project is expected to exceed RMB 2.4 billion—more than $350 million. The facility will initially produce 10 million metric tons (mt) of processed high quality fuel per year, transforming low-grade brown coal into high-thermal value coal that burns more efficiently and produces lower emissions. In anticipation of future demand, the facility has been designed with infrastructure that will allow for seamless expansion beyond the currently planned scale.
CoalTek will own the facility in a 50:50 joint venture with Yijian Group Co., Ltd., a Chinese corporation with wide ranging energy and asset holdings.
The CoalTek-Yijian joint venture represents the first fully licensed Sino/U.S. commercial partnership since the 2009 signing of a bilateral Strategic Partnership agreement by Chinese President Hu Jintao and U.S. President Barack Obama.