« Ener1 Completes $32 Million Equity Placement; Funds for HEV, PHEV and EV Li-Ion Business | Main | Greenhouse Gas Emissions of Industrialized Countries Rose Again in 2005; Transport Sector Grows at Highest Rate »
Coal-to-Liquids Producer Forms JV for Algae Bioreactor for CO2 Conversion
21 November 2007
Linc Energy Ltd, the Australian company developing the Chinchilla Underground Coal Gasification (UCG) to Gas to Liquids (GTL) facility (earlier post and earlier post), has formed a joint venture with BioCleanCoal Pty Ltd to develop an algae bioreactor for the conversion of process CO2 into oxygen and biomass.
The joint venture will be owned on a 60/40 basis with Linc Energy owning 60% and having the day to day management and BioCleanCoal owning the remaining 40%. The JV Company will develop a bioreactor which will convert CO2 through a photosynthesis process into oxygen and solid biomass, permanently and safely removing CO2 from the atmosphere.
Linc Energy will spend A$1 million over the next twelve months on the development of a prototype unit which the partners aim to have operating at the Chinchilla site.
The Joint Venture with BioCleanCoal and the bioreactor technology we are jointly developing are important parts of Linc Energy’s business plan. Linc Energy owns its own coal assets and has the capacity to gasify that coal into cost effective gas via its Underground Coal Gasification process. We also have the capacity to significantly monetize that gas into diesel or jet fuel via the Gas to Liquids (GTL) process or power generation via gas turbine generators. With this JV, Linc Energy has fulfilled one of its final aims of ensuring that whatever Linc Energy does, it now does so with as small a Greenhouse Gas footprint as possible, effectively putting Linc Energy at the forefront of clean coal and in particular coal to liquids.
In addition to being extremely excited about the environmental benefits of this technology, the commercial outlook for this Joint Venture should not be underestimated. It will allow Linc Energy to produce clean ‘green’ power and oil (diesel) from coal, in a greenhouse friendly way, which is truly one of the ultimate aims of clean coal companies. Linc Energy is also confident that this technology can be retrofitted to existing power stations and industrial facilities and as such, offers a significant commercial opportunity to the Company.—Peter Bond, CEO of Linc Energy Ltd
BioCleanCoal is a Queensland-based biotechnology company that is specializing in the breeding and propagation of useful algae and plant species for the conversion of CO2 to oxygen and biomass.
It has two sister companies: BioAdapt International Pty Ltd and BioFuelGenomics Pte Ltd. BioAdapt International is a company formed to commercialize a scientific breakthrough in molecular biological research that has resulted in the consistent advanced growth of trees by up to 39%. BioFuelGenomics is a company formed to commercialize the scientific breakthrough of polyploid creation in biofuel feedstocks. The company’s objective is to increase biofuel feedstock production by means of advancing feedstock growth rates.
TrackBack URL for this entry:
Listed below are links to weblogs that reference Coal-to-Liquids Producer Forms JV for Algae Bioreactor for CO2 Conversion: