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Energtek and Confidence Petroleum Sign $23M Pact to Commercialize ANG Technology
6 May 2008
Following their announcement of a joint venture in March (earlier post), Energtek Inc. and Confidence Petroleum India Limited have signed an exclusivity pact to commercialize Energtek’s proprietary Adsorbed Natural Gas (ANG) technology supply solutions in India and surrounding nations.
The agreement will grant the companies’ recently formed joint venture exclusive rights to sell natural gas through Energtek’s proprietary fast interchangeable tanks, and low-pressure mobile pipeline systems in India, Pakistan, Bangladesh and Sri Lanka. These ANG supply solutions are designed to provide pipeless Natural Gas to automotive fleets and industrial consumers respectively throughout Southeast Asia.
Confidence Petroleum will finance the joint venture with an additional $23 million as part of the exclusivity pact. Confidence Petroleum recently acquired co-ownership of Energtek’s subsidiary Primecyl LLC., for $2 million. A fully-owned Primecyl subsidiary, Confi Energtek Asia, will be established to conduct Joint Venture operations in India and throughout Asia.
Our plan is to take ANG across India and make it available across all small & major cities of India. Socio-economic developments including the skyrocketing price of oil and increased pollution have caused governments, businesses and consumers to seek alternative fuel supplies, and diversify their energy resources. Natural Gas is the most practical existing motor fuel alternative to Petrol.
—Confidence Petroleum Chief Managing Director Nitin Khara
Adsorbed Natural Gas (ANG) technology allows storing an equivalent amount of natural gas under lower pressures than compressed natural gas (CNG) technology, the prevalent storage technology for natural gas vehicles (NGV). Utilizing ANG technology vastly improves refueling expenses and allows for a more efficient use of the vehicle’s space.
ANG reduces the infrastructure, fueling, and energy costs of supply solutions to consumers where no pipeline or refueling infrastructure is present.
May 6, 2008 in Brief | Permalink | Comments (1) | TrackBack (0)
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Posted by: SJC | May 06, 2008 at 11:14 AM
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I would sure like to see Energtek and others bring ANG to cars. It may be easier to sell in other countries because of the acceptance and need. In this country the AQMD talks about clean air, but when you want to run NG and actually get clean air they have so many hurdles and road blocks it makes it virtually impossible to do so.