Synthesis Energy Systems receives $5M equity investment from Zuari Industries Limited of India; collaboration on coal gasification
Synthesis Energy Systems, Inc., an energy and gasification technology company, has received a $5.0 million strategic investment from fertilizer company Zuari Industries Limited of India in exchange for approximately 2.2 million shares of SES common stock.
SES and Zuari have been investigating business development opportunities where SES’ U-GAS technology for coal gasification can be integrated into industrial projects in India, including the potential for application of the U-GAS technology in Zuari’s own industrial plants and potential plant expansions. SES and Zuari have also been working together to use Zuari’s wholly-owned engineering company, Simon India Limited, for technical services related to SES projects in India.
Coal is an abundant natural resource that is becoming even more critical in helping India achieve its ambitious growth objectives over the coming years. With potential shortfalls and price increases for natural gas, higher oil prices due to unrest in the Middle East and fresh concerns over the safety of nuclear energy, clean-coal technology is becoming even more attractive.—H.S. Bawa, Vice Chairman of Zuari