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Evergreen Energy Advances Proposed Coal Refinery Project with Sumitomo and Major Indonesian Mining Group
DENVER - January 31, 2008 - Following successful test results for product performance and stability, Evergreen Energy Inc. (NYSE Arca: EEE) and Sumitomo Corporation have agreed with a major Indonesian mining group to proceed with development of engineering specifications, economic evaluation, marketability analysis and further coal tests for a 1.5 million ton per year K-Fuel® coal refinery on the Indonesian island of Kalimantan, with the intent to expand the plant capacity in future years.
Advancement to the engineering specifications phase follows acceptance by the three entities of results from rigorous tests on coal samples from Kalimantan, Indonesia mines that were subjected to the patented K-Fuel® coal refinement process.
The tests found that Kalimantan coal worked well with the K-Fuel® process – experiencing significantly improved heating value when compared to the raw lignite coal drawn from the mines. K-Fuel® refined coal had 64 percent less moisture, 56 percent less mercury and a 52 percent increase in heat value from 3666 kilocalories (kcal) per kilogram (kg) (6,600 Btu/lb) to 5571 kcal per kg (10,000 Btu/lb).
"Our Asian subsidiary began discussions with this major mining group last fall about the K-Fuel® technology’s ability to address their need to upgrade low-sulfur Indonesian lignite before it is barged to high-demand markets elsewhere in Asia,” said Kevin Collins, president and CEO of Evergreen. “We signed a multi-phase agreement with this widely known and respected organization, have successfully completed the initial phase and are now aggressively executing development of detailed engineering specifications, economic evaluations and marketability with the goal of constructing a K-Fuel® refinery at a site on Kalimantan Island."
"Sumitomo continues to be excited about the vast potential K-Fuel® has for the Asia-Pacific market, and we will work with Evergreen to advance this project," said Kazuyuki Takahashi, general manager of the coal department at Sumitomo.
Historically, Australia, Indonesia and China have been Asia’s major coal producers, but economic growth in China and India has increased energy demand and reduced the available supply of bituminous coal, creating a need to open the region’s vast lignite reserves, which the K-Fuel® process can upgrade to performance levels approaching that of bituminous coal. According to the World Energy Council, Indonesia has approximately 4.5 billion tons of sub-bituminous and lignite coal reserves.
https://www.evgenergy.com/documents/Release-Indonesia-Evergreen-FINAL.shtml