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GreatPoint To Build Natural Gas Manufacturing Facilities In Powder River Basin
Cambridge MA (SPX) Feb 19, 2008 GreatPoint Energy has announced a strategic relationship with Peabody Energy. Peabody will provide coal supplies for use in GreatPoint Energy's proprietary bluegas process. As part of the agreement, Peabody will be a preferred coal supplier to GreatPoint Energy and the parties expect to jointly develop coal to natural gas manufacturing facilities at or near the Peabody mines, with a focus on the Powder River Basin area. GreatPoint Energy also announced that Peabody Energy has made an undisclosed invesent in the Company. GreatPoint Energy will use the funds to develop its technology at commercial scale. As part of the invesent, Peabody will assume an observer role on GreatPoint Energy's Board of Directors. "We are extremely excited to have this strategic relationship with Peabody, the world's largest private-sector coal company, and look forward to working closely with them to develop bluegas projects," said Daniel Goldman, executive vice president and CFO of GreatPoint Energy. "Using GreatPoint Energy's technology to turn coal into natural gas, while capturing carbon, will provide a clean coal-based alternative to expensive natural gas imports, using Peabody's industry-best reserve position," said Rick A. Bowen, Peabody president of generation and btu conversion. "Peabody is advancing technology-based solutions around the world for greater use of coal to build energy security, drive economic growth and create environmental solutions." GreatPoint Energy plans to construct bluegas facilities in locations where the carbon dioxide it captures can be locally sequestered, and then transport its bluegas product by existing natural gas pipelines to natural gas markets across the country. Natural gas is the cleanest of all commercial fuels, provides roughly 25 percent of all U.S. energy needs, and consists primarily of hydrogen. Over the past five years, the price of natural gas in America has risen significantly as domestic resources are depleted and the nation becomes increasingly dependent on foreign imports. As part of its proprietary process, GreatPoint Energy removes and captures the mercury, sulfur, carbon dioxide and other pollutants from the feedstock, to produce a pure stream of methane. Bluegas is as clean as natural gas and can be used directly in place of natural gas for all applications, including power generation, residential and commercial heating, and production of chemicals. Related Links GreatPoint Energy Powering The World in the 21st Century at Energy-Daily.com
Peabody Energy CEO Calls Clean Coal The Primary Sustainable Choice For Growing Energy Needs
Houston TX (SPX) Feb 15, 2008Peabody Energy (Chairman and Chief Executive Officer Gregory H. Boyce delivered the luncheon keynote address at Power Day of CERAWeek, noting that, "Clean coal is the primary sustainable fuel able to meet the world's fast-growing energy demands." |
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