Clean Coal Technologies Inc. (CCTI), an emerging cleaner-energy company utilizing technology to convert untreated coal into a cleaner burning and more efficient fuel, announced they have signed a binding agreement with Wyoming New Energy Corp.
(WNEC) for the build-out of its first commercial facility in Wyoming.
WNEC has recently entered into an engagement agreement with Piper Jaffray to raise up to $80 million in debt financing to build a 2-million-ton CCTI Pristine M Plant in the Powder River Basin.
“We are excited about the opportunity to support WNEC and pursue funding for the use of CCTC’s advanced technology for processing coal and waste coal in what we hope is this first of many such projects,” said George Longo, managing director and lead project finance banker at Piper. “We appreciate being a supporter of our client’s monetization of an abundant U.S. energy resource.”
“This is a U.S.-designed, engineered and tested technology and we are very pleased to see it deployed here in the U.S., where we will continue to work with Wyoming on additional agreements and locations,” said COO Aiden Neary. “We are working with Kiewit in completing some additional client-requested tests at our Test facility in Oklahoma. This will also enable Kiewit to design the first commercial module.
“The financial support from Piper Jaffray echoes not only confidence in the Pristine M technology, but also confidence in the U.S. coal industry. The local knowledge from WNEC should ensure a seamless commercial build-out.”
“U.S. government and private finance will encourage our overseas interests from India, Indonesia, Turkey, Australia, and China to take a more aggressive approach to building commercial units in their countries,” said CEO Robin Eves. “We are looking forward to hosting them at our Test Plant in Oklahoma during the summer prior to its move to Wyoming in early Fall.”