BRISBANE, AUSTRALIA -- 10/01/07 --
EESTech Inc. (OTCBB: EESH), a company
focused on acquiring promising economical and environmentally sustainable
technologies for commercialisation, is proving "green technology" is the
way of the future.
On September 5, 2007, EESTech Inc. entered into a Power Purchase & Fuel
Supply Agreement ("Supply Agreement") with Beijing XingliYuan Science &
Technology Co, on its own behalf and on behalf of eleven domestic coal
companies in China. The Supply Agreement represents agreed model terms and
conditions for one Hybrid Coal Gas Turbines ("HCGT") for each of the
eleven mine companies.
The agreed model terms provide for power purchase and fuel supply
agreements having a term of 20 years and the construction and commissioning
of eleven 30Mw HCGT systems in accordance with agreed arrangements for
design, planning and implementation.
A market report has identified over 1,000 further locations where
deployment of the HCGT system can provide cost-effective, distributed
electricity generation utilising coal waste and fugitive methane.
Uses waste coal, Destroys Methane, Produces Carbon Credits
The patented HCGT was developed by an Australian Government registered
research organization. In July 2007 EESTech Inc. (through its affiliated
companies) completed negotiations and acquired the exclusive worldwide
commercialisation and marketing rights to the HCGT.
HCGT uses coal waste, ventilated air methane or biomass to produce
electricity. Revenues from each 30Mw HCGT system include the sale of
electricity under power purchase agreements and the sale of CDM-approved
carbon credits.
Cost-effective power supply, safer mining environment
EESTech Inc.'s CEO, Murray Bailey, said, "This technology will fill a gap
in the power generation market where large-scale power generators would
have difficulty providing cost-effective technology and plant.
"HCGT is a complementary technology when combined with the companies Jet
Water Purification System (JWS). The use of the HCGT/JWS units will set a
new industry benchmark by combining two processes: generating electricity
and cleaning contaminated water.
"Importantly, the HCGT and JWS operate to mitigate the environmental
impacts of coal mining by lowering fugitive methane emissions from
underground mines plus reducing acid run-off, gaseous emissions from mining
operations and waste coal stockpiles. At the same time it has cost
advantages with power production and waste coal management."
Carbon capture and storage technology
EESTech Inc. is pleased to announce that on September 24, 2007 it completed
the first stage of an exclusive Commercial Business Development Agreement
with the Canadian company, HTC Pure Energy Ltd, for a Carbon Capture and
Storage (CCS) technology.
The CCS technology was developed in conjunction with the world-renowned
University Of Regina's Greenhouse Gas Technology Centre and the
International Test Centre for CO2 capture in Saskatchewan, Canada.
EESTech Inc. now has the exclusive rights to commercialise this technology
throughout many of the world's major coal-producing countries including
China.
The HCGT and JWS will integrate efficiently with the CCS technology,
allowing coal facilities to utilise products such as low-grade waste coal
and fugitive methane from coal mines to efficiently generate the necessary
steam and electricity for the CCS process.
The CEO continued to say, "The HCGT in combination with the JWS and the CCS
system offers a real solution in reducing the effects of global warming by
capturing greenhouse gas emissions from large coal and oil fired power
stations, steel foundries and oil refineries."
Carbon capture for enhanced oil recovery
Preliminary analysis indicates that the successful integration of the HCGT
and CCS technologies may reduce the cost of CO2 capture by up to 40%. The
utilisation of captured CO2 for Enhanced Oil Recovery (EOR) is rapidly
becoming a significant means by which oil field operators are extending the
life of depleted oil reserves. It has been recorded that oil fields are
yielding an increase of up to 6.5 barrels of oil for every ton of CO2
injected.
By combining the two technologies, EESTech Inc. will provide a
cost-effective system for the supply of CO2 for EOR in developing EOR
regions. Where oil reserves are becoming low, EOR can potentially double
the availability of reserves and extend the life of an oil field by up to
20 (twenty) years.
Over the past 18 months EESTech Inc. has moved from a company with one
technology, the JWS, to a company that has three of the most advanced
technologies for application in the worldwide energy industry, while at the
same time addressing environmental concerns.
Following these announcements, EESTech Inc. will now seek to increase its
authorised share capital allowing for the acquisition and commercialisation
of these technologies while continuing the financial growth of the company.
EESTech Inc. today announced to shareholders that they have satisfactorily
entered into a commercial alliance with project development experts Coffey
International.
"EESTech Inc. is pleased to advise our shareholders that Coffey Projects
has agreed to accept the responsibility for project development and
management for the project. Initially this role will focus on the project
definition and feasibility and provide an independent review of the Project
Proposal," Mr Bailey said.
Whilst each of these milestones represents a huge step forward in terms of
clean coal technology, the combined efficiency of technologies and plants
will create new standards of environmental management in the power
production industry.
EESTech Inc. (formerly Aqua Dyne Inc) was incorporated in the US and is a
US Corporation permitted to trade stock on the US Bulletin Board.
EESTech Inc. trades on the US Bulletin Board and uses the stock symbol
EESH.OB (Previously AQDY.OB).
For further information, images or interview:
Susan McGrady-BBS
+61 7 3221 6711
