Clean Coal Technologies signs license agreement for coal-converting technology in China
Clean Coal Technologies (OTCQB: CCTC) said Monday it has signed a long-term licensing and royalty agreement for its technology to convert coal into a cleaner fuel source with China's government-backed Huamin Senior Fund Holding Group.
Under the terms of the deal, Huamin will construct an initial 1.5 million ton per year clean coal facility, to be followed by 5 million ton per year additional production increments over the term of the 30-year contract.
Clean Coal Technologies will receive one-time license fees based on installed capacity, plus ongoing royalties based on annual production over the life of the agreement. No other details of the terms were disclosed.
"This contract is an opportunity to address China's pressing need for a cleaner, domestic-sourced fuel," said president and CEO of Clean Coal, Robin Eves.
"The agreement sets the stage for large-scale deployment of the CCTI technology in China and other contracts to follow, and is a major step in establishing CCTI as a global company."
New York-based Clean Coal's coal-converting technology, through a mild gasification process, removes moisture as well as coal's worst pollutants.
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