September 17, 2008
HTC Purenergy Signs Global Licensing Agreement With World Leading Power Plant Equipment Supplier and Constructor
REGINA, Saskatchewan, Sept. 17 /PRNewswire-FirstCall/ -- HTC Purenergy Inc. (the "Corporation" or "HTC") is pleased to announce it has signed a Global Licensing Agreement for carbon capture and storage technology with world leading power plant equipment supplier and power plant E.P.C. constructors - Doosan Babcock Energy(Doosan Babcock) of the UK, and with Doosan Heavy Industries and Construction(Doosan Heavy) of South Korea.
The Doosan Babcock and Doosan Heavy's Licensing Agreement with HTC includes the right to utilize carbon capture and storage (CCS), products and technologies developed by HTC in collaboration with University of Regina's, - International Test Centre for Carbon Dioxide Capture (ITC) located in Regina, Saskatchewan, Canada. The University of Regina is a global leading institution in CCS technologies with many of the world's most recognized scientists and CO2 Capture technology developers.In conjunction with the Licensing Agreement, Doosan Babcock and Doosan Heavy will subscribe to a CDN $10 million Private Placement for a 15% equity share ownership in HTC and a seat on HTC's Board of Directors. The CDN $10 million investment will be primarily utilized by HTC at the ITC to integrate leading edge CO2 capture technology and further next generation technology development at the University of Regina.
HTC and the University of Regina are leaders in Post-Combustion Capture (PCC) technology development and commercialization, so this investment will provide Doosan Babcock and Doosan Heavy with an advanced technology platform, which will ensure they are influential and leading players in the world's power generation CCS market. It is expected that during the post-Kyoto Protocol period (2013-2017) roughly half of the global new build coal and gas fired power projects in the world (80-100GW annually) will use CCS technology. HTC's leadership in carbon abatement technology delivers 30% greater efficiency than existing CCS technologies. Access to this world leading HTC CCS technology will enable Doosan Babcock and Doosan Heavy to participate in large-scale CO2 capture projects from new and existing coal plants world-wide.
Lionel Kambeitz, Chairman and CEO of HTC Purenergy Inc. welcomed the announcement;
"This Global Technology Licensing Agreement and its related investment will accelerate the product development and commercial deployment of the University of Regina's and HTC's carbon capture storage 'CCS' technologies." Kambeitz said. "HTC and the University of Regina are recognized as world leaders in CO2 capture and CO2 storage 'climate change solutions'. For its part, Doosan is one of the world's largest power plant boiler manufacturers and power plant constructors.
"Through this Agreement, Saskatchewan developed technology will now be offered and presented to customers through 20 Doosan commercial offices world wide with significant emphasis on the opportunities within the People's Republic of China. In addition to furthering next generation technology development at the University of Regina, the Doosan investment and ongoing technology licensing royalty revenue will also facilitate the additional hiring of newly minted Graduate Degree and Doctorate Degree students from the University of Regina's Faculty of Engineering."
Iain Miller, CEO of Doosan Babcock commented;
"We are delighted to announce the agreement with HTC. Doosan Babcock is committed to developing and providing technology and service solutions to the challenges facing the energy industry. This agreement is an important step towards the UK's development of a full-scale demonstration of carbon capture and storage."
About Doosan Babcock Energy & Doosan Heavy Industries and Construction
Doosan Babcock designs, supplies and constructs advanced steam generation technology for the power industry, developing some of the cleanest, most efficient coal-powered plants in the world. Doosan Babcock is also a leading energy services company operating in the thermal power, nuclear, oil & gas and petrochemical industries. Through their innovation they support and enhance the service life of energy assets across the world. With global headquarters in the UK, Doosan Babcock employs around 5,000 personnel.
Doosan Babcock is a wholly owned subsidiary of Doosan Heavy Industries and Construction; employing approx. 10,000 personnel with a track record of successfully completed power projects with more than 150,000 MWE installed capacity world wide. Doosan Heavy is a part of the Korean based conglomerate, Doosan Group.
HTC is a publically traded (HTC:TSX-V) energy technology company, that is commercializing CO2 Capture and CO2 Management Technology for power generation and other industrial CO2 emitter facilities.
The TSX Venture Exchange Inc. does not take any responsibility for the adequacy or accuracy of the information contained in this news release.
For more information contact: Jeff Allison, HTC Purenergy Telephone: + 1 (306) 352-6132
HTC Purenergy Inc.
CONTACT: Jeff Allison of HTC Purenergy, +1-306-352-6132