Clean Invest Africa plc
(“CIA” or the “Company”)
CoalTech creates Joint Venture with Luxembourg based Creon Energy Fund to provide Russia and the CIS countries with green technology for a cleaner coal industry
Clean Invest Africa Plc (NEX:CIA), the NEX Exchange quoted clean technology and renewable energy investment company, is pleased to announce that CoalTech Group (“CoalTech”), its recently acquired subsidiary which has developed an innovative agglomeration solution that converts coal fines waste deposits into combustible coal pellets via a proprietary technology, has signed a joint venture agreement with Luxembourg based fund management company Creon Capital to jointly develop opportunities in Russia and CIS.
The joint venture company, CoalTech Sarl, has been established in Luxembourg, and will develop the CoalTech business opportunities in Russia and CIS, which account for roughly two thirds of the coal production in Eurasia, excluding China.
Creon Capital invests in the joint project with its clean-tech Creon Energy Fund (Sicav-SIF). The Fund’s initiator, Creon Energy (Moscow) will be responsible for the project implementation regionally, while adding value through its unique network in the region’s energy sector.
Creon invests with a view to creating scale in production, improve the quality of industrial outputs, and to find and connect local partners. They help their partners by providing financing and access to markets, in particular in the field of green technologies with a focus on investing in medium-sized processing projects.
CoalTech CEO Filippo Fantechi explains: “Our technology produces a valuable product made out of polluting and toxic waste. Tested successfully initially in South Africa, we are now ready to scale up globally. Russia and the CIS countries are attractive markets from an environmental and health perspective, as well as having an enormous industrial legacy. People in the region suffer from poor water and air quality, as residues of coal production and processing are often released into the environment. Drinking water is often contaminated by coal fine leaching. In winter time, carbon particles from coal fines in the air sometimes create what is known as ‘black snow’. These coal fines will be easily cleaned-up and processed into combustible pellets, with CoalTech’s green technology. We look forward to working with Creon to maximise this commercial clean–up opportunity”.
Dr. Fares Kilzie, Chairman and CEO of the Fund managing company Creon Capital, is confident that the new technology will be in big demand throughout the region: “People in Russia and other former soviet countries care increasingly about how companies treat the environment, especially when phenomena such as ‘black snow’ highlight the problem of pollution. Companies have to take this into account, the industry and government authorities are seeking solutions and the CoalTech green technology provides a commercially attractive solution whilst enabling the industry to effectively improve its environmental and social impacts.”
Further updates shall be provided as the Russia and CIS opportunities develop.
Creon Capital manages the Luxembourg-based Creon Energy Fund (Sicav-SIF). The regulated Alternative Investment Fund (AIF) concentrates its investments worth up to 100 Million Euro on green technologies, logistics projects, value-adding midstream and downstream energy projects. The unlimited opportunity fund cooperates with partners such as the Investment Corporation of Dubai (ICD) and is focused on emerging markets and up and coming new business segments in Eurasia and the Middle East. The Fund’s initiator and general partner is the Moscow-based independent consulting and management company Creon Energy, which brings added value to projects in Russia and CIS countries.
CoalTech Limited is registered in the UK and its parent company, Clean Invest Africa Plc is listed in London NEX Exchange (NEX:CIA).
CoalTech has developed a revolutionary and innovative agglomeration solution that converts coal waste into combustible coal pellets via a proprietary technology using a specially formulated organic binder and a customized production process. CoalTech has developed its proprietary technology over almost a decade, has an operational producing and testing plant in Witbank, Province of Mpumalanga, South Africa. This plant started commercial operations in November 2018. The plant is expected to operate at full capacity in the near future, generating revenues on target margins based on a net monthly volume of 5,000 tonnes.
The Directors of the Company accept responsibility for the contents of this announcement.
Clean Invest Africa PLC
Noel Lyons/Paul Ryan
Telephone: +44 7912 514 809/ +32 475 754 148
Peterhouse Capital Limited
Guy Miller/Mark Anwyl
Telephone: 020 7220 9795
Websites: www.coaltechenergy.com (CoalTech)
www.creoncapital.lu (Creon Capital)
www.creon-group.com Creon Group)All Announcements