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LONDON, September 4 /PRNewswire/ -- Doosan Babcock jointly with Doosan
Heavy Industries of Korea have announced a Global Technology Licensing
Agreement with a leading Canadian CO2 management technology company, HTC
Purenergy Inc. ("HTC"). In conjunction with the Licensing Agreement, Doosan
Babcock and Doosan Heavy Industries will subscribe to a Private Placement for
an approximate 15% equity share ownership in HTC and seat on HTC's Board of
Directors with the investment of CDN$10 million.
The Global Technology Licensing Agreement for HTC's carbon capture
technology now means Doosan Babcock has both pre and post combustion
technology capabilities within their portfolio to reduce CO2 emissions from
power stations. The agreement will put Doosan Babcock, whose headquarters are
in Crawley, UK, at the forefront of carbon capture technology.
The agreement includes the right to utilise products and technologies
developed by HTC and the University of Regina Green House Gas Technology
Centre located in Saskatchewan, Canada. The University of Regina is a leading
institution in Carbon Capture and Storage (CCS) technologies with many of the
world's most recognised scientists and developers of CO2 Capture. The CDN$10
million investment will be utilised by HTC to deliver leading edge CO2
capture technology and further the development of the next generation
technologies at the University of Regina.
This investment will provide Doosan Babcock and Doosan Heavy with a
leading technology platform, further strengthening their position in the
world's power generation CCS market. It is expected that in future, from
around 2015, roughly half of the global new build coal and gas fired power
projects in the world (80-100GW annually) will use CCS technology to reduce
carbon emissions. Access to the world leading HTC CCS technology, which
delivers 30% greater efficiency than existing CCS technologies, will enable
Doosan Babcock to participate in large-scale CO2 capture projects in Europe
and the USA that will demonstrate how CO2 emissions from existing and new
build coal plants can be significantly reduced.
Iain Miller, CEO, Doosan Babcock said, "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 full-scale
demonstration of carbon capture and storage."
Lionel Kambeitz, CEO of HTC Purenergy Inc. welcomed the announcement and
commented, "HTC is pleased to have the opportunity to partner with Doosan, an
internationally renowned Engineering Procurement Constructor (EPC) and OEM of
clean coal power plants and emission control technologies. The partnership
with Doosan will immediately provide engineering, construction and execution
capability to facilitate deployment of the HTC/University of Regina, CO2
Capture Technology."
Notes to Editors
About Doosan Babcock
Doosan Babcock designs, supplies and constructs advanced steam generation
technology for the power industry. We develop some of the cleanest, most
efficient coal-powered plant in the world. Doosan Babcock is also a leading
energy services company operating in the thermal power, nuclear, oil & gas
and petrochemical industries. Through our innovation we 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, which is a part of the Korean based conglomerate Doosan
Group.
About HTC
HTC is a publicly traded (HTC:TSX-V) energy technology product
development company, that collaborates with the University of Regina,
Saskatchewan, Canada. It is one of the world's leading companies that is
commercialising CO2 Capture Technology for power generation facilities
SOURCE Doosan Babcock
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