Eqt7 Jun 2018 18:03
Anr
Altona (AIM:ANR) is pleased to announce the signing of a non-binding Memorandum of Understanding ("MOU") with GCAT Energy Group Inc. ("GCAT"). GCAT owns the licence to use a patented pyrolysis technology which it intends to use to develop a waste recycling project in Spain.
The pyrolysis technology which converts carbon matter into a variety of outputs including syngas, which can be used to generate electricity, carbon black, naptha and diesel. The technology has already been demonstrated successfully and is expected to be suitable for the conversion of thermal coal into these outputs.
Under the terms of the MOU, GCAT and the Company have confirmed their intention to negotiate terms under which Altona may be able to invest in the equity of the joint venture company formed to exploit the technology. In addition, Altona will be granted a licence to use this technology in other specific projects including at the Company's Australian coal project.