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Gold/Mining/Energy : Gasification Technologies
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To: junkets who wrote (869)5/31/2007 10:56:17 AM
From: Esoteric1  Read Replies (1) of 1740
 
Rentech to get funding from coal giant
The Denver Business Journal - 10:07 AM MDT Wednesday, May 30, 2007
Rentech Inc. said Tuesday it has signed agreements with Peabody Energy Corp., whereby Peabody will fund up to $10 million of the engineering and development costs for Rentech's planned coal-to-liquids project at its Rentech Energy Midwest Corp. facility in Illinois.

The agreement also calls for Peabody to supply the plant with nearly 1 million tons of coal a year and offers the company the right to purchase a 20 percent equity interest in the project.

Rentech (AMEX: RTK) is based in Denver.

Peabody Energy (NYSE: BTU) is based in St. Louis. It's the world's largest private-sector coal company. In 2006, the company had sales of 248 million tons of coal and $5.3 billion in revenue. Its coal products fuel approximately 10 percent of all electricity generation in the United States and more than 2 percent of worldwide electricity.

The project is expected to be the first commercial coal-to-liquids facility in the United States.

The project converts the existing ammonia fertilizer plant, which uses natural gas, into a coal-to-liquids and ammonia facility that will use "clean coal" gasification technology and Rentech's patented and proprietary Fischer-Tropsch process to produce transportation and jet fuels and fertilizer.

Rentech said it believes that converting from natural gas to coal will cut operations costs at the plant.

milwaukee.bizjournals.com
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