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Technology Stocks : SLH Corp. (SYNM) - From natural gas to crude oil
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To: gmccon who wrote (139)4/9/1998 12:53:00 AM
From: John M  Read Replies (1) of 281
 
gmccom,

CTAL has a low emissions catalytic combustor that works on GE turbines burning low btu fuel. They developed it for California BACT air emissions compliance on the same turbines burning natural gas. It is capable of emission levels comparable to selective catalytic reduction (SCR) which is very expensive to buy to operate. Many of the cogens in California were built in the 80's with SCR. The economics for cogen facilities has dropped to unacceptable levels now since the market was flooded with electricity so no new cogens are being built.

The synergy with Syntroleum is that the process produces a low btu tail gas (70 btu/scf) that can be used in a special turbine which drives the air compressor on the front of a syntroleum plant. The CO in the tail gas must be fully combusted to meet air emissions. CTAL's combustor is the only one that works presently on this gas stream.

I hope that CTAL has more going for it than just its alliance with syntroleum. The catalst they're working with syntroleum on is for methanol production (methol market is flooded - think the time is past for these plants). Pretty sure they're not helping on FT catalyst. Cogen market is soft at least in California.

FT cayalyst development is being pushed by ARCO's involvement with Syntroleum. ARCO has dedicated a project team of engineers and PhD's to help Ken Agee at Syntroleum get real. From what I hear the catalyst needs some work before it is commercially viable.

I wonder if a lot of the future value of syntroleum is already reflected in the current stock price (maybe out ten years).

JM
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