RNTK News. Looks good.
Rentech Enters Joint Development Agreement With Thermal Conversion Corp.
DENVER, Aug. 31 /PRNewswire/ -- Rentech, Inc. (Nasdaq: RNTK) the Denver- based
holding company and the developer, marketer and licensor of a patented and
proprietary process for the conversion of gases and solid, carbon-bearing material
into valuable liquid hydrocarbons (Gas to Liquids- GTL) today announced that it has
entered into a Joint Demonstration Project with Thermal Conversion Corp. (TCC)
Thermal Conversion Corp. is wholly owned by EnerTek Partners, an investment group
managed by Scientific Advances, Inc. (SAI), a subsidiary of Battelle Memorial
Institute. EnerTek Partners is composed of major natural gas companies in the
United States, including Brooklyn Union Gas System, Columbia Gas System,
Consolidated Natural Gas, Enron Corporation, Equitable Resource Company and
Southern California Gas Company. TCC is a Delaware corporation with headquarters
in Kent, Washington.
The Joint Demonstration Project will evaluate the use of the TCC plasma technology
which uses a proprietary high-power, induction-coupled plasma torch and
high-temperature reactors to convert natural gas into a tailored synthesis gas,
suitable for use by Rentech's GTL process. Synthesis gas, a mixture of carbon
monoxide (CO) and hydrogen (H2) is the intermediate step for the conversion of
carbon bearing materials to liquid hydrocarbon for all GTL processes.
During the two phase, sixteen week project funded by Rentech, the viability of using
the TCC plasma technology in GTL plants will be tested for verification at pilot
plant scale and capital costs will be developed.
Upon successful completion of the Project, Rentech has the right to receive a
nonexclusive license to use the TCC plasma technology and to receive a portion of
any future license fees and royalties received by TCC for use of their plasma
technology in any other GTL projects. TCC will provide the plasma system and
receive throughput fees on syngas produced by its plasma system when used with
any GTL process including Rentech's.
"Rentech is very excited about the opportunity presented to it by TCC and its
president, Dr. Edward Bohn. Successful demonstration of the TCC system could
provide for the reduction in the cost of GTL development making Rentech's GTL
process even more competitive as an alternative oil and gas technology in the
future. Further, it could provide a cost-effective solution for barge mounted GTL
processes. Use of the TCC system, as the first step in the Rentech process, could be
implemented as part of the overall GTL process, to convert natural gas produced on
remote off-shore platforms into clean liquid hydrocarbons on a cost effective basis
that previously might not have been possible," stated Dennis L. Yakobson, President
and CEO of Rentech. According to Dr. Bohn, this is an important market based on
industry sources which state that half of the world's 5,100 trillion cubic feet of
discovered gas is too remote to produce, much of which is offshore.
Information on TCC can be found on its company web site at
www.thermalconversion.com, or by calling the company at 253-872-1990.
For more information contact: Mark Koenig, Director of Investor Relations for
Rentech, Inc. 303-298-8008-E-mail: RNTK1331@aol.com.
SOURCE Rentech, Inc.
CO: Rentech, Inc.; Thermal Conversion Corp.
ST: Colorado
IN: CHM OIL
SU: JVN
08/31/98 13:43 EDT prnewswire.com |
