http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 14.20Change: -0.01
R/$ = 10.96Change: 0.01
Au 1235.97 $/ozChange: -0.95
Pt 1361.00 $/ozChange: -7.00
 
 
Note: Search is limited to the most recent 250 articles. Set date range to access earlier articles.
Where? With... When?








Start
 
End
 
 
And must exclude these words...
Close Main Search
Close Main Login
My Profile News Alerts Newsletters Logout Close Main Profile
 
Agriculture   Automotive   Chemicals   Competition Policy   Construction   Defence   Economy   Electricity   Energy   Environment   ICT   Metals   Mining   Science and Technology   Services   Trade   Transport & Logistics   Water  
What's On Press Office Tenders Suppliers Directory Research Jobs Announcements Contact Us
 
 
 
RSS Feed
Article   Comments   Other News   Research   Magazine  
 
 
Oct 21, 2011

Synthetic fuels producer secures funding

Back
Lima|New York|Diesel|Gas|Hydrocarbons|Kodiak Capital Group|PROJECT|Projects|Resources|USA Synthetic Fuel Corporation|United States|USD|By-products|Electricity|Energy|Environmental Energy|Liquid Transportation Fuels|Manufacturing|Products|Synthetic Gas|Transportation Fuel|Environmental|Power|Steven C Vick|Ohio|Wyoming|BTU Technology|Diesel
|Diesel|Hydrocarbons|PROJECT|Projects|Resources||||Energy|Manufacturing|Products||Environmental|Power|||
lima|new-york|diesel-company|gas-company|hydrocarbons|kodiak-capital-group|project|projects|resources|usa-synthetic-fuel-corporation|united-states|usd|byproducts|electricity|energy|environmental-energy|liquid-transportation-fuels|manufacturing|products|synthetic-gas|transportation-fuel|environmental|power|steven-c-vick|ohio|wyoming|btu-technology|diesel
© Reuse this

Environmental energy company USA Synthetic Fuel Corporation (USFC) has signed an agreement with New York-based institutional investor Kodiak Capital Group, in terms of which Kodiak has committed to invest up to $20-million over a six-month period, subject to certain conditions, at the company’s discretion.

USFC is focused on building ultraclean British thermal unit (BTU) converters designed to enable the US’s solid hydrocarbon resources to be transformed into low-cost synthetic fuel (synfuel) products such as pipeline-quality synthetic natural gas, transportation fuel (diesel, jet, and petrol), hydrogen and electricity.

“We are pleased to receive this commitment from Kodiak, a well respected team that has shown confidence in our growth strategy. “This agreement provides added flexibility to raise addi- tional capital, at very short notice, at a modest discount. The availability of additional working capital will help us grow the business strategically as we leverage our relationships,” said USFC president and CEO Dr Steven C Vick.

Further, the company is in the process of advancing two projects at which the BTU technology will be used. The Lima Energy Project is being designed to convert solid hydrocarbon feedstock into synthetic gas (syngas) and electrical power, and may produce hydrogen and liquid transportation fuels as by-products. When fully operational, the project, based in Lima, in Ohio, US, is designed to produce eight-million barrels a year of syn- gas and 516 MW of electrical power. The project includes the precombustion capture of carbon dioxide (CO2) that will be compressed into a liquid and sold to a third party, which will sequester the CO2 in a carbon capture and storage (CCS) programme.

In addition, the Cleantech Energy project has been designed as an ultraclean gasification and BTU conversion facility, located near a source of hydrocarbons in Wyoming, US, and should produce 30.6-million barrels a year of pipeline-quality syngas. The project will also capture CO2 produced during syngas manufacture, and will use it in enhanced oil recovery operations or CCS applications.

Further, USFC’s BTU converters are in development and are designed to produce 100 000 bbl/d of low-cost synfuel. The company has established the long-term business objective of manufacturing and delivering two-million barrels a day of low-cost synfuel in the US by 2030.

The company intends to use the proceeds of this transaction for general working capital, including advancing the Lima Energy and Cleantech Energy ultraclean BTU converter projects.

Edited by: Chanel de Bruyn
© Reuse this Comment Guidelines (150 word limit)
 
 
 
 
 
 
 
 
Other Energy News
Updated 2 hours 40 minutes ago Lafarge Africa, Finland's Wartsila and the World Bank's IFC have agreed to build a 220 MW gas-fired power plant in Nigeria to boost electricity supplies, they said on Wednesday. The trio said in a statement their plan was to help fast-track increased power supplies...
France's Total SA, Europe's second largest oil company, has put one of its offshore Nigerian oilfields up for sale again, the company said, after a 2012 deal with Sinopec Corp failed. Total has hired BNP Paribas to find buyers for its Usan deepwater oilfield located...
A subsidiary of global engineering and construction company and power equipment supplier Foster Wheeler has been awarded the engineering, procurement and construction management (EPCM) contract for the electrical expansion and fuel gas superheater project aimed at...
More
 
 
Latest News
Ian Donald and Sullivan O’Carroll
Updated 2 hours 9 minutes ago Nestlé South Africa announced plans on Wednesday to invest a further R2-billion over the coming five years to grow its domestic manufacturing base, which would increasingly be used as a platform to supply into fast-growing sub-Saharan African markets. The Swiss food...
Updated 2 hours 15 minutes ago In a landmark R1.5-billion deal that precedes it planned listing on the JSE, Pivotal Property Fund has acquired “strategic” land and property assets from Standard Bank Properties, which includes Sandton’s landmark Alice Lane development. “Pivotal has acquired...
Updated 2 hours 28 minutes ago Lafarge Africa, Finland's Wartsila and the World Bank's IFC have agreed to build a 220 MW gas-fired power plant in Nigeria to boost electricity supplies, they said on Wednesday. The trio said in a statement their plan was to help fast-track increased power supplies...
More
 
 
Recent Research Reports
Road and Rail 2014: A review of South Africa's road and rail infrastructure (PDF report)
Creamer Media’s Road and Rail 2014 report examines South Africa’s road and rail transport system, with particular focus on the size and state of the country’s road and rail network, the funding and maintenance of these respective networks, and the push to move road...
Real Economy Year Book 2014 (PDF Report)
This edition drills down into the performance and outlook for a variety of sectors, including automotive, construction, electricity, transport, steel, water, coal, gold, iron-ore and platinum.
Real Economy Insight: Automotive 2014 (PDF Report)
This four-page brief covers key developments in the automotive industry over the past 12 months, including an overview of South Africa’s automotive market, trade figures, production and the policies influencing the sector.
Real Economy Insight: Construction 2014 (PDF Report)
This five-page brief covers key developments in the construction industry over the past 12 months. It provides an overview of the sector and includes details of employment in the sector, infrastructure and municipal spending, as well as insight into companies’...
Real Economy Insight: Electricity 2014 (PDF Report)
This five-page brief covers key developments in the electricity industry over the past 12 months, including details of State-owned power utility Eskom’s generation activities, funding and tariffs, independent power producers and prospects for the sector.
Real Economy Insight: Road and Rail 2014 (PDF Report)
This six-page brief covers key developments in the road and rail industries over the past 12 months, including details of South Africa’s road and rail network and prospects for both sectors.
 
 
 
 
 
This Week's Magazine
The board of UD Trucks Southern Africa (UDTSA) has announced the resignation of MD Jacques Carelse.   Long-time UD employee, corporate planning and marketing GM, Rory Schulz, has been appointed as acting MD while the process started to appoint a new MD. The Japanese...
There is a need to start planning another pumped storage scheme in South Africa. Much work has already been done at a site in the Limpopo province and the project was very close to being put out to tender at one stage. In 2008/9 the National Energy Regulator of South...
The Coega Development Corporation (CDC) is preparing to leverage its strategic coastal position to develop the Eastern Cape economy through proposed aquaculture development zones (ADZs), with a proposed R2-billion project aiming to contribute $278-million to the...
Completion of the ongoing construction of the 102 km Zomba–Jali–Phalombe–Chitakale road, in southern Malawi, has been extended from June  to December 15 because of persistent rains and difficulties in paying the contractor. The project is being undertaken by Kuwait's...
The Malawi government has awarded South African firm  Fischer Consortium the  contract to upgrade the Malawi Road Traffic Information System. The Directorate of Road Traffic and Safety Services at Malawi's Ministry of Transport and Public Works says Fischer...
 
 
 
 
 
 
 
 
 
Alert Close
Embed Code Close
content
Research Reports Close
Research Reports are a product of the
Research Channel Africa. Reports can be bought individually or you can gain full access to all reports as part of a Research Channel Africa subscription.
Find Out More Buy Report
 
 
Close
Engineering News
Completely Re-Engineered
Experience it now. Click here
*website to launch in a few weeks