http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 14.16Change: 0.09
R/$ = 11.20Change: 0.08
Au 1214.06 $/ozChange: -2.20
Pt 1274.00 $/ozChange: -14.00
 
 
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|Hydrocarbons|Kodiak Capital Group|PROJECT|Projects|Resources|USA Synthetic Fuel Corporation|United States|USD|Building|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||||Building|Energy|Manufacturing|Products||Environmental|Power|||
lima|new-york|diesel-company|hydrocarbons|kodiak-capital-group|project|projects|resources|usa-synthetic-fuel-corporation|united-states|usd|building|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 Sasol and Synfuels News
South African petrochemicals company Sasol's 2012 annual integrated report has received an award for its level of transparency from report monitoring, scanning, scoring and rating company ReportWatch at its 2013 Best Annual Reports 2013 awards. The corporate watchdog...
Integrated energy and chemicals company Sasol’s R1.3-billion C3 stabilisation project, in Secunda, is on track to begin commercial operation, scheduled for the middle of 2014.
A further 160 line items have been added to piping distributor and services provider Rare’s supply contract with petrochemicals company Sasol. The contract for the supply of all the group’s carbon steel pipes, fittings and flanges at its Sasolburg and Secunda plants...
More
 
 
Latest News
Finance Minister Nhlanhla Nene
Updated 9 minutes ago The Public Investment Corporation (PIC) is to sink $1-billion into African investments and equities, according to Finance Minister Nhlanhla Nene. "The PIC will, in the new financial year, also focus on developmental investments in Africa, with a minimum commitment of...
Updated 2 hours 4 minutes ago The lateral movement in the South African Chamber of Commerce and Industry’s (Sacci’s) Copper Theft Barometer for August could again point to the possibility that levels of copper theft were stabilising, the chamber noted on Thursday. The Copper Theft Barometer...
Mark Shuttleworth
Updated 3 hours ago The Supreme Court of Appeal (SCA) on Wednesday ordered the South African Reserve Bank (SARB) to repay entrepreneur Mark Shuttleworth R250-million plus interest in a case about exchange controls. In a statement on his website, Shuttleworth pledged to put the money,...
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 latest TransUnion Vehicle Pricing Index (VPI) contains a number of small, but significant indications that the tide may at last be turning for the beleaguered used car industry. For the third successive quarter, used car inflation has increased on a year-on-year...
The South African new vehicle market is likely to reach around 630 000 units in 2014, down from the 650 000 units recorded in 2013, says Toyota South Africa Motors (TSAM) president and CEO Dr Johan van Zyl. Van Zyl is also president of the National Association of...
Efforts by the Kenya government to increase energy generation by 5 000 MW over the next three years received a major boost following the award of a $2-billion contract to build a coal power plant in Lamu.  Despite allegations of irregular tendering process, the...
Using crafty wordplay on a well-known Internet meme, brilliant South African-born US entrepreneur and businessperson Elon Musk announced that Tesla Motors would not initiate patent lawsuits against anyone who, in good faith, wanted to use its technology. Instead,...
August new vehicle sales declined by 1.4%, to 55 722 units, compared with the same month last year. Assisted by the car rental market, the South African new passenger car market, at 37 953 units, contracted by 1 047 units, or 2.7%, compared with August last year.
 
 
 
 
 
 
 
 
 
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