http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 13.14Change: -0.15
R/$ = 12.05Change: -0.20
Au 1200.03 $/ozChange: -6.12
Pt 1139.50 $/ozChange: -16.00
 
 
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 Letters Contact Us
 
 
 
RSS Feed
Article   Comments   Other News   Research   Magazine  
 
 
Oct 21, 2011

Synthetic fuels producer secures funding

Back
Building|Diesel|Hydrocarbons|PROJECT|Projects|Resources|Storage|Energy|Manufacturing|Products|Environmental|Power|Operations|Diesel
Building|Diesel|Hydrocarbons|PROJECT|Projects|Resources|Storage|Energy|Manufacturing|Products|Environmental|Power|Operations|
building|diesel-company|hydrocarbons|project|projects|resources|storage|energy|manufacturing|products|environmental|power|operations|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
Oil prices repaired early losses to rally above $64 on Friday due to the conflict in Yemen. Brent crude was within sight of its 2015 high reached on Thursday and has rallied 16 percent in April, supported by Yemen and the prospect that lower prices are starting to...
Petrochemicals group Sasol has confirmed that it has evacuated 340 South Africans from its operations in Mozambique, following fears of retaliation by local workers amid outbreaks of xenophobic violence against foreign nationals – among them Mozambicans – in South...
Today’s organisations execute projects within increasingly complex environments – particularly in the engineering sector. The ability to successfully execute these projects is what drives the realisation of successful projects and, ultimately, the achievement of...
More
 
 
Latest News
Two influential US senators, central to the so-called ‘chicken war’, have announced their intention to pursue amendments to the African Growth and Opportunity Act (Agoa) to secure greater access for US poultry into the SA market. “We believe passionately in Agoa’s...
The Independent Communications Authority of South Africa (Icasa) on Friday published the findings of a discussion document on South Africa’s television and radio local content environment. Icasa last year requested industry input as it reviewed and revamped...
Buying the catering unit of cash-strapped state airline South African Airways (SAA) could work for Bidvest Group, its chief executive said on Friday. SAA is considering selling some of its units including its inflight and airport lounge catering business, Air Chefs,...
More
 
 
Recent Research Reports
Steel 2015: A review of South Africa's steel sector (PDF Report)
Creamer Media’s Steel 2015 report provides an overview of the key developments in the global steel industry and particularly of South Africa’s steel sector over the past year, including details of production and consumption, as well as the country's primary carbon...
Projects in Progress 2015 - First Edition (PDF Report)
In fact, this edition of Creamer Media’s Projects in Progress 2015 supplement tracks developments taking place under the Renewable Energy Independent Power Producer Procurement Programme, which has had four bidding rounds. It appears to remain a shining light on the...
Electricity 2015: A review of South Africa's electricity sector (PDF Report)
Creamer Media’s Electricity 2015 report provides an overview of State-owned power utility Eskom and independent power producers, as well as electricity planning, transmission, distribution and the theft thereof, besides other issues.
Construction 2015: A review of South Africa’s construction sector (PDF Report)
Creamer Media’s Construction 2015 Report examines South Africa’s construction industry over the past 12 months. The report provides insight into the business environment; the key participants in the sector; local construction demand; geographic diversification;...
Liquid Fuels 2014 - A review of South Africa's Liquid Fuels sector (PDF Report)
Creamer Media’s Liquid Fuels 2014 Report examines these issues, focusing on the business environment, oil and gas exploration, the country’s feedstock supplies, the development of South Africa’s biofuels industry, fuel pricing, competition in the sector, the...
Water 2014: A review of South Africa's water sector (PDF Report)
Creamer Media’s Water 2014 report considers the aforementioned issues, not only in the South African context, but also in the African and global context, and examines the issues of water and sanitation, water quality and the demand for water, among others.
 
 
 
 
 
This Week's Magazine
Today’s organisations execute projects within increasingly complex environments – particularly in the engineering sector. The ability to successfully execute these projects is what drives the realisation of successful projects and, ultimately, the achievement of...
SMART DISTRIBUTION Providing funds to introduce smart grid technologies in the absence of a clearly defined strategy will not result in the desired outcome
South Africa’s distribution grid is a twentieth-century relic, which must be changed to serve the country’s modern electricity needs, says South African National Energy Development Institute (Sanedi) Smart Grid Programme manager Dr Minnesh Bipath. “What we are...
There is a disparity in government funding provided to integrated transport networks – bus rapid transit (BRT) networks ¬¬– and that given to conventional bus services, says Putco executive director Thys Heyns. “We have neglected and strangled conventional bus...
The Johannesburg Social Housing Company (Joshco) is building 502 rental housing units, valued at R200-million, in Dobsonville, Soweto, which are scheduled for completion in June 2016.
Automotive component manufacturer and distributor Metair is centralising its research and development (R&D) work in Turkey, in an attempt to bolster the company’s ability to produce affordable start/stop batteries. The new R&D centre is part of an expansion plan in...
 
 
 
 
 
 
 
 
 
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
Subscribe Now for $96 Close
Subscribe Now for $96