| Potomac Energy Fund Invests in SynCoal Partners |
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| Tuesday, 24 June 2008 19:00 |
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Denver, CO – June 24, 2008 – SynCoal Partners LLC, the developer of a point of use clean coal upgrading technology, today announced the closing of its Series B round of financing. The Company will use the funds to expand its marketing efforts, grow its sales organization and continue its leading-edge product development. The $2.15 million round, combined with the Series A round and prior investment in the project by Montana Power Company, Northern States Power and the U.S. Department of Energy (DOE) under its clean coal technology program, brings the total investment in the technology to over $110 million. Aurum Venture Partners led the Series B round and was joined by the Potomac Energy Fund. “Technologies that can economically increase the efficiency of existing coal power plants and simultaneously reduce the release of dangerous pollutants are essential to ensuring a sustainable future,” explains Dr. Irving Mintzer, Senior Advisor to the Potomac Energy Fund. “We are excited to support the commercial advancement of SynCoal Partners’ unique and powerful new technology for upgrading America’s coal resources. The SynCoal technology represents a major breakthrough in national efforts to ensure energy independence, strengthen America’s electric power industry and protect the environment.” Ray Sheldon, President and CEO of SynCoal Partners, states, “Aurum’s leadership in driving the Series B round and bringing in the Potomac Energy Fund as an investor enables us to focus our efforts on marketing the compelling environmental and efficiency benefits of the SynCoal Gen2 coal upgrading technology to the utility and industrial sectors.” About SynCoal Partners SynCoal Partners LLC is a clean coal company formed to develop the second generation of Western SynCoal LLC’s patented coal upgrading technology. Western SynCoal LLC successfully operated the first generation SynCoal facility (Gen1) at Colstrip, Montana between 1992 and 2001 and sold 1.9 million tons of upgraded coal (SynCoal®) to several industrial and utility users. The SynCoal Gen2 technology is designed to operate at the point of use and addresses the most difficult issues of spontaneous combustion, moisture reabsorption, and fugitive dust that occur at all points during the transportation of a dried and upgraded coal from a coal mine to the point of use. Locating SynCoal production at the point of use has the added advantages of energy efficiency and lower operating costs, as the energy required to dry the coals can be extracted from the end user’s waste heat and the process temperatures are low enough that no VOC's are produced. The SynCoalGen2 System can physically and chemically transform coal with a lower heat value into an engineered cleaner coal with a higher heat value. This is accomplished by a process of moisture reduction, which is followed by removal of ash, pyrite and other mineral impurities by dry mechanical separation. This improves combustion characteristics and thermal efficiency, while simultaneously reducing the emissions of particulate, SOx, NOx, CO, CO2 and air toxics, including mercury, when the upgraded fuel is burned. For more information, please visit www.syncoalpartners.com. About Aurum Venture Partners Aurum Venture Partners is a privately held investment company focused on multi-stage investments in natural resource development and related technologies. About Potomac Energy Fund Potomac Energy Fund is a clean technology venture fund that invests in leading companies across four broad themes: alternative energy, energy efficiency, infrastructure development and resource management. For more information, please visit www.potomacenergyfund.com.
Contact:
Potomac Energy Fund This e-mail address is being protected from spambots. You need JavaScript enabled to view it 301-695-9229 SynCoal Partners Ray Sheldon 406-855-5008 |