Clean Invest Africa Plc - MOU with Uzbekistan Ministry and Uzbekistan Railway
PR Newswire
London, January 14
14 January 2020
CLEAN INVEST AFRICA PLC
("CIA" or the "Company")
Coaltech sarl signs MOU with the Republic of Uzbekistan Ministry of Innovation and Development and the Uzbekistan Railway company in relation to a coal fines project with an initial estimated value of USD $16,000,000.
Clean Invest Africa Plc (NEX:CIA), the NEX Exchange quoted clean technology and renewable energy investment company, is pleased to provide the following update from the CoalTech Group ("CoalTech"), its wholly owned subsidiary.
Coaltech has, via its joint venture company Coaltech sarl, established withLuxembourg based fund management company, Creon Capital, to jointly develop opportunities in Russia and CIS, concluded and signed a memorandum of understanding ("MOU") with the Republic of Uzbekistan Ministry of Innovation and Development and the state owned Uzbekistan Railway company. The MOU is for the development in Uzbekistan of a project for the processing of coal fines into coal pellets, with an initial estimated value of US$16,000,000.
Coaltech has developed an innovative agglomeration solution that converts coal fines waste deposits into combustible coal pellets via a proprietary technology, and it has signed a joint venture agreement withLuxembourg based fund management company Creon Capital to jointly develop opportunities in Russia and CIS. CoalTech Sarl, is developing the CoalTech business opportunities in Russia and CIS, which account for roughly two thirds of the coal production in Eurasia, excluding China. Creon Capital invests in the joint project with its clean-tech Creon Energy Fund (Sicav-SIF). The Fund's initiator, Creon Energy (Moscow) is responsible for project implementation regionally.
Coaltech sarl has reached a preliminary agreement with both the Ministry of Innovation and Development of the Republic of Uzbekistan and Uzbekistan Railways JSC for the development in Uzbekistan of a potential project for the processing of coal fines into coal pellets, with an initial estimated value of USD$16m. Coal extraction is one of the largest industries in Uzbekistan. The project anticipates feasibility studies, development of technical specifications and joint development of a business plan including confirmation of local demand in addition to the provision by the parties of relevant technical assistance.
The parties have agreed that subject to successful outcome of this initial phase including a feasibility study, that they shall enter into appropriate commercial long term supply and/or off take arrangements.
Filippo Fantechi, CEO of Clean Invest Africa Plc, stated that this signing of an MOU with the Ministry and the Uzbek railway company is a significant step in the further geographic expansion of Coaltech and represents an extremely large, long term opportunity for Coaltech if it comes to fruition. This co-operation is the first output from the Luxembourg based joint venture targeting Russia and the former soviet countries, agreed with Creon Investments and as announced to the market on 18th July 2019.
Contacts
The Directors of the Company accept responsibility for the content of this announcement.
ENQUIRIES:
Company
Clean Invest Africa PLC
Filippo Fantechi - Chief Executive Officer
Telephone: +973 3 9696273
Noel Lyons - Executive Director
Telephone: +44 7912 514 809
Corporate Adviser
Peterhouse Capital Limited
Guy Miller
Telephone: 020 7220 9795
Notes to editors
The Ministry of Innovative and Development of the Republic of Uzbekistan was created by Decree of the President of the Republic of Uzbekistan in 2017 (? ??-5264 and - ??-3416, with its role being to ensure accelerated innovation- driven growth of all sectors of the Uzbek economy and social sphere based on "advanced foreign experience, modern achievements of world science, innovative ideas, developments and technologies "and in accordance with the goals outlined in Uzbekistan's action strategy on five priority areas of development of the Republic of Uzbekistan in 2017 - 2021." For more information see https://mininnovation.uz/en/menu/o-ministerstve
Uzbekistan Railways, O?zbekiston Temir Yo?llari, are the national rail carrier of Uzbekistan and owns and operates all railways within the country. It is a state-owned stock company, formed in 1994 to operate railways within Uzbekistan. The total length of its main railway network is in the region of 7,000 km and it employs in the region of 91,000 people. For more information see http://railway.uz/en/
