Blooming, NCF Team-up to promote CO2-to-fuel products in China

Greenearth Energy Limited (ASX: GER) stated that NewCO2Fuels Ltd (NCF) has signed a term sheet with Blooming (Beijing) Technology Co. Ltd (BBT) to lead the sales and marketing efforts of NCF’s award winning CO₂-to-fuel technology in China, and also to introduce investors to fund the commercialisation for China.

BBT’s appointment as NCF’s agent follows completion of successful feasibility studies by Sinopec Engineering (SEG), and the subsequent term sheet announced recently with SEG to commercialise the technology in China.

BBT is a private company based in Beijing, China. Founded in 1998, the business is engaged in a broad range of sectors including resources, energy related technologies, industry parks, funds management and project development. The business has strong technology credentials in the energy and fuels sectors and is an excellent fit for NCF’s prospects in China.  In 2014 the company signed a strategic agreement with the C2XX in the Unites States to develop technology around direct coal liquefaction and algae CO2 production.

BBT has successfully worked on similar projects with SEG over recent years and in the initial commercialisation development stage, BBT will also be involved in assisting NCF and SEG to source commercialisation funding from investors.
The award winning NCF product, which demonstrates a viable, valuable and technologically proven solution to the global problem of CO2 reduction, continues to attract significant interest from several major international groups, particularly in China. The close association with BBT through this appointment and SEG is expected to enhance NCF’s future in China.
This term sheet with BBT is another significant step by NCF in commercialising its unique technology.

Greenearth’s Managing Director Samuel Marks, said: “This term sheet with Blooming, and the recently announced Cooperation Agreement with Sinopec Engineering, provide a clear path to commercialisation of NCF’s CO2-to-fuel technology in China.
“Blooming Technology’s local marketing experience and network will assist in developing a pipeline of demand for this technology in China during the commercialisation phase.

“NCF has managed to secure terms sheets and partnerships with some of the most respected and recognised energy and technology groups in China. It is a very solid validation of the technology and a strong reflection of its potential.

“Discussions around commercialisation funding are ongoing and we are encouraged by the progress being made.”