(MENAFN- ProactiveInvestors)
() is taking strides with the news that a wholly owned engineering company of China's large Sinopec Group has entered an agreement with NewCO2Fuels an Israeli start‐up technology company which has support from .
The cooperative agreement signed with Sinopec Ningbo Engineering Co. Ltd will leverage NCF’s technology as a means of tackling the crippling carbon dioxide pollution levels impacting China today.
NewCO2Fuels is developing an innovative system to profitably produce fuels from CO2 and water using renewable high temperature heat from solar or excess heat from industry.
Commercialisation of the technology will be via deployment of modular systems to several pilot plants.
Sinopec has an opportunity to design and construct NCF plants in China as well as invest in NCF in return for an engineering exclusivity in China.
Sinopec is leading the search to build environmentally friendly energy efficient and financially sustainable power plants in China.
Greenearth’s effective economic interest in NewCO2Fuels is via its 50% ownership of NCF Global a company that owns 66.67% of NCF. The other 50% of NCF Global is owned by the Erdi Group which is neatly also a shareholder in Greenearth.
Greenearth generated gross receipts from customers in the first weeks of April of $1.2 million from work completed in the March quarter and prior period.
Forward revenue from Greenearth's Vivid Industrial division and significantly growing order book for this business is promising. Vivid Industrial has now completed its 100% acquisition of Ilum-a-Lite Pty Ltd which is also exciting.
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