“We look forward to keeping our shareholders and loyal followers abreast of our developments as we continue to reach new milestones in the construction of our pilot plant, which is a crucial step on the road to deployment and monetization of our technology,” said Robin Eves, director, president and CEO of Clean Coal Technologies.
Clean Coal has remitted the first payment of $2 million to SAIC for construction of the plant, which is set to be commissioned during the second quarter of 2013.
As sole counterparty to this contract, Clean Coal has assumed the obligations for the project and will own the completed pilot plant outright.
The EPC agreement follows the termination of the Good Coal Pte joint venture.
According to the company release, Clean Coal Technologies is a cleaner-energy firm utilizing patented technology to convert raw coal into a cleaner burning and more efficient fuel.