Investor News

ECT Appoints Thermax as EPC partner for Coldry development

ASX Announcement

Environmental Clean Technologies Limited (ECT or Company) (ASX:ESI) is pleased to announce that it has signed a Heads of Agreement with Indian power station builder and energy engineering firm, Thermax.

Thermax will provide engineering, procurement and construction (EPC) services for the planned Coldry commercial-scale demonstration project in India, and subsequent commercial rollout and development globally.

This Agreement is the culmination of the company’s previously announced vendor selection program commenced last November (link), targeted at advancing the Coldry demonstration strategy in India. YES BANK acted as ECT’s strategic advisor in this program. Their Sustainable Investment Banking team is also advising the company to develop and deliver upon ECT’s India strategy.

Under the terms of the Agreement the companies aim to deliver on the following objectives:

1) Coldry Demonstration:

Utilising the core Coldry plant designs provided by ECT the companies will work to deliver technical and financial validation of the process at commercial scale in India.

This involves the localisation of the core Coldry design by Thermax followed by fabrication, and construction.

2) High-efficiency, integrated drying and power generation solutions:

Longer term, the companies will develop solutions entailing deeper integration of the Coldry technology into Thermax's existing product portfolio to develop a new and innovative offering which combines pre-drying of low rank coals with high efficiency combustion and conversion into power and steam.

Thermax's experience and expertise in waste heat recovery systems will be of particular advantage in developing this combined offering.

3) Development of next generation, high value solutions:

Joint Research and Development, aimed at expansion of the Coldry process beyond simple thermal use into high value coal conversion processes such as coal to gas, oil and other ‘downstream’ chemicals provides opportunities to lever the technology into key energy and resource markets.

Integrating the Coldry process with such upgrading processes provides the opportunity to improve their costs, environmental performance, as well as energy and water efficiencies.

4) Strategic investment:

The companies have agreed to consider strategic investment options in Coldry equipment manufacturing capability, as well as in each other, providing options to support mutually beneficial projects.

ECT's Managing Director Ashley Moore stated "We are extremely pleased to be able to announce our association with Thermax today. Their skill and capability is impressive, and they’re strongly aligned with ECT's requirements for the commercialisation of Coldry technology. With a culture of innovation and a commitment to sustainable solutions for energy and environment they are an ideal partner. We look forward to delivering on both short and long term objectives with our new partners at Thermax."

M.S. Unnikrishnan, Thermax’s Managing Director and CEO added, "We are happy to partner with ECT, whose credentials and technology focus are quite impressive. ECT’s Coldry technology has the potential to help India utilise its lignite reserves effectively for power generation, with better environmental safeguards. Together, we are confident of delivering the first demonstration plant, and move on to a mutually rewarding business partnership."

Aditya Sanghi, Senior MD, Investment Banking, YES BANK stated, “YES BANK’s Sustainable Investment Banking team is pleased to be associated with ECT as the strategic advisor for commercialization of their clean coal technology in India.ECT’s Coldry technology offers sustainable and long term solution to meet the growing energy demands of India while mitigating the daunting issues of climate change. YES BANK has a strong commitment to mainstreaming sustainability within the industry and this association is a natural extension of its efforts to foster sustainable development of India.”

Next Steps

As previously announced, the company is engaged with Neyveli Lignite Corporation (NLC) with the aim of developing the Coldry demonstration project on their site in Tamil Nadu (link).

NLC gave the go-ahead last month for ECT to prepare a detailed project Feasibility Study, including bankable cost estimates.

ECT and YES BANK have largely progressed the Feasibility Study and Thermax will now ramp-up their design localisation activities, providing the remaining cost estimation data needed prior to submission to NLC.

For further information contact: Ashley Moore – Managing Director - [email protected]

About Thermax Limited

Thermax is listed on the Bombay Stock Exchange (BSE) as well as the National Stock Exchange of India (NSE) with a market value in excess of $A1.5 billion.

Thermax, a leading energy and environment solutions provider, is one of the few companies in the world that offers integrated innovative solutions in the areas of heating, cooling, power, water and waste management, air pollution control and chemicals. Thermax has manufacturing facilities in India, China and Europe. The sustainable solutions Thermax develops for client companies are environment-friendly and enable efficient deployment of energy and water resources.

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