LONDON: Clean Invest Africa’s subsidiary CoalTech Limited has signed a business development agreement with Mr Daniel Lee in respect of providing business development capabilities to identify opportunities in the People’s Republic of China and the Republic of Indonesia.
Mr Lee was an early investor in Clean Invest Africa, recognising the positive impacts that its proprietary technology can have on a worldwide basis and has an extensive network of personal contacts and relationships in these markets that will provide access to new opportunities for CoalTech.
CoalTech Far East Pte. Ltd. (“CoalTech Far East”) will be established and incorporated in the Republic of Singapore and will serve as the marketing arm for the sourcing of opportunities in the target markets of China and Indonesia. It will be owned 20% by CoalTech and 80% by Mr Lee, with Mr Filippo Fantechi, CEO of CoalTech, joining its Board of Directors.
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The mission of CoalTech Far East is to accelerate the identification of local partners and projects in these markets that can be undertaken by CoalTech. Once a joint venture has been established in country by CoalTech and is operational then CoalTech Far East will receive a share of future dividends from each of the joint ventures where it has identified, and helped to develop, the opportunity on behalf of CoalTech.
CoalTech’s mission is the clean-up of the millions of tons of coal fines waste and other high grade minerals & solid based natural resources waste globally consistent with the aims of the United Nations Sustainable Development Goals. China is ranked number 1 worldwide in the stockpile of coal fines waste according to the IAE in a 2018 report. This represents a significant market opportunity for CoalTech.
Filippo Fantechi, Chief Executive Officer & Director of Clean Invest Africa and CEO of CoalTech, commented “We are delighted that as a result of entering into this business development agreement we have created a new vehicle that will accelerate CoalTech’s entry into two of the largest and most significant markets for our services. We look forward to being able to contribute to the removal of the tons of coal fines waste in China and Indonesia through our proprietary green technology for pelletisation.
Working in partnership with the team at CoalTech Far East will facilitate our expansion into these markets and provide the springboard for further opportunities in the region. We look forward to working with them and we will update shareholders as events develop.”
Daniel Lee, investor and Managing Director of CoalTech Far East, added “As an early investor in Clean Invest Africa I recognise the potential that their proprietary technology solution has to facilitate environmental clean-up resulting from coal fines and other mineral waste. I am delighted to be partnering with CoalTech to develop our activities in two markets that I and my team know well.”
