Wanxiang Holdings will own a minority stake in GreatPoint Energy in exchange of the financing.
The joint venture of the two companies will use GreatPoint Energy’s Bluegas catalytic hydromethanation process technology to directly convert coal into pipeline quality natural gas.
GreatPoint Energy chief executive officer Andrew Perlman said the company is building a major new global energy producer for the twenty first century and focusing on one of the largest, most attractive, and fastest growing natural gas markets in the world.
"And we are extremely pleased that one of the most successful and well-respected companies in China has become a major shareholder in GreatPoint Energy."
GreatPoint Energy president and CFO Daniel Goldman said, "Mintz Levin’s involvement during this complex cross-border transaction demonstrated their breadth and depth of capabilities."
Mintz Levin, a law firm, represented GreatPoint during the transaction with Wanxiang Holdings.
