The JV will enable commercialization of ow rank coal resources and help in promotion of SES gasification technology U-GAS through establishment of gasification projects across the globe.
Midas and SES will provide SRS with technology licenses and engineering development support for developing the joint integrated coal resource projects.
SES and Midas will each contribute $2.0m for the formation and operation of SRS over a two year period, after which SRS will be self-financed.
SES and Midas will establish separate entities for specific projects in a bid to derive revenue from licensing fees, service fees, equity participation and royalties.
SES president and CEO Robert Rigdon said in addition to our existing business development activities, we believe our participation in this joint venture offers a unique, highly competitive, and cost-effective means to drive value creation for our partners and our shareholders through the acquisition of ownership interests in coal resources.
