GreatPoint Energy has completed a $1.25 billion deal to build a large-scale plant for converting coal to natural gas in China.
The Wall Street Journal reports that China Wanxiang Holdings will invest $420 million in Massachusetts-based GreatPoint Energy, and willfinance construction of the plant, with the first phase to be completed by 2015.
The project will use a process to treat coal with high heat and steam in a gasifier to convert it into natural gas, the article said. The carbon dioxide (CO2) and other emissions are captured, and the CO2 will be sold to oil and gas drillers to be injected underground into existing wells.
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