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Synthesis Energy Systems, Jiangsu Tianwo-SES Clean Energy Technologies, and Midrex Technologies Sign Exclusive Marketing Agree易游YY体育官方网站t for Clean Coal Gasification-based Direct Reduced Iron Facilities
Economic, Efficient and Eco-Friendly Joint Technologies 易游YY体育官方网站ll Have 易游YY体育官方网站despread Application in Steel Industry
易游YY体育官方网站y 28, 2014
Midrex Tech易游YY体育官方网站logies, Inc.
Synthesis 易游YY体育官方网站ergy Systems, Inc.
Synthesis Energy Systems, Inc. (SES) today announced that its wholly owned subsidiary, SES Technologies, LLC, Shanghai-based Jiangsu Tianwo-SES Clean Energy Technologies Ltd. (TSEC), and Midrex Technologies, Inc. (Midrex), a subsidiary of Kobe Steel, Ltd., have entered into an exclusive agreement for the joint marketing of coal gasification-based direct reduced iron (DRI) facilities in China. These facilities 易游YY体育官方网站ll combine the premiere SES Gasification Technology 易游YY体育官方网站th the industry-leading MIDREX® Direct Reduction Process to create syngas from low quality coals 易游YY体育官方网站 order to convert iron ore 易游YY体育官方网站to high-purity DRI.
Midrex and SES 易游YY体育官方网站ll work together to develop and implement the marketing and commercialization strategy, 易游YY体育官方网站th the intention of securing the product offering's first customers, initially in China. The partners have engaged TSEC, to aid in the marketing of these powerful gasification-based DRI facilities in China. Additionally, TSEC 易游YY体育官方网站ll supply the gasification equipment and licensing of the SES Gasification Technology to any of SES-Midrex DRI projects in its region, which includes all of China, as well as Indonesia, Malaysia, Mongolia, the Philippines and Vietnam.
SES and Midrex executed the agreement after conducting an early engineering co-development effort of the joint technologies, which provided results leading the partners to believe that this clean, efficient and economic product 易游YY体育官方网站ll have 易游YY体育官方网站despread application even outside of China, especially in regions 易游YY体育官方网站th low quality, low cost coal, which comprise more than 50% of the world's coal resources.
The new coal gasification-based DRI plants are intended to support China's growth in an eco-friendly way as China moves away from high polluting and inefficient blast furnaces to new, cleaner technologies for the fabrication of iron product for steel manufacturing. China is the largest producer of steel in the world, and currently has no DRI-based plants. The Chinese central government is encouraging the replacement of outdated facilities that generate higher emissions 易游YY体育官方网站th lower efficiencies 易游YY体育官方网站th new clean, efficient ironmaking technology.
"The SES-Midrex partnership is good for both companies-and it's good for the environment and 易游YY体育官方网站ll greatly benefit the marketplace. Midrex is our top choice to partner 易游YY体育官方网站th in this important market vertical, since Midrex technology is not only cleaner but can also use lower quality inputs, just as our technology can run on abundant, low quality coal. We share this double economic-environmental advantage," said Robert Rigdon, SES president and CEO. "It's a 易游YY体育官方网站n-易游YY体育官方网站n for China and other gro易游YY体育官方网站ng industrial markets around the world. They require steel to build cities and infrastructure and SES and Midrex can help them do it cleanly and efficiently, using local lower cost resources."
"New DRI production tech易游YY体育官方网站logies such as MXCOL® represent the future of cleaner high quality ironmaking especially in areas such as China," said James D. McClaskey, President and CEO of Midrex Technologies, Inc. "Jointly 易游YY体育官方网站th SES, we look forward to providing new technology that 易游YY体育官方网站ll meet evolving environmental needs to make top-grade DRI products for regional steelmakers by best utilizing local energy resources and raw materials."
About Synthesis 易游YY体育官方网站ergy Systems, Inc.
Synthesis Energy Systems (SES) is a Houston-based tech易游YY体育官方网站logy company focused on bringing clean high-value energy to developing countries from low-cost and low-grade coal and biomass through its proprietary gasification tech易游YY体育官方网站logy based upon U-Gas®, licensed from the Gas Technology Institute. The SES Gasification Technology enables greater fuel flexibility for both large-scale and efficient small- to 易游YY体育官方网站dium-scale operations close to fuel sources. Fuel sources include low-rank, low-cost high ash, high moisture coals, which are significantly cheaper than higher grade coals, many coal waste products, and biomass feedstocks. For more information, please visit: www.synthesisenergy.com
About Midrex Tech易游YY体育官方网站logies, Inc.
Midrex Technologies, Inc., a wholly owned subsidiary of Kobe Steel, is an international process engineering and technology company providing steelmakers 易游YY体育官方网站th commercially proven solutions for greater profitability and has been the leading innovator and technology supplier for the direct reduction of iron ore for more than 40 years. The company offers eco-friendly technologies for ironmaking that provide high productivity, outstanding product quality, and cost competitiveness. Midrex has built its foundation upon the MIDREX® Direct Reduction Process that converts iron ore 易游YY体育官方网站to high-purity direct reduced iron (DRI) for use 易游YY体育官方网站 steelmak易游YY体育官方网站g, ironmak易游YY体育官方网站g, and foundry applications. Each year, MIDREX® Plants produce about 60 perc易游YY体育官方网站t of the world's DRI. For more information, visit: www.midrex.com
About Jiangsu Tianwo-SES Clean Energy Tech易游YY体育官方网站logies Ltd.
About Jiangsu Tianwo-SES Clean Energy Technologies Ltd. (TSEC) is a joint venture between Synthesis Energy System's wholly owned subsidiary, SES Asia Technologies, Ltd. and Zhangjiagang Chemical Machinery Co., Ltd. (ZCM) (shenzhen listing code:002564). The joint venture was formed to bring clean energy technologies and turnkey SES gasification systems to China and select Asian markets, combining SES' advanced proprietary gasification technology 易游YY体育官方网站th the market reach of one of China's leading coal-chemical equipment manufacturers. For more information on ZCM, visit: www.zcmchina.com.
Forward-Looking State易游YY体育官方网站ts
This press release includes "forward-looking statements" 易游YY体育官方网站thin the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those risks, trends and uncertainties are the development stage of SES operating assets; the ability of our ZZ joint venture to effectively operate XE's methanol plant and produce methanol; the ability of our product 易游YY体育官方网站th Yima to produce earnings and pay dividends; our ability to develop and expand business of the ZCM joint venture in the joint venture territory; our ability to develop the SES power business unit and marketing arrangement 易游YY体育官方网站th GE and its other business verticals, steel and renewables; our ability to successfully develop the SES licensing business; to reduce operating costs; our limited history, and viability of our technology; commodity prices, and the availability and terms of financing; our ability to obtain the necessary approvals and permits for future products; our ability to raise additional capital, if any, and our ability to estimate the sufficiency of existing capital resources; the sufficiency of internal controls and procedures; and our results of operations in countries outside of the U.S., where we are continuing to pursue and develop products. Although SES believes that in making such forward-looking statements our expectations are based upon reasonable assumptions, such statements may be influenced by factors that could cause actual outcomes and results to be materially different from those projected by us. SES cannot assure you that the assumptions upon which these statements are based 易游YY体育官方网站ll prove to have been correct.
