Synthesis Energy Systems, Inc. (SES) (NASDAQ:SYMX), a global energy
and gasification technology company enabling clean, high-value
energy and chemical products from multiple feedstocks, reports a
progress update related to its Tianwo-SES Clean Energy Technologies
Company Joint Venture in China. The second of three previously
announced natural gas replacement projects licensed by Tianwo-SES
and under construction for Aluminum Corporation of China Limited
(CHALCO) (NYSE:ACH) (HKEx:2600) (SSE:601600), has entered the
commissioning phase. Members of SES's Zao Zhuang New Gas Company
Joint Venture are onsite at the new facility, located in Xing
County, Shanxi Province, to support the commissioning and startup.
Initial syngas production from Shanxi's single SES Gasification
Technology (SGT) system is expected to commence later this month.
"I am pleased to see continued progress at all three CHALCO
projects. The Shanxi project is proceeding as planned and progress
continues at the Zibo City facility, which is currently operating
at full capacity during its testing period. We expect the third
CHALCO project, in Henan Province, to enter its commissioning by
early next year," said Robert W. Rigdon, SES President and CEO.
When the three CHALCO projects enter commercial operation, the
installed base for SGT will expand from five to 12 gasification
systems in operation in China. The three coal-to-gas turnkey
projects for CHALCO will manufacture clean, lower-cost syngas from
SGT, to replace expensive natural gas, for existing aluminum
production plants.
Total construction order commitments of approximately 650
million Yuan ($102 million) for the three projects were announced
in December 2014 between Aluminum Corporation of China, China's
largest alumina and primary aluminum producer, and Innovative Coal
Chemical Design Institute (Shanghai) Co., Ltd. (ICCDI). ICCDI is
the general contractor supplying all the engineering, construction
and balance of plant equipment for the three projects. The total
order value for these projects to Tianwo-SES for technology and
equipment supply from ICCDI, a subsidiary of Suzhou Thvow
Technology Co., Ltd. (STT) (Shenzhen listing code:002564), is
expected to be 140.3 million Yuan (approximately $22 million).
Tianwo-SES Clean Energy Technologies Co., Ltd. (Tianwo-SES) is
SES's joint venture with STT.
About Synthesis Energy Systems, Inc.
Synthesis Energy Systems (SES) is a Houston-based technology
company focused on bringing clean high-value energy to developing
countries from low-cost and low-grade coal and biomass through its
proprietary gasification technology based upon U-Gas®, licensed
from the Gas Technology Institute. The SES Gasification Technology
enables Growth With Blue Skies, and greater fuel flexibility for
both large-scale and efficient small- to medium-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 Tianwo-SES Clean Energy
Technologies Co., Ltd.
Tianwo-SES Clean Energy Technologies Co., Ltd. (Tianwo-SES) is a
joint venture between Synthesis Energy System's wholly owned
subsidiary, SES Asia Technologies, Ltd. and Suzhou Thvow Technology
Co., Ltd. (STT). The joint venture was formed in 2014 to bring
clean energy technologies and turnkey SES gasification systems to
China and select Asian markets, combining SES' advanced proprietary
gasification technology with the market reach of one of China's
leading coal-chemical equipment manufacturers. The joint venture's
target markets also include Indonesia, Malaysia, Mongolia, the
Philippines, and Vietnam. SES owns 35%, and STT owns 65%, of
Tianwo-SES. For more information on STT, visit:
http://www.thvow.com/main_en.
About Innovative Coal Chemical Design
Institute (Shanghai) Co.,
Ltd.
Innovative Coal Chemical Design Institute (Shanghai) Co., Ltd.
(ICCDI) is based on the restructuring of Coking Design Institute of
Shanghai Pacific Chemical Company affiliated Shanghai Huayi Group
which is the largest and oldest chemical group under Shanghai
municipal government. On October 15, 2010, ICCDI was transformed
from a state-owned company into private one, and is 95% owned by
Suzhou Thvow Tianwo Technology Co., Ltd. (Thvow). ICCDI is a
Class-A design institute with class-A license in
chemicals design, class-A license in engineering consulting
and class-A license in Evaluation on energy saving. For more
information on ICCDI, visit: http://www.iccdi.com.cn/en/.
About Aluminum Corporation of China Limited
Aluminum Corporation of China Limited (CHALCO) is China's
largest alumina and primary aluminum producer and the world's
second largest alumina producer. CHALCO was established as a joint
stock limited company in the People's Republic of China on
September 10, 2001 by way of promotion by Aluminum Corporation of
China (CHINALCO), Guangxi Investment (Group) Co., Ltd. and Guizhou
Provincial Materials Development and Investment Corporation. With a
registered capital of RMB 11.049 billion, CHALCO owns ten branches,
one research institute, and 12 subsidiaries. It was listed on the
New York Stock Exchange, Inc. and the Hong Kong Stock Exchange on
December 11 and 12, 2001, respectively (NYSE: ACH; Hong Kong
listing code: 2600; Shanghai Stock Exchange listing code: 601600).
For more information on CHALCO, visit:
http://www.chalco.com.cn/zlgfen/index.htm
SES Forward-Looking Statements
This press release includes "forward-looking statements" within
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 ability of our ZZ
joint venture to effectively operate XE's methanol plant and
produce methanol; our ability to successfully expand the ZZ joint
venture through our partnership with Saikong; the ability of our
project with Yima to produce earnings and pay dividends; our
ability to develop and expand business of the Tianwo-SES joint
venture in the joint venture territory; our ability to successfully
partner our technology business; our ability to develop our power
business unit and marketing arrangement with GE and our other
business verticals, including DRI steel, through our marketing
arrangement with Midrex Technologies, and renewables; our ability
to successfully develop the SES licensing business; events or
circumstances which result in an impairment of assets, including,
but not limited to, at our ZZ Joint Venture; our ability to reduce
operating costs; our ability to make distributions and repatriate
earnings from our Chinese operations; our limited history, and
viability of our technology; commodity prices, including in
particular methanol, and the availability and terms of financing;
our ability to obtain the necessary approvals and permits for
future projects; 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 projects. 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 will prove to have been correct.
Contact:
MDC Group Investor Relations: David Castaneda Arsen Mugurdumov
414.351.9758 IR@synthesisenergy.com
Media Relations: Susan Roush 747.222.7012
PR@synthesisenergy.com
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