San Diego, CA, October 17, 2009 --(PR.com
)-- Global Partners United has signed a memorandum of understanding with Guangxin Hengye Investment Corporation worth in excess of USD 600 million per year for the next twenty years. GPU and Guangxin have agreed in principle that they will utilize Bixby Energy System's (headquartered in Ramsey, MN) revolutionary coal gasification technologies that turn coal into natural gas, activated carbon (with patents pending) and then petroleum.
GPU Chairman Dr. Jason Moore states, "I have never in my 30 plus year career in business seen a product ignite such a fire in the market as Bixby's "Clean Coal" Technology has. The demand for Bixby's systems is directly fueled by China's voracious appetite for new, clean energy which Bixby's system provides. Utilizing our systems immediately reduces the CO2 emissions from power plants by 60%. We at GPU are extremely pleased with the reception, speed, and size of orders we have gotten from our rapidly increasing customers for Bixby systems in China."
Guangxin's agreement with GPU is Bixby/GPU's second significant agreement reached in the last 60 days. The first deal was signed with the Hohhot Mengyuan Industry Group on August 28th and was worth roughly USD 500 million. Additionally several minor agreements are in various stages of completion.
Finally, this agreement has provided a future commitment for funding for other projects in China to facilitate rapid expansion of the first truly "Clean Coal Technology" to be developed.
For questions please contact Susan Xu or Dr. Jason Moore at (+86-10) 8859.3789