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Synthesis Energy Systems (Nasdaq: SYMX) $2.05. Today announced that it has signed an agreement with China Energy Industry Holding Group Co., for a cash investment of approximately US$83.8 million to support the Company's business strategy in China , including project development and investment. China Energy, a Hong Kong based limited liability corporation, has been formed by Zhongjixuan Investment Management Ltd. ("ZJX") of Beijing for the purpose of investing in SES.
This agreement significantly strengthens the Company's balance sheet and provides additional financial flexibility for SES to execute on its business plan in China and around the world.
ZJX, with extensive relationships throughout China , will assist SES in the development of new joint venture businesses to meet the needs of China 's growing demand for clean energy based on lower cost/lower grade coals such as lignite. Through these joint ventures, ZJX will assist in the development of new project investments, provide opportunities to acquire low cost coal resources, work to secure additional partnerships and financing, obtain government approvals, as well as support the Company's efforts with its current partners and projects.
What They Do: Synthesis Energy Systems focuses on developing and commercializing gasification technology primarily in China and the United States.
Clean Energy Fuels (Nasdaq: CLNE) $16.40. Today announced that the Metropolitan Tulsa Transit Authority (MTTA) of Tulsa, Oklahoma has awarded a contract to design, build, operate and maintain a compressed natural gas (CNG) fueling station to support the agency’s growing fleet of CNG-powered buses and paratransit vehicles.
Slated to open in September 2011, the new Tulsa Transit fueling facility will be equipped with 39 time-fill posts and one fast-fill CNG dispenser. The new station, located at MTTA’s vehicle maintenance facility, will support the agency’s accelerating program to replace 100% of its diesel-powered bus fleet with clean, green, cost-efficient CNG models. Currently Tulsa Transit deploys 63 fixed-route buses and 49 paratransit vehicles in a 197- square-mile area that includes the communities of Tulsa, Jenks, Broken Arrow and Sand Springs. Annual ridership tops 2.8 million passenger trips.
In 2011, Tulsa Transit expects to add 35 new CNG paratransit vehicles and 15 CNG buses to its fleet, replacing diesel models as they are retired from service this year.
What They Do: Clean Energy is the largest provider of natural gas fuel for transportation in North America and a global leader in the expanding natural gas vehicle market.
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