VANCOUVER (Yosefardi) – MicroCoal Technologies Inc. has received cash payment from Indonesia power company PT Wijaya Tri Utama (PWTU) to commence construction of coal upgrading facility.
The remaining balance will be secured by an irrevocable letter of credit arranged by PWTU, acceptable to the Canadian Imperial Bank of Commerce (CIBC), for the benefit of MicroCoal™.
The contracted price for construction of the facility is USD $6 million.
MicroCoal™ Technologies Inc. is focused on commercializing its unique, clean-coal upgrading technology known as MicroCoal™; a low-cost, patented microwave technology that reduces moisture in coal resulting in an upgraded energy content of coal.