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February 14, 2014
05:32 EDTSYMXSynthesis Energy, Zhangjiagang Chemical Machinery announce JV in China
Synthesis Energy Systems announced that its wholly owned subsidiary, SES Asia Technologies, has entered into definitive agreements to form a joint venture: ZCM-SES Sino-U.S. Clean Energy Technologies, with Zhangjiagang Chemical Machinery. The JV combines SES' advanced proprietary gasification technology with the market reach of one of China's leading coal-chemical equipment manufacturers and is expected to provide a uniquely competitive and high growth platform for both SES and ZCM in China and other major Asian markets. ZCM has agreed to contribute approximately $16.5M to the JV to fund its working capital needs for a 65% ownership interest. ZCM will have exclusive manufacturing rights for all ZCM-SES customer projects in China as well as the joint venture's additional markets of Indonesia, Malaysia, Mongolia, the Philippines, and Vietnam. SES is contributing exclusive usage of its advanced, proprietary gasification technology in these Asian markets for a 35% interest in ZCM-SES. SES' two operating plants, Yima and Zaozhuang, both remain under SES' ownership unrelated to this joint venture. SES believes its China business can deliver positive operating cash flows from further improving revenues and lower overall expenses once the ZCM-SES JV begins operation combined with results from its ZZ and Yima plants. The ZCM-SES JV is subject to customary Chinese government approvals which are expected to be completed within 60-90 days.
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