Environmental Clean Technologies raises cash to expand

A rights issue is underway in which industrial technology group Environmental Clean Technologies (ASX:ECT) is seeking to raise between $2.75 million and $7.45 million for expansion.

The company is developing a number of technologies to upgrade low-grade materials such as brown coal as well as recover waste resources and turn them into new materials.

Its lead effort is the Coldry technology, hailed as the world’s most cost-effective lignite drying method, featuring zero direct-CO2 emissions.

ECT is expanding its Bacchus Marsh, Victoria Coldry facility which upgrades low-grade brown coal into a product with properties closer to high-grade black coal.

Its COHgen technology produces hydrogen production from lignite.

And its Matmor technology utilises lignite rather than black coal to produce primary iron, decreasing costs and CO2 emissions.

Recently ECT has moved into the waste-to-energy space, purchasing a technology called CDP-WTE.

CDP-WTE allows the low emission conversion of waste such as wood and plastic to diesel, bitumen and asphalt.

According to Pitt Street Research, the Melbourne-based company could potentially be funded through to break-even point through this raising. The offer closes on 19 November.

Picture: Environmental Clean Technologies

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