Greenearth Energy (ASX:GER) should trade higher after Technip (EPA:TEC) completed an independent evaluation of the technology of Greenearth's 33% controlled associate, NewCO2Fuels (NCF).
The evaluation has revealed positive progress, a strong technology platform and performance capability likely to yield compelling IRRs for customers.
Technip is a world leader in project management, engineering and construction for the energy industry. It has 40,000 employees across 48 countries, and is listed in France with annual revenues of €9 billion.
Technip was engaged by NCF’s Board to assist in validating its CO2-to-fuel conversion technology and assessing its potential commercial viability and opportunities.
The report highlights the uniqueness and efficiency benefits of NCF’s technology when compared to other competing technologies that are developing CO2-to-fuel conversion solutions.
Technip stated that “Competing processes exist for concentrated growing of biomass from sunlight, such as those based on algae, but will not match NCF’s efficiency”.
The report also confirmed the likelihood of NCF achieving commercial readiness in 2017.
Observations and findings of the Technip report were consistent with those of a previous independent review conducted by WorleyParsons (ASX:WOR) in September 2013.
Last month, NCF won the 2014 World Technology Network award for Energy, joining past winners including Apple, Facebook, Google, Honda, IBM, Skype, and Tesla Motors.
NCF’s technology was also recently named by the Australian Government as a future fuel in its Alternative Liquid Fuel Technology Assessment report, and NCF was allocated funding from the US Government Department of Energy technology.
