Obama's energy secretary Steven Chu ,had called coal his "worst nightmare" in a 2007 speech [green vote needed]
At his senate confirmation hearing on Jan 13,Chu said that the fuel is a "great national resource", that the USA with its great technological leadership,should rise to the occasion to develop.
Environmentalists are saying,with the backing of Al Gore, that there is no clean coal,and "WE" aren't going to help you [coal companies] get it.
Perhaps, via the Peabody coal lobbying team...Laurus Energy is back in the news "again".
Ergo "timed" its move beautifully.
Previous statement....A new company called Laurus Energy which recently received financial backing from a venture capital firm,says its energy is even better than natural gas as a source,because the gas is generated with a "superior method" that no one else is using in America, UCG.
This is the lowest cost,cleanest power source in the world, says Erik Straser,partner at Mohr Davidow ventures,who led the investment into the company.
Ergo Exergy owns exclusive rights for the technology in North America,and licenses it out to different global operators,it was founded by Michael Blinderman who also founded Laurus.
Laurus' power will be about 75% cheaper than the lowest cost solar alternatives,and about "half" as expensive as natural gas Straser says.
Rebecca McDonald is now energy executive of Laurus,who previously ran large divisions of Houston's BHP petroleum.
[money goes to where it feels comfortable]
The company will need about 2 years before it can build the plants, and deliver energy to the market,so far it has started mining in Texas,and in Alberta Canada,targeting coal seems at the 200/1500 meter level.
All sound familiar?
From our perspective, when Cougar walked down the aisle with Ergo,and tied the golden knot, Walker/Blinderman paved the way for a facet of the coal industry to become "very respectable" via UCG.
The Sages will eventually be known for their major stance/contribution,in educating an energy demanding world,in its outlook and use for coal.
Life is too short to be small.
HM.
CXY Price at posting:
5.2¢ Sentiment: None Disclosure: Held
