18/11/09
Rentech Signs Agreement with Australian Firm
By DEBORAH CROWE
Los Angeles Business Journal Staff
Rentech Inc. said Wednesday that it struck a deal with an Australian oil company to consider using its alternative energy technology.
The non-binding memorandum of understanding with Beach Petroleum calls for feasibility studies on development of an Australian facility using Rentech technology.
Rentech, based in Los Angeles, said that Beach Petroleum, based in Adelaide, South Australia is interested in producing ultra-clean synthetic fuels and specialty chemicals from gas derived from its fields in Australia.
Rentech’s patented technology is designed to convert gas into hydrocarbons that can be refined into ultra-clean biodegradable synthetic fuels, specialty waxes and chemicals. It has signed several supplier contracts in the United States this year and is building its first facility in Rialto.
“The flexibility of our technology, which can utilize a variety of fossil and biomass resources, enables us to explore deployment opportunities in regions with abundant resources such as Australia,” Chief Executive D. Hunt Ramsbottom said in a statement.
Shares were up 2 cents, or 1.6 percent, to $1.27 in midday trading on the New York Alternet.
the plot thickens
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