ABCT Invests in Manufacturer of Clean Synthetic Fuels
Calgary, Alberta--(Newsfile Corp. - April 16, 2019) - Alberta Clean Technologies (VCC) Ltd. (ABCT) today announced the successful closing of its third round of venture capital financing, bringing the total raised to date to $7.5 million. The funds will be used to invest in Alberta based clean energy technology companies with proprietary technologies, products and processes under the Investing in a Diversified Alberta Act.
ABCT further announced the closing of its first venture investment, made up of $2.9 million for a 7.1% equity stake in Rocky Mountain GTL Inc. (RMGTL). RMGTL is a privately owned Alberta company that designs, constructs and operates small scale gas to liquids plants to economically convert natural gas and natural gas liquids into synthetic diesel, naphtha and jet fuel without a refinery.
In 2017, RMGTL acquired the patents and trade mark for the process technologies called Enhanced Gas to Liquids (EGTLTM) from Expander Energy Inc. of Calgary. EGTLTM is a direct "well to wheel" solution for the Alberta natural gas industry, converting clean-burning, low emissions qualities of natural gas into high performance, low carbon liquid paraffinic fuels for the road, rail, marine and aviation markets. EGTLTM is carbon efficient, resulting in reduced carbon emissions, and increased production and economics.
RMGTL's first commercial project is a plant currently under construction in Carseland, Alberta, which is scheduled to be manufacturing 20 million litres per year of low emission, high performance synthetic fuels by mid-2019.
About Alberta Clean Technologies (VCC) Ltd.
Alberta Clean Technologies (VCC) Ltd. (ABCT) was founded in June 2018 as a venture capital corporation (VCC) under the Investing in a Diversified Alberta Act. ABCT provides capital to Alberta small businesses doing research, development or commercialization of proprietary clean energy technologies, products or processes. ABCT is not a reporting issuer in any jurisdiction. See www.abct.ca for more information.
This press release is for information purposes only. It is not, and under no circumstances should be construed as, a solicitation or invitation to purchase, or advertisement for ABCT Common Shares. No securities regulatory authority in Canada has assessed the merits of the ABCT Common Shares or reviewed this press release. Any representation to the contrary is an offence.
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