Market Overview

Synthesis Energy Systems Announces LOI with Karachi Electric Supply


Synthesis Energy Systems (Nasdaq: SYMX) today reported that, along with its small-scale power collaborators, GE Packaged Power, Inc., ISTROENERGO GROUP, Inc. (IEG) and TUTEN Ltd, the company has signed its first Letter of Intent (LOI) with Karachi Electric Supply Company (KESC). KESC is a large electric utility company in Karachi, Pakistan with over 2.3 GW of installed electric generating capacity. The exclusive LOI calls for a feasibility engineering and financial evaluation of a coal gasification power generation project with a capacity between 90 and 200 MW to be constructed near Karachi. The completed feasibility study will serve as the basis for further discussions and negotiations for a syngas power plant contract. Under the terms of the LOI, SES will supply its proprietary gasification technology and equipment for the project, as well as provide ongoing engineering, operations and technical support. IEG, a GE engineering, procurement, and construction (EPC) consortium partner based in Levice, Slovakia, intends to provide turnkey EPC services for the entire project. TUTEN will assist with the feasibility evaluation and project development. GE, the SES co-marketing partner in small-scale power, will supply power generation equipment and technical support.

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Posted-In: M&A News Guidance Financing Contracts Management Global


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