Just released....Is this good or bad for the stock price.....
Evergreen Energy Indonesia Coal Refinery Project Advances in Concert with Sumitomo and a Major Indonesian Mining GroupLast update: 1/29/2009 10:41:00 AMDENVER, Jan 29, 2009 (BUSINESS WIRE) -- Evergreen Energy Inc. (NYSE Arca:EEE), its strategic partner Sumitomo Corporation and a major Indonesian mining group have agreed to advance their joint K-Fuel(R) coal refinery project on Kalimantan Island, Indonesia to the next round of detailed analysis necessary before making a decision to develop a comprehensive plant design. The proposed K-Fuel refinery would upgrade Kalimantan Island sub-bituminous coal before shipment to Asian markets. Together, the three companies have spent the past year examining engineering specifications, economic factors, market conditions and coal testing results related to the project. The yearlong effort provided critical information to the partners and identified additional key areas in need of more detailed investigation before reaching a decision to develop a detailed plant design. In addition, some Japanese utility companies have expressed interest in the project. "Evergreen announced this project in January 2008," said Evergreen President and CEO Kevin R. Collins. "And while it exemplifies the long, complicated process of bringing a new, large-scale energy technology to market, it also shows that persistence, hard work and patience can pay off when the technology and business models work and market conditions are favorable. All those factors are present in this project, and we look forward to working with Sumitomo and our Indonesian mining associate to quickly complete this next round of work that we believe will lead to a detailed plant design and ultimately a definitive plant construction agreement." Evergreen, Sumitomo and the Indonesian mining group will share the costs of this next round of development work. Asian coal markets have experienced significant changes in recent years that have created a favorable business backdrop for the K-Fuel product. While Australia, Indonesia and China have historically been the region's major coal producers, economic growth in China has turned that country into a coal importer. At the same time, rising demand in India and the reduced available supply of bituminous coal necessitate the opening of the region's vast sub-bituminous and lignite (brown coal) reserves. The World Energy Council estimates that Indonesia, alone, has approximately 4.5 billion tons of sub-bituminous and lignite coal reserves. The K-Fuel process will upgrade sub-bituminous and lignite coals to performance levels approaching bituminous coal. A 2007 test found that Kalimantan coal worked well with the K-Fuel process, which significantly raised the coal's heating value. Compared to the raw coal drawn from the mines, the K-Fuel refined coal had 64 percent less moisture, 56 percent less mercury and a 52 percent increase in heating value. About Sumitomo Sumitomo Corporation is a Fortune Global 500 integrated business, trading and investment firm headquartered in Tokyo with more than 140 offices in 65 countries. It has an international reputation in energy, construction, utilities, and metals and mining, among other industries. Sumitomo trades more than 10 million tons of coal annually from overseas, including Australia, Indonesia, Russia, Vietnam and China. About Evergreen Energy Inc. Evergreen Energy Inc. (NYSE Arca:EEE) owns the K-Fuel(R) process which refines coal into a cleaner, more efficient and affordable solid fuel to meet the growing energy demands of industrial and utility customers while addressing important environmental concerns. Its Buckeye Industrial unit mines, blends and distributes coal in the Eastern and Midwestern U.S. and its C-Lock Technology Inc. subsidiary is developing a web-based carbon accounting and marketing tool for agriculture and industry. Visit for more information. Statements in this news release that relate to future plans or projected results of Evergreen Energy Inc. are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended by the Private Securities Litigation Reform Act of 1995 (the "PSLRA"), and Section 21E of the Securities Exchange Act of 1934, as amended by the PSLRA, and all such statements fall under the "safe harbor" provisions of the PSLRA. Our actual results may vary materially from those described in any "forward-looking statement" due to, among other possible reasons, the realization of any one or more of the risk factors described in our annual or quarterly reports, or in any of our other filings with the Securities and Exchange Commission, all of which filings any reader of this news release is encouraged to study. Readers of this news release are cautioned not to put undue reliance on forward-looking statements. SOURCE: Evergreen Energy Inc.
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