Podium Energy in coal tech space
23 June, 2009
Up-coming international brokering powerhouse Podium Energy, part of the Markstone Group of companies, has succeeded in closing a deal for Australian brown coal technology company Environmental Clean Technologies (ASX:ESI) that increased this client’s share price by an incredible 90% within hours of announcing to the market.
Director Doug Townsend met ECT chief executive Kos Galtos in Vietnam this week to personally oversee the signing of a Coordination Agreement for the establishment of a Special Purpose Vehicle (SPV) with local coal company Thang Long Investment Company (TinCom).
This agreement was an imperative next stage to enable ECT access to considerable funds for a detailed feasibility study to take its brown coal drying technology, Coldry, to commercialisation.
Mr Townsend said enormous effort went in to negotiating with the Vietnamese-based company and a highly successful outcome had been reached for both parties.
“Podium Energy has successfully brokered this deal for a major client by having on the ground local knowledge of Vietnam through our partner Albert Huynh and by keeping open, transparent lines of communication between ECT and TinCom over a number of months,” he said.
In February 2009, ECT signed a Heads of Agreement with TinCom for the establishment of a SPV that would provide funds for a feasibility study before moving to cull commercial construction.
“We managed to get a successful outcome in a relatively short period of time, which is commendable in this current economic climate,” Mr Townsend said.
Mr Huynh, who worked with Podium Energy to ensure TinCom was also getting a good deal, said the collaboration between all parties ensured its success.
“It is important for companies to have local knowledge in the industries as well as the countries where they are seeking investment,” he said.
“This includes knowledge of their government, industry landscape and general exposure to how to do business.
“Podium Energy recognises this and together we will continue our involvement with this client for the duration of the different stages that now must be worked through until construction is completed.”
