Peabody Energy Acquires Equity Interest in GreatPoint Energy ST. LOUIS, Jan. 25 /PRNewswire-FirstCall/ -- Peabody Energy (NYSE: BTU) today announced that it has reached an agreement to become a minority investor in Cambridge-based GreatPoint Energy, Inc. GreatPoint Energy is commercializing its proprietary bluegas(TM) technology that converts coal, petroleum coke and biomass into ultra-clean pipeline quality natural gas while enabling carbon capture and storage. As part of the agreement, Peabody and GreatPoint Energy will evaluate the potential for development of joint coal gasification projects using Peabody reserves and land. GreatPoint Energy uses a single-stage catalytic gasification process to create natural gas that is 99.5 percent pure methane and can be transported throughout North America utilizing the existing natural gas pipeline infrastructure. They are developing the technology for commercial-scale use for power generation, residential and commercial heating and production of chemicals. GreatPoint Energy has completed highly successful testing in a pilot facility in Des Plaines, Ill., and is commencing engineering for the first commercial project.
FRANKFORT, Ky. -- Peabody Energy is expected to announce next week that it has chosen Western Kentucky as the site for a $3 billion plant that would convert coal to natural gas.
The St. Louis-based energy giant won preliminary approval yesterday for up to $250 million in tax incentives under an energy bill approved in August by a special session of the General Assembly.
The incentives were approved unanimously at a meeting of the Kentucky Economic Development Finance Authority.
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