A strategic investment by IMC of $5 million should ensure adequate resources are available to successfully develop this project. The late Senator Jim Rhoades, who was familiar with the project from the start, stated, We welcome clean power projects that utilize our abundant resources giving much-needed energy to our region.
The joint venture aims to permit a small electricity generation facility which uses advanced IGCC (Integrated Gasification Combined Cycle) clean coal technology. Jim Palumbo, President of Quad 3 Engineering (an engineering firm working with Future Fuels on this project), stated, Use of a local mine combined with low transmission costs for the electricity should provide the savings required to implement a technology far more eco-friendly than traditional methods.
Pennsylvanians are faced with rising electric power costs as the rate cap system is expiring. Demand for power has been growing while reliable supplies shrink due to older-style waste coal plants reaching the end of their useful lives. Schuylkill County, with its rich coal reserves, can prepare to meet the needs of its residents and even become an exporter of clean energy, said Frank Zukas, President of the Schuylkill Economic Development Corporation (SEDCO).
Congressman Tim Holden supports the project and believes that our nation needs to rely on all of our energy resources as a matter of economic and national security.
State Representative Tim Seip, a member of the Environmental Resources and Energy Committee, points out, The project falls right in line with the objectives of the Commonwealths recently passed $650 million energy bill. Projects like this will position Pennsylvania as a leader in clean energy solutions.
Clean coal gasification technologies are deployed in many parts of the world but only in a few locations in the United States. The technology is an efficient and proven technique of converting coals inherent energy to a liquid or gas instead of directly burning it as done in the past.
We see this partnership as an opportunity for our shareholders to realize a better return for cash not immediately required by our core business. The United States energy infrastructure is strained and we can play a positive role in solving this with Future Fuels, stated David Anderson, CFO of Immersive Media Corporation.