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DJ Clean Invest Africa Plc MOU with Uzbekistan Ministry and Uzbekistan Railway

 
TIDMCIA 
 
14 January 2020 
 
                            CLEAN INVEST AFRICA PLC 
 
                           ("CIA" or the "Company") 
 
Coaltech sarl  signs MOU with the Republic of Uzbekistan Ministry of Innovation 
and Development and the Uzbekistan Railway company in relation to a coal fines 
project with an initial estimated value of USD $16,000,000. 
 
Clean Invest Africa Plc (NEX:CIA), the NEX Exchange quoted clean technology and 
renewable energy investment company, is pleased to provide the following update 
from the CoalTech Group ("CoalTech"), its wholly owned subsidiary. 
 
Coaltech has, via its joint venture company Coaltech sarl, established with 
Luxembourg based fund management company, Creon Capital, to jointly develop 
opportunities in Russia and CIS, concluded and signed a memorandum of 
understanding ("MOU") with the Republic of Uzbekistan Ministry of Innovation 
and Development and the state owned Uzbekistan Railway company. The MOU is for 
the development in Uzbekistan of a project for the processing of coal fines 
into coal pellets, with an initial estimated value of US$16,000,000. 
 
Coaltech has developed an innovative agglomeration solution that converts coal 
fines waste deposits into combustible coal pellets via a proprietary 
technology, and it has signed a joint venture agreement with  Luxembourg based 
fund management company Creon Capital to jointly develop opportunities in 
Russia and CIS. CoalTech Sarl, is developing the CoalTech business 
opportunities in Russia and CIS, which account for roughly two thirds of the 
coal production in Eurasia, excluding China. Creon Capital invests in the joint 
project with its clean-tech Creon Energy Fund (Sicav-SIF). The Fund's 
initiator, Creon Energy (Moscow) is responsible for project implementation 
regionally. 
 
Coaltech sarl has reached a preliminary agreement with both the Ministry of 
Innovation and Development of the Republic of Uzbekistan and Uzbekistan 
Railways JSC for the development in Uzbekistan of a potential project for the 
processing of coal fines into coal pellets, with an initial estimated value of 
USD$16m. Coal extraction is one of the largest industries in Uzbekistan. The 
project anticipates feasibility studies, development of technical 
specifications and joint development of a business plan including confirmation 
of local demand in addition to the provision by the parties of relevant 
technical assistance. 
 
The parties have agreed that subject to successful outcome of this initial 
phase including a feasibility study, that they shall enter into appropriate 
commercial long term supply and/or off take arrangements. 
 
Filippo Fantechi, CEO of Clean Invest Africa Plc, stated that this signing of 
an MOU with the Ministry and the Uzbek railway company is a significant step in 
the further geographic expansion of Coaltech and represents an extremely large, 
long term opportunity for Coaltech if it comes to fruition. This co-operation 
is the first output from the Luxembourg based joint venture targeting Russia 
and the former soviet countries, agreed with Creon Investments and as announced 
to the market on 18th July 2019. 
 
Contacts 
 
The Directors of the Company accept responsibility for the content of this 
announcement. 
 
ENQUIRIES: 
 
Company 
 
Clean Invest Africa PLC 
 
Filippo Fantechi - Chief Executive Officer 
 
Telephone: +973 3 9696273 
 
Noel Lyons - Executive Director 
 
Telephone: +44 7912 514 809 
 
Corporate Adviser 
 
Peterhouse Capital Limited 
 
Guy Miller 
 
Telephone: 020 7220 9795 
 
Notes to editors 
 
The Ministry of Innovative and Development of the Republic of Uzbekistan was 
created by Decree of the President of the Republic of Uzbekistan in 2017 (? ?? 
-5264 and ? ??-3416, with its role being to ensure accelerated innovation- 
driven growth of all sectors of the Uzbek economy and social sphere based on 
"advanced foreign experience, modern achievements of world science, innovative 
ideas, developments and technologies "and in accordance with the goals outlined 
in Uzbekistan's action strategy on five priority areas of development of the 
Republic of Uzbekistan in 2017 - 2021." For more information see https:// 
mininnovation.uz/en/menu/o-ministerstve 
 
Uzbekistan Railways, O?zbekiston Temir Yo?llari, are the national rail carrier 
of Uzbekistan and owns and operates all railways within the country. It is a 
state-owned stock company, formed in 1994 to operate railways within 
Uzbekistan. The total length of its main railway network is in the region of 
7,000 km and it employs in the region of 91,000 people.  For more information 
see http://railway.uz/en/ 
 
 
 
END 
 

(END) Dow Jones Newswires

January 14, 2020 03:25 ET (08:25 GMT)