OUTOTEC OYJ STOCK EXCHANGE RELEASE, JULY 10, 2009 AT 1.00 PM
OUTOTEC ENTERED INTO JOINT VENTURE WITH EESTI ENERGIA
Outotec and Eesti Energia have entered into a joint venture for the holding of intellectual property rights and the commercialization of new sustainable oil shale processing technology.
Eesti Energia has a 60 percent stake in the new company with Outotec owning the remaining 40 percent. Under the new partnership, the goal is to become a significant supplier of oil shale technology solutions, benefiting from Eesti Energia's experience in oil shale mining and processing and Outotec's expertise in fluidized bed technologies, engineering and project implementation.
Outotec and Eesti Energia have developed a solution, which greatly improves the existing solid heat carrier process for the extraction of oil from oil shale and other hydrocarbon materials. The new process, called Enefit, utilizes the latest fluidized bed technology. The process enhances energy efficiency and ensures compliance with the European Union's environmental regulations.
"The world's recoverable oil shale resources are many times greater than those of conventional oil reserves, with large oil shale deposits to be found in the US, Brazil, China, Jordan, Russia and Estonia. In Estonia alone, there is potential to use the new technology for building several plants. We have developed a sustainable technology for the oil shale industry and we believe that our joint company will generate many business opportunities in the energy sector," stated Outotec's CEO Tapani Järvinen.
For further information please contact:
Peter Weber, President - Metals Processing division
tel. +49 6171 9693 165
Eila Paatela, Vice President - Corporate Communications
tel. +358 20 529 2004, +358 400 817 198
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