Energtek Inc. and Confidence Petrolem India Ltd. recently announced that they will begin a joint venture to commercialize affordable and environmentally-friendly pipeless natural gas supply solutions for large automotive fleets and industrial consumers throughout Southeast Asia. The goal of the joint venture will be to introduce commercial natural gas mobile supply solutions using Energtek’s proprietary ANG technology in India, Pakistan, Bangladesh, Sri Lanka, and other countries in the region.
Lev Zaidenberg, CEO of Energtek, spoke very optimistically of the venture saying, “This agreement allows Energtek and Confidence Petroleum to combine the technology, manufacturing, and marketing resources needed to provide a Natural Gas supply solution that is financially beneficial to energy consumers across Asia.”
Zaidenberg also added, “Together, we can increase the commercial use Energtek’s breakthrough ANG technology to help Asian residents drastically reduce the harmful pollution emitted by motorcycles, while providing much-needed relief to consumers and low-income drivers suffering from the rising costs of oil and gasoline.”
Energtek already has a great reputation based on its clean natural gas technology, but is now hoping to introduce that into many Asian markets where two- and three-wheel vehicles are the transportation of choice for many low-income families. In 2006, more than 44 million of these units were sold, and estimates peg the number of these vehicles on the road at 300 million, with nearly 85% of them in Asia. This niche market is the cause of much environmental pollution that this new venture is expected to greatly diminish.
As the terms of the joint venture specify, Confidence Petroleum will be investing $2 million and acquire co-ownership of Energtek’s subsidiary Primecyl LLC., which is currently developing pressure cylinder manufacturing plants in Europe. The venture will incorporate production facilities in Europe to serve the European and Asian pressure cylinder markets. A fully-owned Primecyl subsidiary, Confi Energtek Asia, will be established to conduct business operations in India and throughout Asia.
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