HTC Hydrogen Technologies Corp.

HTC Hydrogen Technologies Corp.

December 06, 2007 16:17 ET

HTC Purenergy and Global Energy, Inc. to Form New Company to Deliver CO2 Management, Sequestration and Enhanced Oil Recovery Solutions to United States Gasification Facilities

REGINA, SASKATCHEWAN and CINCINNATI, OHIO--(Marketwire - Dec. 6, 2007) - HTC Hydrogen Technologies Corp. dba HTC Purenergy (TSX VENTURE:HTC), an energy technology company that is commercializing CO2 Capture/Storage Technologies for Enhanced Oil Recovery ("EOR") and Global Energy Inc. ("Global Energy"), a leading environmental energy technology company with gasification technology and advanced fuel technology expertise, today announced that they have signed a memorandum of understanding ("MOU") under which they will form a new company to be called Carbon Management Technologies ("CMT") to deliver CO2 management, sequestration and EOR solutions to pre-combustion gasification projects and facilities in the United States.

Cincinnati, Ohio based CMT will develop and execute on a comprehensive Carbon Management, EOR/Sequestration strategy that will demonstrate the clear opportunity to value CO2 and manage it to the highest environmental and economic standards. CMT will immediately facilitate a 25 year oil production opportunity and the future development of one of America's largest enhanced oil recovery fields in Ohio. Global Energy will facilitate the supply of CO2 to these Ohio oil fields by providing access to an anticipated 2.8 million tons per year of CO2, planned to be captured from Global Energy's new Lima, Ohio gasification facility. In addition, CMT will assess and evaluate other oil fields in the US where the gasification/CO2/EOR model can demonstrate viability.

Commenting on the formation of Carbon Management Technologies, Harry Graves, President and CEO of Global Energy said "We recognize that a carbon constrained economy is rapidly emerging creating opportunities for us to take a leadership role in bringing CO2 management programs to major energy companies in the US. HTC Purenergy has developed a broad range of unique, proprietary CO2 capture management solutions making them a natural partner to work with us in developing and branding a new CO2 management and EOR/sequestration company to provide comprehensive solutions to US based gasification projects."

Under the terms of the MOU, Global Energy will own 70% and HTC Purenergy will own 30% of Carbon Management Technologies. HTC Purenergy will provide to CMT, technology services and licensing rights and in return Global Energy will issue 41,666 common voting shares to HTC Purenergy. Closing of the transaction is scheduled for completion January 11, 2008 and remains subject to required board and regulatory approvals.

Among the technologies HTC Purenergy will license to CMT will be its Carbon Vault - for the injection of CO2 into saline aquifers, unmineable coal beds and retired oil and gas fields; EOR Max - for the provision of end to end solutions for CO2 storage through injection of CO2 into oil fields requiring improved oil viscosity and miscibility production enhancements; Global Carbon Audit Centre - for the sequestration storage processes and validation of on-site carbon storage providing future approved Carbon Credits Certificates and/or Certified Emission Reduction Certificates.

"Global Energy is a leader in developing and commercializing environmentally friendly gasification technology and we are very pleased to have this opportunity to work with them in creating a new US market leader in CO2 management, sequestration and EOR solutions for pre-combustion gasification projects," said Lionel Kambeitz, CEO of HTC Purenergy.

Global boasts a portfolio of IGCC and synthetic gas facilities, is a leader on IGCC development in the US and UK, and has 20 years of focused dedication to Gasification Technology. The synthetic gas facilities incorporate its global gas synthetic world leading BTU Conversion/ Gasification Technology processes requiring only CO2 management to complete an all encompassing clean energy offering.

HTC Purenergy works in collaboration with the world-renowned University of Regina Greenhouse Gas Technology Centre and the International Test Centre for CO2 Capture, which represents 11 years of continuous development and testing in CO2 Capture/Management/Sequestration. HTC Purenergy's CO2 Management technologies enable the complete provision of end to end Clean Energy Technology utilizing America's vast Solid Hydrocarbon Resources (900 Billion BOE).

HTC Purenergy corporate developments can be followed on and is traded under the symbol HTC.

The TSX Venture Exchange Inc. does not take any responsibility for the adequacy or accuracy of the information contained in this news release.

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