An energy technology start-up has raised $50 million to turbo-charge its plan to convert waste material from coalmines into low-cost fuels. Vitol, the world’s largest independent oil trader, and Peabody Energy, the coal group, are investing $10 million each in Arq, valuing the London-based venture at $500 million. The company was founded in 2010 by Julian McIntyre, a banker-turned-entrepreneur, to invest in the coal industry. Four years ago, it began developing its technology and obtained a patent over its coal dust-to-fuel process in November. Arq has devised a method to extract particles of hydrocarbon from the piles of waste that accumulate at coalmines. The slag is converted into a liquid form, which can be blended into crude oil or other liquid energy products. Arq also produces coal-like pellets from the dust, which can be used by the energy company to create electricity.
Times 18th July 2018 read more »