http://www.greatpointenergy.com/clearadvantages.php Wanxiang and GreatPoint Energy Announce $1.25 Billion Investment and Agree to Construct World's Most Efficient Coal-to-Natural Gas Production Facility in China Sinopec agrees to purchase the natural gas output from the project utilizing GreatPoint's Bluegas(TM) hydromethantion technology and Wanxiang's coal resources CAMBRIDGE, Mass. & SHANGHAI, May 21, 2012 (BUSINESS WIRE) -- GreatPoint Energy and China Wanxiang Holdings today officially announced the closing of their investment and partnership agreement which was highlighted during an official signing ceremony between senior U.S. and Chinese government officials on February 19, 2012. As part of the transaction, GreatPoint Energy has raised equity investment and secured project funding of $1.25 billion from Wanxiang to finance and construct the first phase of a one trillion cubic feet per year coal to natural gas production facility. The complex will be located near Turpan, Xinjiang Uyghur Autonomous Region (Xinjiang) in the Peoples Republic of China and will utilize GreatPoint Energy's proprietary Bluegas(TM) technology. China Petroleum and Chemical Corp. (Sinopec), China's largest company by revenue, has agreed to purchase the natural gas produced from the facility and has already announced plans to construct a pipeline to deliver the gas to the eastern provinces of China. The Bluegas hydromethanation technology developed and owned by GreatPoint Energy directly converts coal into pipeline quality natural gas, the cleanest commercial fuel in use globally. GreatPoint Energy's proprietary technology operates at the highest efficiency with the least environmental impact, and produces natural gas at the lowest cost in the industry. Its water consumption is only half of that of competing gasification systems. Inherent in the technology is the ability to capture nearly all emissions, including carbon dioxide, which can be sequestered and used for oil production through Enhanced Oil Recovery. The technology is especially well suited for arid regions and where low-quality, concentrated coal resources are available, such as in Xinjiang. Together, Wanxiang and GreatPoint Energy also plan to develop large-scale Bluegas projects at other locations in Xinjiang and in other regions of China using the Bluegas technology. http://www.marketwatch.com/story/wanxiang-and-greatpoint-energy-announce-125-billion-investment-and-agree-to-construct-worlds-most-efficient-coal-to-natural-gas-production-facility-in-china-2012-05-21