Peabody takes stake in GreatPoint Energy
Peabody Energy Corp. is taking a stake in GreatPoint Energy Inc., a start-up company developing technology to make natural gas from coal or biomass while capturing emissions of carbon dioxide.
As part of the agreement, Peabody and Cambridge, Mass.-based GreatPoint Energy Inc. will look at the potential of constructing a plant using the coal producer’s land and reserves, Peabody said in a statement. The size of Peabody’s investment and other terms of the agreement weren’t disclosed.
GreatPoint says its technology can transform coal, petroleum coke or biomass into nearly pure methane for use in factories, power plants or furnaces.
The company has successfully tested a pilot plant in Des Plaines, Ill., and has begun engineering work for a commercial-scale project.
“Using GreatPoint Energy’s technology to turn coal into natural gas whil capturing carbon will provide a clean coal-based alternative to expensive natural gas imports,” Rick Bowen, a Peabody senior vice president.
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