YES BANK to advise ECT in commercializing their patented- 'Coldry' technology in Indian markets
Mumbai, January 8, 2014: YES BANK, India's fourth largest private sector Bank, jointly with Greenard Willing, an Australian corporate advisory firm, has entered into an advisory agreement with Australia based Environmental Clean Technologies (ECT). The agreement aims to assist ECT in commercialization and technology transfer of Clean Coal technologies in India via a systematic knowledge-based approach.
YES BANK's Sustainable Investment Banking Group along with Greenard Willing, will jointly set in place the structures and partners for implementation of ECT's manufacturing strategy in India, to deliver a lower capital cost structure for Coldry plant & equipment and also in the development of commercial scale Coldry processing plants for Indian and International projects.
Speaking on the agreement, Aditya Sanghi, Senior MD, Investment Banking, YES BANK stated, "ECT's Coldry technology offers sustainable and long term solution to meet the growing energy demands of India while mitigating the daunting issues of climate change. YES BANK has a strong commitment to mainstreaming sustainability within the industry and this partnership with ECT is a natural extension of our efforts to create sustainable development of India. YES BANK's Sustainable Investment Banking team has in the past successfully delivered technology commercialization solutions to international clean technology ventures. It offers a unique knowledge-driven approach and has a strong understanding of the space with deep rooted relationships."
ECT's Managing Director Ashley Moore added, " We expect to conclude this initial stage of activities with YES BANK and Greenard Willing over the next quarter, and deliver qualified & capable selection of future Coldry plant and equipment suppliers, able to deliver, globally, at a highly competitive cost. This will enhance our ability to promote Coldry projects, and deliver on shareholder expectations of value from Coldry's roll out."
About the Coldry process and applicability in India
The Coldry process converts lignite/sub-bituminous coal in black coal equivalent, producing a storable, transportable, energy rich fuel ideal for thermal coal market. It delivers a ~80% reduction in moisture content and upto ~280% increase in calorific value. This also translates into reduced ash content, lower polluting content as well as recovery of water, thus offering an environmentally sustainable solution.
India has a large demand supply mismatch of thermal coal - 97 MT in FY 13, which is likely to increase to 213 MT by FY 17. Coldry technology offers an efficient and cost effective solution to utilize the vast lignite resources of India (estimated reserves of 43 BT) to meet the energy needs and security of the country.
About YES BANK
YES BANK, India's fourth largest private sector Bank, is the outcome of the professional & entrepreneurial commitment of its Founder Rana Kapoor and his top management team, to establish a high quality, customer centric, service driven, private Indian Bank catering to the Future Businesses of India.
YES BANK has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers. YES BANK has a knowledge driven approach to banking, and a superior customer experience for its retail, corporate and emerging corporate banking clients. YES BANK is steadily evolving as the Professionals' Bank of India with the vision of "Building the Best Quality Bank of the World in India".
Greenard Willing is a boutique financial and corporate advisory services company covering both listed and unlisted companies that have modest capitalisation values. Greenard Wiling has a specialist Australia-India business practice led by Jeffrey Castellas, an internationally recognised expert in clean technologies. Greenard Willing provides a range of corporate advisory services for the energy, agriculture, mining and environmental industries. Our professional team is committed to the highest standards of work and performance for our clients in accordance Australian Financial Services Licence 403562.
For further information, please contact:
YES BANK, India
Kartik UpadhyayPh.: + 91 9833452757
YES BANK, India
Rajnesh TrivediPh.: + 91 22 33479665
Ashley MoorePh: +61 3 9909 7684