Business
Petro River Acquires Clean Air Technology, Coalthane Tech LLC
Petro River Acquires Clean Air Technology, Coalthane Tech LLC.
About this update from Petro River Oil Corporation
[{"type":"text","content":"\n \n \n Petro River Acquires Clean Air Technology, Coalthane Tech LLC\n \n \nPetro River Acquires Clean Air Technology, Coalthane Tech LLC\n\nPetro Spring Continues to Expand Its Technology Solutions Portfolio\n\n \n HOUSTON, TX--(Marketwired - Mar 5, 2015) - Petro River Oil Corp. (OTCQB: PTRC) (\"Petro River\" or the \"Company\") today reported that its wholly owned subsidiary Petro Spring LLC (\"Petro Spring\") has closed on a transaction to acquire substantially all the assets owned by Coalthane Tech LLC (\"Coalthane\"), including certain intellectual property, trade secrets, and know-how related to Coalthane's proprietary technology to reduce methane emissions from coal-mines and other wells (the \"Acquisition\"). Specifically, the technology targets fugitive gas sourced from coal-mine methane (CMM), ventilation air methane (VAM), abandoned mine methane (AMM), and/or fields of coal-bed methane producing wells (CBM). This technology leverages similar chemistry and thermodynamic processes as the recently acquired Havelide System™. \n The proprietary Coalthane technology is an environmentally friendly method of capturing methane emissions. Methane is estimated to be 34 times worse than carbon dioxide as a green-house gas. The process is only modestly energy intensive. \n According to Executive Vice President Daniel Smith, \"The significance of this technology lies in its potential to significantly reduce pollution and smog in countries like China, where traditional methods of coal mining have led to extreme levels of methane emissions and air pollution.\"\n Dr. Stephen Boyd, Petro Springs Chief Technology Officer and inventor of this technology, added, \"The motivation behind the development of this technology was twofold: first, to contribute to a safer work environment in coal-mines by reducing the amount of VAM present, and second to potentially convert these errant methane emissions into higher value liquid bi-products.\" \n The acquisition represents the second transaction by Petro Spring, the technology-focused arm of Petro River, and expands its portfolio. \n About Petro Spring LLC.\n Petro Spring is a wholly owned technology focused subsidiary of Petro River. It was launched with an intentionally broad mandate to acquire and commercialize cutting edge technologies with the intent to capitalize on the significant ...