US-based cleaner-energy technology company Clean Coal Technologies has announced a notice of default and termination to AGPL Investments, seeking to dissolve the Good Coal joint venture.
The notice comprises default and termination provisions of the 21 September 2012 EPC Payment Agreement, the Heads of Terms Agreement effective 13 March 2012 and the joint venture agreement with Good Coal.
Good Coal JV, effective 5 June 2012, also includes the Exclusive Technology License Agreement. The company, which owns the proprietary technology that converts raw coal into a cleaner burning and more efficient fuel, is currently continuing with its construction of the Oklahoma pilot plant.
Clean Coal will now assume all obligations of the project under a new construction contract.