State-owned energy generator Genesis Energy is buying a 50 percent stake in CRL Energy, a company researching low-emission coal technologies.
The involvement of Genesis, which runs the coal and gas-fired Huntly power station, meant CRL Energy could advance its coal research programmes to eventual commercial application, CRL chairman Alan Broome said.
Research and development projects included high efficiency coal gasification, carbon capture and storage, and hydrogen manufacture. Burning coal creates greenhouse gas emissions.
Genesis Energy bought the stake from the National Institute of Water and Atmospheric Research (Niwa).
The other 50 percent is owned by the Coal Association of New Zealand, which welcomed Genesis Energy's investment.
"Genesis Energy's decision to invest is recognition of the long term potential for New Zealand's coal resources to provide a sustainable, low-emissions energy source," association executive chairman Chris Baker said.
Coalminer Solid Energy has previously said that New Zealand's 10 billion tonnes of economic coal reserves could last 1000 years at current annual production levels, if environmental constraints can be met.
This article is tagged with the following keywords. Find out more about MyNBR Tags
Most listened to
- Eroad CEO Steven Newman on his company's revenue increase
- Nathan Smith discusses the latest foreign affairs news
- NZ Windfarms departing director Michael Stiassny speaks out after board exit
- James Mayo talks about SOS Hydration's growth plans after Snowball offer
- Michael Wood on whether he would run in Mt Roskill
- SAFE's Abi Izzard quizzed over protest of a caged hen operation at Pukekohe
- Nevil Gibson talks about Editor's Insight on the planned $US150 million merger between Pfizer and Allergan
- Taupo Beef’s Mike Barton on how to extract sustainable profit from farming
- Will the government lose on RMA reform? Rob Hosking outlines the PM's speech
- How could bookmakers recoup $16 million? Racing Board chief executive John Allen explains
- Nevil Gibson breaks down the latest aviation news
- BusinessNZ manager of energy, environment and infrastructure John Carnegie talks about the climate change survey