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
- Christchurch Airport opens spotters' park to view first A380 arrival
- The shape of things to come in NZ? AT&T buying Time Warner
- Massive cyber attack a dress-rehearsal for the US election?
- Commissioner wants to raise retirement age to 67, Goldsmith disagrees
- The question of Islam's reformation and how to win this war – Part 2
Most listened to
- Sunday Business Episode 34 featuring Hayden Cox
- Matthew Hooton on what a National win in Mt Roskill could mean for Labour
- Tim Hunter on Sky's awkward Chinese problem
- Paul Goldsmith's attempt at insolvency law reform has been hijacked by a 'basked of deplorables' says Damien Grant
- Business Week in Review with Grant Walker & Andrew Patterson