Join our daily newsletter At The Bell to receive exclusive market insights
- Engineering product and solution provider Synertec Corporation (SOP) has reported several advances in testing GreenTech’s Composite Dry Powder (CDP) technology
- The pair are developing the CDP tech for treating hydrocarbon drilling mud and other applications
- GreenTech has finished its expanded commercial-scale pilot program with a state-owned Chinese oil and gas company and is working on another pilot program with a second state-owned enterprise
- GreenTech also makes bricks using CDP treated drilling mud which have reached the final stages of the environmental approval process with local authorities
- Synetec is reviewing GreenTech’s two Chinese provisional patents with the aim of applying for International Patents
- Synetec shares gained 79 per cent to close at 6.8 cents
Synertec Corporation (SOP) has reported on several advances in testing Sichuan GreenTech Environmental’s Composite Dry Powder (CDP) technology.
The company and GreenTech are working to develop GreenTech’s technology for treating hydrocarbon drilling mud and similar applications.
Synertec has reported that GreenTech has finished its expanded commercial-scale pilot program with a state-owned Chinese oil and gas company.
As part of the program, GreenTech processed 6,000 tonnes of oil-contaminated drilling mud with its CDP tech, generating $900,000 in revenue.
Additionally, Greentech has completed testing with another Chinese State-Owned Enterprise (SOE) and is completing a commercial-scale pilot program for the customer at a live drill site.
GreenTech is in discussions with both of the SOEs and anticipates that they will each sign long-term contracts.
Synertec is funding the pilot plant works under an existing loan facility and GreenTech has now used $800,000 of the $1 million facility.
Synertec Managing Director Michael Carroll said the trial results were highly encouraging.
“The trial results of the CDP pilot programs to date indicate that it is a potentially revolutionary and globally applicable solution to the significant environmental challenges presented by toxic drilling mud.
“We see opportunities to apply CDP not only to assist active drilling sites but also to help remediate the millions of tonnes of drilling mud that have been created as a by-product of the past decade’s boom in shale energy development,” Michael said.
Additionally, Synertec has appointed a representative in Chengdu, the location of GreenTech’s head office, to engage with stakeholders, undertake site visits and the likes.
“This was an important step in our relationship with GreenTech owners and management. This process has already been highly valuable in accelerating our understanding of GreenTech’s business including its operations, customer and supplier relationships and our confidence in the potential of the technology,” he said.
GreenTech also makes bricks using CDP treated drilling mud and other materials without the need for baking and the product has now reached the final stages of the environmental approval process with the local Chinese authorities.
Independent testing of compression strength and quality found them to be suitable for similar applications to traditional kiln-fired bricks.
Finally, Synetec is reviewing GreenTech’s two Chinese provisional patents with the aim of applying for International Patents.
Synetec shares gained 79 per cent to close at 6.8 cents.
