Outotec entered into joint venture with Eesti Energia>
Outotec entered into joint venture with Eesti Energia
(Thomson Reuters ONE) - OUTOTEC OYJ STOCK EXCHANGE RELEASE, JULY 10, 2009 AT 1.00 PMOUTOTEC ENTERED INTO JOINT VENTURE WITH EESTI ENERGIAOutotec and Eesti Energia have entered into a joint venture for theholding of intellectual property rights and the commercialization ofnew sustainable oil shale processing technology.Eesti Energia has a 60 percent stake in the new company with Outotecowning the remaining 40 percent. Under the new partnership, the goalis to become a significant supplier of oil shale technologysolutions, benefiting from Eesti Energia's experience in oil shalemining and processing and Outotec's expertise in fluidized bedtechnologies, engineering and project implementation.Outotec and Eesti Energia have developed a solution, which greatlyimproves the existing solid heat carrier process for the extractionof oil from oil shale and other hydrocarbon materials. The newprocess, called Enefit, utilizes the latest fluidized bed technology.The process enhances energy efficiency and ensures compliance withthe European Union's environmental regulations."The world's recoverable oil shale resources are many times greaterthan those of conventional oil reserves, with large oil shaledeposits to be found in the US, Brazil, China, Jordan, Russia andEstonia. In Estonia alone, there is potential to use the newtechnology for building several plants. We have developed asustainable technology for the oil shale industry and we believe thatour joint company will generate many business opportunities in theenergy sector," stated Outotec's CEO Tapani Järvinen.For further information please contact:OUTOTEC GmbHPeter Weber, President - Metals Processing divisiontel. +49 6171 9693 165e-mail peter.weber(at)outotec.comOUTOTEC OYJEila Paatela, Vice President - Corporate Communicationstel. +358 20 529 2004, +358 400 817 198e-mail eila.paatela(at)outotec.comDISTRIBUTIONNasdaq OMX HelsinkiMain mediawww.outotec.comThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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