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Linc Energy has agreed to form a joint venture to commercialize its underground coal gasification and gas-to-liquids processes in China, the Australia-based company said Monday.

The joint venture with GCL Projects, a subsidiary of Hong Kong-based Golden Concord Holdings, plans to begin building its first multi-gasifier project within six months of completion of binding agreements. Linc will hold 33% of the joint venture, with GCL taking 67% and providing $15 million as working capital over the first three years.

Linc has developed its UCG-to-GTL process over the past five years at a pilot project in Chinchilla in the eastern Australian state of Queensland. The company plans to grant an exclusive license to the joint venture for the use of its processes in China.
GCL will provide the joint venture with $5 million in working capital to start site selection and engineering for the project in China. GCL has also agreed to pay A$120 million ($124 million) for about 5% stake in Linc in two installments.

The placement will comprise a A$60 million first tranche on execution of the joint venture contract. A second A$60 million placement will occur when the first UCG operations in China are completed and commissioned.

"China's insatiable appetite for liquid fuels and gas presents Linc Energy and GCL with a unique opportunity to capitalize on this world changing market," said Linc CEO Peter Bond. "Importantly this relationship significantly revalues Linc Energy's key UCG-to-GTL technology base. Linc Energy is committed to commercializing UCG-to-GTL on a significant scale, and this most recent deal with GCL in China is the first stepping stone of many commercial opportunities I believe you will see Linc Energy produce over the months ahead."