Pacific American Coal Limited (PAK) has entered into a joint venture agreement with Austrian hydropower turbine manufacturer Global Hydro Energy that will see the firms focus on developing micro hydro and hybrid projects in the Pacific Region including Australia.
Under the terms of the agreement, the two firms will form a new Singaporean based company called Global Pacific Hydro (GP Hydro), with each owning 50%. PAK said its minimum investment in the new venture is US$50,000 with additional investment tied to achieving specific milestones.
“This is a very exciting initiative for PAK and our shareholders,” said PAK Chairman Geoff Hill. “The board has been reviewing additional investment opportunities for some time and identified renewable energy as a priority due to its high growth potential. We now have a leading technology partner and clear business strategy to grow an alternative energy business focussed on hydro and hybrid projects with a low risk, high impact, entry strategy.”