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Print Edition StoriesMonday, April 27, 2009
Dow Chemical signs on to buy gas from GreatPoint plants
By Mass High Tech staff
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GreatPoint Energy Inc. of Cambridge has announced an agreement under which The Dow Chemical Co. (NYSE: DOW) gained an option to purchase natural gas from facilities that use GreatPoint’s CO2 capture and hydromethanation technology to convert coal, petroleum coke and biomass into clean natural gas.
The agreement extends a relationship between the two companies in which Dow led GreatPoint Energy’s $103 million equity financing in 2007, and the companies entered into a technology collaboration. Dow is among the country’s largest industrial users of natural gas.
The contract projects a 15-year term with the pricing arrangement based on cost factors determined by both companies. GreatPoint CEO Andrew Perlman said in a press release that the gas agreement “will also enable us to move forward with the development of large scale facilities in North America.”
Last month, GreatPoint announced a partnership with UMass Dartmouth and the school’s Advanced Technology Manufacturing Center after it opened its pilot plant in nearby Somerset. Through the partnership, the company has hired 20 interns from the university and availed itself to the ATMC facilities to help develop a variety of components used in its process.
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