Madison Avenue may
seem like an unlikely home
for a coal company. But in recent months energy
executives from as far afield as Wyoming, China,
India and Russia have
been visiting the Midtown
office of Clean Coal Technologies Inc. to
discuss
the firm’s methods for making dirty coal a more
efficient fuel.
Founded in 2007
through a merger with another
coal technology company, CCTI once traded at
more
than $70 a share when speculators thought
clean-coal technology would soon
come to fruition.
It is now a penny stock, has no revenue and has
just two
full-time employees: a chief executive
and a chief financial officer.
But it does have
patents. The company’s technology can remove sulfur, moisture, hydrocarbons and
other volatile matter from coal, allowing it to burn hotter and more
efficiently.
CCTI started in
Florida, but in 2010 its CEO, Robin Eves, relocated to a shared space on
Madison Avenue to be closer to investors and leverage the city’s status as an international
crossroads.
The strategy worked.
Coal companies from India and Indonesia have since invested more than $6M,
allowing CCTI to begin building a test plant in Oklahoma. Denver-based
Black Diamond Holdings
and other investors, including
a large Manhattan-based fund, have added $9
million
since 2015.
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