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Energtek Develops Natural Gas Mass Storage Solutions

Source: www.gulfoilandgas.com 2/14/2011, Location: Middle East

Energtek Inc., a leader in hi-tech natural gas solutions and Adsorbed Natural Gas (ANG) technology, announced the incorporation of a new subsidiary, Energstore Solutions Ltd., to provide peak storage solutions for energy utilities, transmission networks and other large suppliers and consumers of natural gas.

Energtek will own fifty percent of the new subsidiary. The remaining fifty percent will be owned by RBCI Ltd., an Israeli company, managed by Brig. Gen. (Ret.) Reuven Benkler and owned by himself and Naftali Investments Ltd. Energtek and RBCI have created Energstore to capitalize, among others, on the important energy developments taking place in Israel following the discoveries of huge quantities of natural gas. These discoveries are expected to significantly change Israel's energy market to rely more heavily on natural gas.

RBCI has undertaken to provide $300,000 for the initial financing of Energstore, to foster its development goals including a natural gas storage pilot project, subject to milestones. RCBI has similarly committed to provide additional $2,200,000 to finance commercial projects.

"We are confident that the combination of Energtek's board (led by Eliezer Sandberg - former Israeli Minister of National Infrastructures) and team natural gas supply solutions expertise, together with RBCI's proven track record of successful project structuring, financing and implementation will enable our mutual company to undertake a significant role in this field," said Energtek CEO Lev Zaidenberg. "We are very pleased to have found the right partner to develop the gas storage solutions for energy infrastructure needs."

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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