Getting gasification
12 May 2004
GE Energy announced yesterday that it intends to acquire ChevronTexaco's gasification technology business after having worked with the company for a number of years on a number of joint ventures.
The ChevronTexaco business has been developing and licensing gasification-related intellectual property for use in the chemicals, electric power and hydrogen producing industries for more than 50 years.
It previously worked with GE on deploying its integrated gasification combined-cycle (IGCC) technology at the 100MW Cool Water plant in California in 1984, and at the Tampa Electric Company 250MW Polk Power Station in Florida, which began operation in 1996.
ChevronTexaco's IGCC technology itself converts coal and other solid and liquid feedstocks into a clean-burning synthesis gas, which is generally used for the production of process chemicals and power.
It is already in operation in refineries, chemical plants, and power plants around the world, including several refineries in the United Kingdom.
GE Energy plans to keep the headquarters of the gasification business in Texas, where the majority of ChevronTexaco's gasification employees are currently located.
The acquisition is subject to customary closing conditions, including government approvals. Financial details of the deal were not disclosed.
