US Fuel Corp. (USFF), formerly known as Nuclear Solutions Inc., said Aug. 21 that it has worked out an agreement to acquire intellectual property and key executives.
USFF will acquire coal-to-diesel intellectual property that it co-developed with an executive team consisting of Paul Adams, a corporate leader experienced in technology innovation, and Steve Luck, a finance consultant skilled in the commercialization of technologies. The acquisition will be underwritten by Global Private Funding Inc., a private equity lender.
USFF said its cost-effective model and fresh approach to the production of coal-to-diesel will accelerate the construction of scalable, commercial and eco-friendly facilities in the United States capable of profitably converting coal-to-diesel. Adams and Luck will join the executive management of USFF and work alongside Global engineers and the complete USFF project team to oversee facility and coal-to-diesel process development.
Luck said: “We are excited to contribute to a new industry that will create new jobs, reduce dependence on foreign oil and drive down the cost of diesel for everyone.”
Andrew Halarewicz, Senior Vice President at Global, whose background includes mechanical control systems and utility plants, stated that USFF’s intellectual property stabilizes the most uncontrollable cost of mining; fuel. USFF’s on-site coal-to-diesel plants will extend predictability and sustainability enabling coal mining operations to operate more efficiently. Halarewicz said that FirstPoint Energy Corp., a meter data management and logistics company, will provide various feedstock and monitoring for USFF to provide governments like the state of Kentucky an energy source that is cash positive while feeding electricity back into the grid.
The company didn’t name any possible project sites in the Aug. 21 statement. In an SEC filing it made in August 2011, the company indicated that a project was in the works in Muhlenberg County, Ky., in the heart of the state’s western coalfields.