Energtek Inc. (EGTK.PK) Announces Formation of New Subsidiary to Develop Natural Gas Mass Storage Solutions

By @ibtimes on

Today before the opening bell, Energtek Inc., a leader in hi-tech natural gas solutions and Adsorbed Natural Gas (ANG) technology, announced that it has incorporated a new subsidiary, Energstore Solutions Ltd., which will focus on providing 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, while RBCI Ltd., an Israeli company managed by Brig. Gen. (Ret.) Reuven Benkler, will own the remaining fifty percent. Energstore was founded for the purpose of capitalizing, 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 will provide $300,000 for the initial financing of Energstore, to foster its development goals including a natural gas storage pilot project, subject to milestones. The company has also committed to providing an 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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