In December 2009,Green Holdings Corporation, entered into a landmark agreement with Consol Energy Inc. (NYSE: CNX) to develop the largest underground coal mine ventilated air methane (VAM) emission abatement project in the United States.
A member of the Standard & Poor’s Equity Index and a Fortune 500 company, Consol Energy is the largest owner and operator of underground coal mines in the U.S. Our partnership with Consol Energy is a significant milestone in the development of the Company’s US VAM abatement project portfolio and is the first of many US projects that GHC anticipates developing with Consol Energy.
Green Holdings will purchase, install and operate VAM emission abatement equipment at Consol Energy’s Enlow Fork Mine, an active underground coal mine located in Sparta, Pennsylvania and we expect the project to be operational in the second half of 2010. The project is expected to generate about 190,000 carbon credits a year by destroying up to 95% of the mines VAM emissions – a greenhouse gas 21 times more potent than CO2.
Strong China project pipeline
Green Holdings has four VAM abatement projects under contract in China and another ten under development. In addition there are ten further projects in the pipeline with an additional forty projects in the process of negotiation
Green Holdings first VAM abatement project in China is expected to generate 270,000 Certified Emission Reductions (“CERs”) annually, carbon offsets issued by the United Nations.