China, U.S. Start-Up Team in Coal-Conversion Deal
BY LORA KOLODNY
Capping off a week in which the theme of cooperative business relations dominated a U.S. visit by China’s next leader, a major Chinese industrial conglomerate will sign a $1.25 billion partnership with a small U.S. tech start-up that converts coal into natural gas.
The deal between China Wanxiang Holdings and Cambridge, Mass.-based GreatPoint Energy includes an equity investment of $420 million, the largest ever by a Chinese corporation into a venture-capital-funded U.S. company, according to industry tracker VentureSource.
With the financing from Wanxiang, GreatPoint Energy will build the first large-scale plant in China to convert coal into natural gas using …
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