Brisbane energy technology firm announces China deal

Linc Energy (ASX: LNC) equities soared more than 37% this morning after announcing a joint venture to produce gas in China.

Brisbane-based Linc produces underground coal gasification (UGC) and gas-to-liquids (GTL) technologies.

It will work with Hong Kong-listed Golden Concord Holdings (GCL) to commercialise fuel using its technology in China, the company said in a statement to the ASX.

“China’s insatiable appetite for liquid fuels and gas presents Linc Energy and GCL with a unique opportunity,” Linc chief executive Peter Bond says.

As part of the deal, GCL will also take a 5% in Linc for $120 million.

“This most recent deal with GCL in China is the first stepping stone of many commercial opportunities I believe you will see Linc Energy produce over the months ahead,” Bond said.

Linc shares were up 26.64%, to $1.355 at noon.

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