By Denver Business Journal

Evergreen Energy Inc. said Monday it has named Ilyas Khan its board chairman -- its fourth chairman since last July.

Khan, 48, a United Kingdom resident and co-founding director of Australian coal company White Energy Co. Ltd., becomes the seventh board member at Denver-based Evergreen, an energy-technology company (NYSE Arca: EEE).

In a statement, Khan said he was "very much motivated by the prospect of leading the effort to capture the undoubted potential that the company possesses."

A merchant banker by training, Khan founded the TW Indus Group, an investment holding company, in 1998. Starting in 2003, he served as chairman and CEO, and then as a strategic advisor, to Crosby Capital Partners, an Asia-based merchant banking group focusing on natural resources. In 2008, he was founding chairman of Touchstone Gold Holdings, and remains its major shareholder.

Evergreen has been transitioning from being a coal production company to clean-energy technology, focusing on K-Fuel, its process of refining cleaner-burning coal, and its GreenCert carbon information-management products.

In July 2010, M. Richard Smith, who had been Evergreen's chairman for just over a year, was succeeded by William G. Gibson. Gibson stepped down in September and was succeeded as chairman by company CEO Thomas H. Stoner Jr. Stoner will remain CEO with Khan's appointment.

Evergreen said last month that it had hired investment firm TerraNova Capital Partners Inc. "to advise and assist the company regarding potential strategic development and financing opportunities."

On Aug. 20, Evergreen â¿¿ whose stock had been trading for pennies a share â¿¿ executed a one-for-12 reverse stock split that brought its share price over $1. But shares have been trading at under $1 again since Nov. 2, and opened at 64 cents Monday.

Copyright 2011 American City Business Journals

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