By Denver Business Journal

Evergreen Energy Inc. has received an offer to sell its K-Fuel process and technology for $30 million, the Denver company said Tuesday.

K-Fuel is Evergreen Energyâ¿¿s patented process to improve low-grade coal by squeezing out moisture and boosting its energy content.

The offer comes from Stanhill Capital Partners, a private merchant banking company based in London, Singapore and Hong Kong that invests in the natural resources industry. Ilyas Khan, Evergreen Energyâ¿¿s chairman and acting CEO, is a substantial shareholder of Stanhill.

Evergreen Energy (NYSE: EEE) has formed a special committee of board members to consider the offer, which must be approved by the companyâ¿¿s shareholders and receive final approval from Stanhillâ¿¿s investment committee.

Khan, who⿿s not part of that special committee, was named chairman in January. In an interview with the Business Journal soon after, he said: ⿿This is a great American technology with a global application, and Evergreen will be laser focused on a single product: K-Fuel.⿝

Click here to read the Business Journalâ¿¿s interview with Khan.

Copyright 2011 American City Business Journals

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