Document:

Strategic Alliance Agreement

 Exhibit 10.28 
  

					
	 [*]
	 	=	 	Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the
Securities Act of 1933, as amended.

  

			
	

	  	Stone & Webster Limited
	  	Witan Gate House,
	  	500-600 Witan Gate West
	  	Milton Keynes
	  	MK9 1BA, England
	  	Telephone: +44 (0)1908 668844
	  	Fax: +44 (0)1908 602211

 STRATEGIC ALLIANCE AGREEMENT 
 This STRATEGIC ALLIANCE AGREEMENT (this “Agreement”) is made as of February 23, 2007 by and among STONE &
WEBSTER LTD., a United Kingdom limited liability company having a principal office address at Witan Gate House, 500-600 Witan Gate West, Milton Keynes England (“S&W”) and GLOBAL ENERGY, INC., an Ohio
corporation having a principal office address at 312 Walnut Street, Suite 2300, Cincinnati, Ohio 45202 (“GE Inc.”). S&W and Global each may be referred to from time to time herein as a “Party” and collectively
as the “Parties”. 
 RECITALS 
 WHEREAS, S&W and its’ affiliated companies is a world leading vertically-integrated provided of comprehensive engineering, procurement, and construction services as well as
complete piping and pressure vessel systems; and 
 WHEREAS, GE Inc. is a world leader in Gasification Technology having
optimized operations of a leading gasification technology, EGASTM Technology, at its Wabash gasification facility in Indiana; and 
 WHEREAS, S&W and its’ affiliated companies develops, owns, licenses, and collaborates with partners on select Technology complementary to their business objectives; and

 WHEREAS, GE Inc. owns Gasification Technology together with know-how and trade secrets on a variety of related technologies;
and 
 WHEREAS, an affiliated company of S&W and GE Inc. have signed Fast Track EPC contracts to cover the expansions at
Wabash (SNG Export) and Westfield (Fife Electric and Fife Gasification); and 
 WHEREAS, GE Inc. owns 450 million proven
tons of coal in the U.S., equivalent to 1.3 billion barrels of oil (BOE); and 
  

					
	 	  	 Stone & Webster Limited
 Registered in England no. 3180156
 Registered
office as above
	  	 A Shaw Group Company
 Page 1 of 13

			
	GLOBAL ENERGY, INC	  	29 March 2007

  

 WHEREAS, GE Inc. has achieved industry record low costs for “BTU conversion” of
solid fuel to clean synthetic gas. This is key to providing a strategic advantage for all downstream products such as power, SNG, FT liquids, and hydrogen; 
 NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows: 
 AGREEMENT 
 1. Strategic
Alliance. The Parties hereby form a strategic alliance having the following key elements: 
 (a) S&W would be designated as a
worldwide preferred EPC services and pipes/vessels provider to GE Inc. projects. 
 (b) GE Inc. would select S&W and/or its’
affiliated companies for the supply of major piping and pressure vessels at their flagship project, Lima Energy IGCC, as well as the Wabash and Westfield expansions already contracted to S&W. 
 (c) GE Inc. and S&W will collaborate on the further development, commercialization, and licensing of GE Inc.’s GENV Technology. The initial
focus will be for GE Inc. projects and in particular the proprietary Global Gas Unit (GGUTM) design. In addition, collaboration will include Department of Defense (DOD) installations, including the initial GENV unit at the Lima project site
serving DOD fuel testing and nanotech raw test materials requirements, and other ultra-clean fuels projects. 
 (d) GE Inc. and S&W will
negotiate and sign a Technology Collaboration Agreement covering the development, commercialization, and licensing activities on GENV technology, contemplated in the Strategic Alliance. 
 (e) GE Inc. will advance the Wabash and Westfield Fast Track EPC contracts to completion, converting to fixed terms as necessary to meet financing
requirements. 
 (f) S&W and GE Inc. will negotiate and sign a master procurement agreement covering the provision of piping systems and
pressure vessels to GE Inc. projects as contemplated in the Strategic Alliance. 
  

					
	 	  	 Stone & Webster Limited
 Registered in England no. 3180156
 Registered
office as above
	  	 A Shaw Group Company
 Page 2 of 13

			
	GLOBAL ENERGY, INC	  	29 March 2007

  

 (g) At the completion of the performance test at any of the three GE Inc. projects referenced above,
S&W may select the project and elect to receive the final balance due up to [*] for S&W equipment and/or services as GE Inc. shares (the “Shares”) at [*] or cash with [*] accrued interest. S&W may apply the strategic investment
to one, two, or all three projects, up to the maximum [*] aggregate amount. 
 The obligations of the Parties pursuant to this Section 1
are subject to continued demonstrated performance and their mutual agreement on the schedule, pricing, financing, economics and other terms and conditions applicable to any such project. 
 2. Representations and Warranties of GE Inc. GE Inc. represents and warrants that the statements contained in this Section 2 are true and
correct as of the date of this Agreement and will be true and correct as of the date of this Agreement. 
 (a) Organization. GE Inc.
is a corporation duly formed, validly existing and in good standing under the laws of the State of Ohio, and has full corporate power and authority to own, or hold under lease, and operate its properties, and to conduct its business as such business
is now being conducted. 
 (b) Capitalization of GE Inc. The total authorized share capital of GE Inc. as of the date of this
Agreement is 10,000,000 common shares and 500,000 preferred shares. As of this date, 5,579,847 common shares and 105,086 preferred shares have been issued. The preferred shares are convertible into common shares at the conversion rate of 1.0
preferred shares to 1.71 common shares. 
 (c) The Shares. 
 (i) The Shares are duly authorized, validly issued and fully paid and non-assessable and were issued in accordance with all applicable
securities laws or pursuant to exemptions there from. 
 (ii) As of the Date hereof, GE Inc. shall own, beneficially and of
record, all of the Shares free and clear of all liens. 
 (iii) None of the Shares are subject to any preemptive or
subscription right, right of first refusal or offer, option, warrant, put or call right, consent right, restrictive covenant, or any other agreement with any Person other than S&W. 
 (d) No Violation; Consents. 
 (i) The execution and delivery of, and performance under, this Agreement by GE Inc. and the consummation of the transactions contemplated hereby by GE Inc. will not: 
 (A) violate any provision of Applicable Law or require any approval from or filing with any Governmental Authority; 
  

					
	 [*]
	 	=	 	Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the
Securities Act of 1933, as amended.

  

					
	 	  	 Stone & Webster Limited
 Registered in England no. 3180156
 Registered
office as above
	  	 A Shaw Group Company
 Page 3 of 13

			
	GLOBAL ENERGY, INC	  	29 March 2007

  

 (B) violate the provisions of any Governmental Approval, or the organizational or
governing documents of GE Inc., or any agreement or other restriction to which GE Inc. is a party or by which the property of GE Inc. is bound or subject; 
 (C) result in a breach of or constitute (with due notice or lapse of time or both) a default under (or require notice or give rise to any right of termination, consent, cancellation, or acceleration under) any
contract or agreement to which GE Inc. is a party or by or to which the property of GE Inc. is subject or bound; or 
 (D)
result in or give to any Person any right of termination, cancellation, acceleration or modification in or with respect to or result in any loss of benefit under or with respect to, or give any Person any additional rights or entitlement to
increased, additional, accelerated or guaranteed payments under, or result in the creation or imposition of any lien upon GE Inc., or any of its assets, in each case under any contract or license to which GE Inc. is a party or by which any of its
respective assets is bound or any Applicable Law. 
 (ii) The execution and delivery of, and performance under, this Agreement
by GE Inc. and the consummation of the transactions contemplated hereby will not require any Consent as to GE Inc. 
 (e) Authority;
Enforceability. GE Inc. has full legal capacity, power and authority to execute, deliver and perform this Agreement, and the other agreements and instruments to be executed and delivered by him pursuant hereto and to consummate the transactions
contemplated hereby and thereby. This Agreement has been duly and validly executed and delivered by GE Inc. and, assuming due authorization, execution and delivery hereof by S&W, is a legal, valid and binding obligation of GE Inc., enforceable
against it in accordance with its terms. 
 (f) Disclosure. No representation or warranty of GE Inc. made in this Agreement or any
certificate, statement, schedule, list or other information furnished or to be furnished to S&W (or any Affiliate or representative thereof) pursuant to this Agreement or in connection with the transactions contemplated hereby contains any
untrue statement or omits to state a material fact necessary to make the statements herein, in light of the circumstances in which they are made (including any materiality or knowledge qualifiers), not misleading. 
  

					
	 	  	 Stone & Webster Limited
 Registered in England no. 3180156
 Registered
office as above
	  	 A Shaw Group Company
 Page 4 of 13

			
	GLOBAL ENERGY, INC	  	29 March 2007

  

 (g) Qualification; Organization. GE Inc. is qualified to conduct its business as such business
is now being conducted and is in good standing in all jurisdictions, which are all the jurisdictions in which the nature of its business makes such qualification necessary or advisable. True and complete copies of the Articles or Certificates of
Incorporation and Bylaws of GE Inc. (the “Governing Documents”) have been furnished to S&W. Each such Governing Document is in full force and effect and has not been amended or modified. 
 (h) Bankruptcy. GE Inc. has not filed any voluntary petition in bankruptcy or been adjudicated bankrupt or insolvent, or filed any petition or
answer seeking any reorganization, liquidation, dissolution or similar relief under any federal or state bankruptcy, insolvency or other debtor relief or similar law, or sought or consented to or acquiesced in the appointment of any trustee,
receiver, conservator or liquidator of all or any substantial part of its properties. No court of competent jurisdiction has entered an order, judgment or decree approving a petition filed against GE Inc. seeking any reorganization, arrangement,
composition, readjustment, liquidation, dissolution or similar relief under any federal or state bankruptcy act, or other debtor relief or similar law, and no other liquidator has been appointed for any of them, or of all or any substantial part of
any of their properties. No proceeding has been commenced or, to GE Inc.’s knowledge, has been threatened, seeking to adjudicate GE Inc. as bankrupt or seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution
or other similar relief. 
 (i) Shareholder List. [Not Used] 
 (j) Officers and Directors. [Not Used] 
 (k) Litigation and Claims. There are no pending or threatened legal proceedings against GE Inc. which question the validity of this Agreement or any of the transactions contemplated hereby, and GE Inc. does not have knowledge of any
substantive basis for any such proceeding. 
 (1) Environmental Matters. 
 (i) Each of GE Inc. has complied in all respects with all Environmental Laws or has resolved any non-compliance to the satisfaction of the
Governmental Authority having jurisdiction thereof and has provided S&W with evidence of such satisfaction. GE Inc. is in compliance with all Environmental Laws. 
 (ii) GE Inc. has no known liability, contingent or absolute, under any Environmental Law, nor is GE Inc. responsible for any such
liability of any other Person under any Environmental Law, whether by contract, by operation of law or otherwise. There are no pending or, to the knowledge of GE Inc. threatened, Environmental Claims and there are no fact(s) which might reasonably
form the basis for any Environmental Claim and neither GE Inc. nor any of its Affiliates, including GEC, has received any notice of any Environmental Claim or threatened Environmental Claim. 
  

					
	 	  	 Stone & Webster Limited
 Registered in England no. 3180156
 Registered
office as above
	  	 A Shaw Group Company
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	GLOBAL ENERGY, INC	  	29 March 2007

  

 (m) Permits, Approvals and Site for Lima Project. GE Inc. and/or its Affiliates: 

(i) have obtained all licenses, permits or franchises required to be issued by or obtained from any Governmental Authority for the
construction, commissioning and operation of the Lima Project; and 
 (ii) have obtained a legally binding right to purchase
the site for the Lima Project from the City of Lima, Ohio for a purchase price of [*]. 
 3. Representations and Warranties of
S&W. S&W represents and warrants that the statements contained in this Section 3 are true and correct as of the date of this Agreement. 
 (a) Organization. S&W is a limited liability company duly organized, validly existing and in good standing under the laws of the United Kingdom, and has full power and authority to conduct its business as
such business is now being conducted. S&W is properly registered to do business in all jurisdictions in which the nature of the business conducted by it makes such registration necessary in order to avoid any material disadvantage or liability
to it. 
 (b) Authority; Enforceability. S&W has full power and authority to execute, deliver and perform this Agreement, and the
other agreements and instruments to be executed and delivered by it pursuant hereto, and to consummate the transactions contemplated hereby and thereby. This Agreement has been duly and validly authorized, executed and delivered by S&W and,
assuming due authorization, execution and delivery hereof by GE Inc., is a legal, valid and binding obligation of S&W, enforceable against S&W in accordance with its terms, except as enforcement thereof may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the rights of creditors generally or by general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or equity). No
other or further authorization is required for S&W’s performance hereunder other than those authorizations to be obtained by S&W on or prior to the consummation of the transactions contemplated by this Agreement. 
 4. Covenants of the Parties. 
 (a)
Access to Information. GE Inc. and S&W shall, in good faith, and subject to the terms and conditions hereof, disclose to one another such information relative to the strategic alliance contemplated by this Agreement as may be necessary or
appropriate to effectuate the purposes thereof. 
  

					
	 [*]
	 	=	 	Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the
Securities Act of 1933, as amended.

  

					
	 	  	 Stone & Webster Limited
 Registered in England no. 3180156
 Registered
office as above
	  	 A Shaw Group Company
 Page 6 of 13

			
	GLOBAL ENERGY, INC	  	29 March 2007

  

 (b) Further Assurances. 
 (i) Subject to the terms and conditions of this Agreement, each of the Parties hereto shall use commercially reasonable efforts to take,
or cause to be taken, all actions, and to do, or cause to be done, all things reasonably necessary, proper or advisable to consummate and make effective the purchase and sale of the Shares pursuant to this Agreement and the other transactions
contemplated herein. 
 (ii) Each Party also further agrees that it will not take any action in breach of this Agreement or
that will cause any representation or warranty contained herein to become untrue in any material respect, including any action which would result in any assignment or transfer of (or encumbrance not permitted hereunder upon) any of the Shares or
which would restrict such Party’s ability to consummate the transactions herein contemplated. 
 (c) Confidential Information.
Confidential Information shall not be used for any purpose other than to evaluate and consummate the transactions contemplated by this Agreement, and shall not be disclosed without prior written consent of the other Party, except to: 
 (i) those employees with a need to know the Confidential Information for the purpose of performing work related to the transactions
contemplated by this Agreement; provided, however that the Parties shall require all such employees receiving the Confidential Information abide by the terms of this confidentiality covenant. Each Party shall be responsible for any breach of this
Agreement by its employees or Affiliates; or 
 (ii) those advisors, agents, contractors or lenders with a need to know the
Confidential Information for the purpose of performing work related to the transactions contemplated by this Agreement; provided, however that the Parties shall require all such advisors, agents, contractors or lenders to agree to abide by the terms
of this Agreement and to undertake the same obligations as the Parties have undertaken hereunder. Each Party shall be responsible for any breach of this Agreement by its advisors, agents, contractors or lenders. 
 (iii) If a Party is requested or required by legal or regulatory authority to disclose any Confidential Information, such disclosing Party
shall promptly notify the other Party of such request or requirement prior to disclosure so that the other Party may seek an appropriate protective order and/or waive compliance with the terms of this Agreement. If a protective order or other remedy
is not obtained, or the other Party waives compliance with the provisions hereof, the disclosing Party agrees to furnish only that portion of the Confidential Information that it reasonably determines, in consultation with its counsel, is consistent
with the scope of the subpoena or demand, and to exercise reasonable efforts to obtain assurance that confidential treatment will be accorded such Confidential Information. 
 (iv) Any Confidential Information, including all copies of same (including that portion of the Confidential Information that consists of
analyses, forecasts, 

  

					
	 	  	 Stone & Webster Limited
 Registered in England no. 3180156
 Registered
office as above
	  	 A Shaw Group Company
 Page 7 of 13

			
	GLOBAL ENERGY, INC	  	29 March 2007

  

 
studies or other documents prepared by a Party or its advisors, agents, contractors or lenders), shall be returned to the other Party, or at such
Party’s option destroyed, within five (5) days of (A) a request by a Party at any time; or (B) the termination of this Agreement in accordance with the terms hereof. Upon the written request of a Party, the other Party shall
certify the destruction of such material by written notice to the requesting Party. 
 (v) This covenant shall survive the
termination or expiration of this Agreement and shall continue in full force and effect for a period of five (5) years thereafter. 
 (d) Approvals. 
 (e) The S&W option in the. Shares described in Section 1(g) is based on authorized share
capital at the signing of this Agreement and will be adjusted as needed for any future splits or authorized capital changes. The Parties agree that any election to exercise the option will be subject to all of the requirements for approvals of an
investment by S&W’s parent corporation and will be subject to approval thereof at the parents sole discretion. 
 5. Term;
Termination and Remedies. 
 (a) Term. This Agreement shall be for an initial term of five (5) years, unless earlier
terminated in accordance with this Agreement. 
 (b) Termination for Default or Bankruptcy. Either Party may terminate this Agreement
by written notice to the other Party in the event of the following: 
 (i) Default. Material nonperformance by the
other Party of any provisions set forth in this Agreement which is not cured within thirty (30) days after receipt of notice thereof from the Party not in default; or 
 (ii) Bankruptcy. The filing by or against the other Party of a petition or application in any proceeding relating to such other
Party as debtor under any bankruptcy or insolvency law of any jurisdiction; provided that in the event of an involuntary bankruptcy or insolvency proceeding, such other Party shall have a sixty (60) day period in which to obtain dismissal or
withdrawal of such petition or application. 
 (c) Remedies. In the event of termination of this Agreement, the Party not in default
shall be entitled to obtain all appropriate relief available to it under this Agreement and at law or equity. 
 (d) Survival. If
S&W elects to exercise the option described in Section 1(g), 

  

					
	 	  	 Stone & Webster Limited
 Registered in England no. 3180156
 Registered
office as above
	  	 A Shaw Group Company
 Page 8 of 13

			
	GLOBAL ENERGY, INC	  	29 March 2007

  

 
the expiration or earlier termination of this Agreement shall not terminate or otherwise affect S&W’s option in the Shares or the validity of any
other definitive agreements executed prior to such expiration or termination in connection with any business arrangement arising out of the strategic alliance contemplated by this Agreement. 
 6. Defined Terms. 
 (a) As used in
this Agreement, the following terms have the following meanings: 
 “Affiliate” of any Person means any other Person directly
or indirectly controlling, controlled by or under common control with such Person. For purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of
such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 “Agreement” has the meaning specified in the preamble to this Agreement, and includes all exhibits and schedules hereto. 
 “Applicable Law” means, with reference to any Person, all Laws applicable to such Person or its property or in respect of its
operations. 
 “Confidential Information” means any information not in the public domain, in any form, whether acquired
prior to or after the Closing Date, received by a Party from the other Party or any of its Affiliates or advisors, relating to the business and operations of such Party and its respective Affiliates, including, without limitation, information
regarding vendors, suppliers, trade secrets, training programs, technical information, contracts, systems, procedures, know-how, trade names, improvements, price lists, financial or other data, business plans, computer programs, software systems,
internal reports, personnel files or any other compilation of information, written or unwritten, which is or was used in the business of such Party or its Affiliates, except for information (i) that was or becomes generally available to the
public, other than as a result of disclosure by a Party receiving such information; or (ii) that is received by a Party on a non-confidential basis from a third party that is not prohibited from disclosing such information by obligation to the
disclosing Party. 
 “Environmental Claim” means any and all administrative or judicial actions, suits, orders, claims,
liens, notices, notices of violations, investigations, complaints, proceedings, or other written communication, whether criminal or civil, pursuant to or relating to any applicable Environmental Law by any Person, including any Governmental
Authority, based upon, alleging, asserting, or claiming any actual or potential (i) violation of, or liability under any Environmental Law, (ii) violation of any Environmental Permit, or (iii) liability for investigatory costs,
cleanup costs, removal costs, remedial costs, response costs, natural resource damages, property damage, personal injury, fines, or penalties arising out of, based on, resulting from, or related to the presence, Release, 

  

					
	 	  	 Stone & Webster Limited
 Registered in England no. 3180156
 Registered
office as above
	  	 A Shaw Group Company
 Page 9 of 13

			
	GLOBAL ENERGY, INC	  	29 March 2007

  

 
or threatened Release into the environment of any Hazardous Materials at, from, or related to any Real Property or any other property owned, leased,
licensed, or operated by any of the Companies, including any off-site location to which Hazardous Materials, or materials containing Hazardous Materials, were sent for handling, storage, treatment or disposal. 
 “Environmental Law” means all Applicable Laws relating to pollution or protection of the environment, natural resources and health and
safety, including laws relating to Releases or threatened Releases of Hazardous Materials (including Releases to ambient air, surface water, groundwater, land, surface and subsurface strata) or otherwise relating to the generation, manufacture,
processing, distribution, use, treatment, storage, Release, transport, disposal or handling of Hazardous Materials. “Environmental Laws” include the Comprehensive Environmental Response Conservation and Liability Act (“CERCLA”)
(42 U.S.C. §§ 960 et seq.), the Hazardous Materials Transportation Act (49 U.S.C. §§ 1801 et seq.), the Resource Conservation and Recovery Act (42 U.S.C. §§ 6901 et seq.), the Federal Water Pollution Control Act (also
known as the Clean Water Act) (33 U.S.C. §§ 1251 et seq.), the Clean Air Act (42 U.S.C. §§ 7401 et seq.), the Toxic Substances Control Act (15 U.S.C. §§ 2601 et seq.), the Oil Pollution Act (33 U.S.C. §§ 2701
et seq.), the Emergency Planning and Community Right-to-Know Act (42 U.S.C. §§ 11001 et seq.), the Occupational Safety and Health Act (29 U.S.C. §§ 651 et seq.) and their implementing regulations, state implementation plans, and
analogous state or local laws or regulations, and all other applicable federal state or local laws that address the release or discharge of Hazardous Materials into the environment or the impact of Hazardous Materials on human health or the
environment. 
 “Governmental Approval” means any authorization, approval, consent, waiver, license, filing, registration,
ruling, permit or certification by or with any Governmental Authority, including all environmental permits. 
 “Governmental
Authority” means any applicable federal, state, county, municipal or local governmental, judicial or regulatory authority, agency, arbitration board, body, commission, instrumentality or court. 
 “Laws” means all laws, statutes, rules, regulations, ordinances and other pronouncements having the effect of law in the United States
or any other country, or any domestic or foreign state, county, city or other political subdivision or of any Governmental Authority. 
 “Party” and “Parties” means either or both of GE Inc. or S&W. 
 “Person”
means and includes (i) an individual, (ii) a legal entity, including a partnership, a joint venture, a corporation, a trust, a limited liability company, a limited duration company, or a limited liability partnership, (iii) companies
or associations or bodies of persons, whether or not incorporated, and (iv) a Governmental Authority. 
 (b) In this Agreement, unless
otherwise indicated or otherwise required by the context: 
 (i) Reference to and the definition of any document (including
this Agreement) shall be deemed a reference to such document including the exhibits and schedules thereto and as such document may be amended, supplemented, revised, assigned or modified from time to time prior to the applicable Closing Date;
provided, however, that this rule of interpretation shall not apply to references to documents in the Schedules; 
  

					
	 	  	 Stone & Webster Limited
 Registered in England no. 3180156
 Registered
office as above
	  	 A Shaw Group Company
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	GLOBAL ENERGY, INC	  	29 March 2007

  

 (ii) All references to an “Article”, “Section”,
“Schedule” or “Exhibit” are to an Article or Section hereof or to a Schedule or an Exhibit attached hereto, unless otherwise noted; 
 1. The headings and other captions in this Agreement are for the purpose of reference only and do not limit or affect its meaning; 
 2. Defined terms in the singular include the plural and vice versa, and the masculine, feminine, or neuter gender include all genders;

 3. The words “hereof, “herein” and “hereunder” and words of similar import when used in this
Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement; 
 4. References to any
Person or Persons shall be construed as a reference to any successors or permitted assigns of such Person or Persons; and 
 5. The words “including”, “include” and “includes”, when used in this Agreement shall mean, as required by the context, including, include, and includes “without limitation” and “without
limitation by specification.” 
 7. Miscellaneous. 
 (a) Contracts. All contracts contemplated to be entered into by the Parties pursuant to this Agreement shall be negotiated in good faith and shall contain terms and conditions, and be performed for prices,
which are commercially reasonable. 
 (b) Publicity. No public statements or press releases shall be issued by either Party relating
to the terms of this Agreement or the business affairs of the Parties hereunder without the prior consent of the other Parties. However, nothing herein shall prevent a Party from supplying such information or making such statements relating to this
Agreement as such Party may consider necessary in order to satisfy its legal obligations (including, but not limited to, its obligations of disclosure under applicable securities laws). 
 (c) Notices. All notices and other communications required or permitted hereunder shall 
  

					
	 	  	 Stone & Webster Limited
 Registered in England no. 3180156
 Registered
office as above
	  	 A Shaw Group Company
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	GLOBAL ENERGY, INC	  	29 March 2007

  

 be in writing and shall be deemed to have been duly given upon delivery, if delivered personally or by recognized
overnight courier service; if sent by first-class mail, five (5) days after being mailed, return receipt requested and postage prepaid; or if sent by facsimile or e-mail, upon receipt. Such notices shall be sent to the following addresses, or
at such other address as either Party shall hereafter specify in writing. 
 If to Global: 
 Global Energy., Inc. 
 312 Walnut Street,
Suite 2300 
 Cincinnati, Ohio 45202 
 Facsimile No.: (513) 621-5947 
 Attention: H.H. Graves, President and CEO 
 HHG@globalenergyinc. com 
 If to
S&W: 
 Stone & Webster Ltd. 
 Witan Gate House 
 500-600 Witan Gate West 
 Milton Keynes England MK 9 1BA 
 Facsimile
No.: 44 (0) 1908 602211 
 Attention: Robert V. McDonald, Business Leader—Syngas and Biofuels 
 RobertV.McDonald@shawgrp.com 
 (d)
Consequential Damages. Neither Party shall be liable to the other Party in connection with this Agreement or the subject matter hereof for any indirect, incidental, special or consequential damages, including but not limited to loss of
revenue, cost of capital or loss of profit or business opportunity, whether such liability arises out of contract, tort (including negligence), strict liability or otherwise. 
 (e) Successor and Assigns; No Partnership. This Agreement shall be binding upon and shall inure to the benefit of the Parties and their respective
Affiliates, and to their respective successors and permitted assigns. Nothing contained in this Agreement shall be construed as creating a partnership among or any other business relationship the Parties. Neither Party has any authority to bind the
other party to any third party. 
 (f) Exclusive Understanding. This Agreement sets forth the sole and complete understanding between
the Parties with respect to the subject matter hereof, and supersedes all other prior oral or written agreements, arrangements and understandings between the Parties with respect thereto. This Agreement shall not confer any legal rights or benefits
on any third party (other than Affiliates of the Parties hereto, to the extent set forth herein). 
  

					
	 	  	 Stone & Webster Limited
 Registered in England no. 3180156
 Registered
office as above
	  	 A Shaw Group Company
 Page 12 of 13

			
	GLOBAL ENERGY, INC	  	29 March 2007

  

 (g) Attorneys’ Fees. In the event either Party files an action to enforce or otherwise
arising out of this Agreement, the prevailing Party in such action shall be entitled to reasonable attorneys’ fees and court costs in addition to such other relief to which it may be entitled. 
 (h) Governing Law. This Agreement, and the rights and obligations of the Parties hereunder, shall be subject to, and construed in accordance with,
the laws of the England without giving effect to the conflicts of law provisions thereof. 
 (i) Counterparts. This Agreement may be
executed in counterparts, each of which shall constitute an original for all purposes, but all of which shall constitute one and the same instrument. 
 IN WITNESS WHEREOF, the Parties have entered into this Agreement as of the date first set forth above. 
  

			
	STONE & WEBSTER LTD.
		
	By	 	 /s/ Robert V. McDonald

		 	Robert V. McDonald
		 	Business Leader - Syngas and Biofuels
	
	GLOBAL ENERGY., INC.
		
	By	 	 /s/ H.H. Graves

		 	H.H. Graves
		 	President and Chief Executive Officer

  

					
	 	  	 Stone & Webster Limited
 Registered in England no. 3180156
 Registered
office as above
	  	 A Shaw Group Company
 Page 13 of 13Commercial Alliance Agreement

 Exhibit 10.29 
 

 
 Commercial Alliance Agreement 
 THIS AGREEMENT is made as of the 4th day of August 2006 
 Between: 

HTC Purenergy 
 #001 2305 Victoria
Ave. 
 Regina, Saskatchewan. 
 Canada S4P 0S7 
 Hereinafter known as “(HTC)” 
 -and- 
 Global Energy Inc. 
 Suite 2650, 312 Walnut Street, 
 Cincinnati,
Ohio. 
 USA 45202 
 Hereinafter
known as “(GLOBAL)” 
 Whereas: 
 GLOBAL is an environmental energy technology company building a portfolio of IGCC and synthetic gas facilities. GLOBAL owns and operates the Wabash and Westfield facilities with new Lima Energy IGCC facility under
construction. Global has 17 years of focused dedication to Gasification Technology and are leaders on IGCC development in the US and UK. 
 Whereas: 
 HTC is a world leading provider of carbon management technology and services that include:

  

	 	 •
	 	 Capture of CO2 from industrial flue streams including coal and gas fired generation facilities 

  

	 	 •
	 	 Sequestration of CO2 for enhanced oil recovery programs (EOR) 

  

	 	 •
	 	 Sequestration of CO2 for environmental offsets such as carbon credits. 

  

	 	 •
	 	 CO2 storage monitoring, audit, and certification. 

 Whereas: 
 HTC works in collaboration with the world-renowned University of Regina Greenhouse Gas
Technology Centre and the International Test Centre for CO2 capture, which represents over 11 years of continuous
development and testing in CO2 management. HTC has brought together a unique assembly of highly credentialed
technologies and people that can effectively address the CO2 management requirements of the energy sector.

 Whereas: 
 It is recognized that a carbon constrained economy is rapidly emerging and opportunities exist
to take a leadership role and first mover status in bringing CO2 management programs to high profile energy
assets. The value in doing so can be validated by the economic and market drivers that include: 
  

	 	(i)	Definitive Economic Drivers from Enhanced Oil Recovery 

  

	 	 •
	 	 It has been well validated than on average, each ton of CO2 injected into a depleted oil reserve, an average of 5-8 barrels of incremental (EOR) oil are realized. 

  

	 	•	 	 In the US alone there are potentially over 12,000 EOR sites and other regions such as the North Sea, China, and Canada that have become operations in EOR.

  

	 	•	 	 A 2005 DOE commissioned report confirmed that the potential for incremental oil from EOR is 43 billion barrels. 

  

	 	 •
	 	 At an average of 6.6 barrels of incremental oil per ton of CO2 injected, the 43 billion barrels of incremental oil produced from EOR represents a market potential of 6.6 billion tons of CO2 sequestration. 

  

	 	•	 	 At the average world oil price for the past 2 years of US$47 USD per barrel, the calculated market value of the DOE estimated EOR incremental oil produced is in
excess of US$2.0 trillion USD. 

  

	 	 •
	 	 DOE lists over 6,000 point sources of CO2 emissions in the US, which are the major contributors to the total annual US industry emissions of 3.8 billion tons. 

 

	 	(ii)	Emerging Economic Drivers 

  

	 	 •
	 	 Introduction of CO2 Cap and Trade policies with carbon credit trading. 

  

	 	•	 	 Carbon tax and abatement programs. 

  

	 	•	 	 Regional carbon emissions capping (i.e. REGGI, Carbon California). 

  

	 	•	 	 Carbon liability assessments and contingent liability impact statements. 

  

	 	•	 	 Environmental permit requirements. 

  

	 	(iii)	Indicative Market Drivers 

  

	 	•	 	 CO2 emitters responding to demands of the investment industry to provide carbon management with new infrastructure financings. 

 

	 	 •
	 	 CO2 emitters requiring strategic direction and advice on the development of CO2 management programs
that create opportunity from CO2 emissions. 

  

	 	•	 	 The decarbonisation of fossil fuel processing technologies has advanced the profile of CO2 management. 

  

	 	•	 	 The utilization of domestic coal reserves has been highlighted as major a contributor in addressing energy security for those countries with large reserves such
as US and Canada. 

  

	 	 •
	 	 Technology advancements enabling the integration of CO2 management into fossil fuel processing infrastructure are being sought after. 

  

 2 

 Whereas: 
 GLOBAL’s facilities incorporate world leading clean coal industrial processes requiring
only CO2 management to complete an all encompassing clean energy offering. HTC’s CO2 Management technologies enable the complete provision of clean coal processing and this document outline the commercial terms of reference between
GLOBAL and HTC. 
 THEREFORE: 
 In consideration of the foregoing, the parties agree that: 
 (i) GLOBAL formerly appoints HTC to provide advisory on CO2 management where necessitated
by regulatory and environmental challenges. 
 (ii) The contractual appointment of HTC to undertake an
assessment of the project opportunities that may exist within specific project assets of GLOBAL that would support: 
 a) the potential to engineer an EOR project utilizing the CO2 emissions from GLOBAL’s assets as a source for existing or new oil recovery programs that would realize a yield from the
sale of CO2 and/or a carried interest on the oil recovered; 
 b) the potential to offset the emissions of the asset
through storage of CO2 in underground formations that are in commercial proximity to the asset, providing a position of
advantage for the pending introduction of a Cap and Trade/Carbon Credit policy emerging from local, regional, or international abatement programs; and 
 c) an evolution of both, whereby an EOR
project is followed by a secondary stage CO2 storage program where well head operations and extraction licensing rights are extended for CO2
storage. 
 This opportunity assessment will be bound by
the commercial terms defined in Schedule A of this document. It is recognized that once the commercial potential of this evaluation is defined and validated the parties agree to formulate a financial and operational structure to
capitalize on the findings of these site assessments that will be mutually beneficial and maximize the transaction value contained in each project. 
 (iii) Selection of one of GLOBAL’s assets for the development of a sequestration evaluation project study that will be presented for Govt/ DOE sponsored funding. The establishment of a
“Clean Energy Technology Alliance” program around this project will be profiled as a showcase for enhancing the GLOBAL Energy brand market capitalization, and development of new business
opportunities with the Technology Alliance. 
 (iv) Evaluation of new market opportunities whereby specific
projects can be identified as having a need for an end to end gasification – CO2 management solution, where the representation of such an approach can assist each organization to capture new business opportunities either
individually or in a partnership/joint venture model. Leveraging the market analysis and relationships each organization holds in regions such as the Alberta Oil Sands, China, Australasia, near term market development assessments are to be
prioritized. 
  

 3 

 (v) As this commercial alliance provides for a unique, novel, and
“first to market” positioning of gasification of fossil fuels with an integrated CO2 management program, the development of a unified marketing front will be implemented. This will be mutually beneficial and be positioned as an
industry benchmark or standard for responsible environmental protection. Supported by a formal marketing program that would include production of the appropriate collateral, PR, and events based marketing that will build upon the differentiated
positioning of GLOBAL and HTC. 
 (vi) Joint collaboration on enhancing the stature of each organization within
the industry whereby strategic interest and regulatory groups of influence such as: government agencies, NGO’s, environmental groups, and the financial sector containing SRI’s and Clean Tech Funds are made aware of the global CO2
management proposition that GLOBAL and HTC are presenting to the industry. 
 (vii) Jointly share market
intelligence, network relationships, and product knowledge whilst securing and protecting the intellectual property and know-how that this “market maker” alliance is aggregating. 
 Agreed to this 4, August, 2006 
  

			
	HTC HYDROGEN TECHNOLOGIES CORP.
		
	Per:	 	 /s/ Lionel Kambeitz

		 	Lionel Kambeitz
		 	Chief Executive Officer

 Agreed to and accepted as of the date set forth above. 
  

			
	GLOBAL Energy Inc.
		
	Per:	 	 /s/ H.H. Graves

		 	H.H. Graves
		 	President and CEO

 Agreed to and accepted as of the date set forth above. 
  

 4

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