U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: October 2, 2012
U.S. FUEL CORPORATION
(Exact Name of registrant as specified in its Charter)
|
Nevada
|
0-31959
|
88-0433815
|
||
|
State of Incorporation)
|
Commission File No.
|
(IRS Employer Identification No.)
|
|
277 White Horse Pike, Ste.200, Atco, N.J.
|
08004
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Registrant’s telephone number, ( 856 ) 753 - 1046
(Registrant’s former name and address)
NUCLEAR SOLUTIONS,INC.
|
5505 Connecticut Ave., N.W. Ste.191, Washington, D.C.
|
20015
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions below:
|
[ ]
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
[ ]
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
[ ]
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR 240-14d-2(b))
|
|
[ ]
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240-13e-4(c))
|
Item 8.01 Other Events
Coal to Diesel Project Status Update and Time Line
The process of producing gas from coal is well established, as is the process of converting gas to liquid. US Fuel’s scalable plan uses state of the art technologies combined in a way to create a profitable economic model for a coal-to-diesel facility.
This model is financeable, as evidenced by the project financing term sheet in place between US Fuel and Berkeley House Investment.
Global Private Funding will provide the gap financing and equity funding.
Funding is subject to due diligence and we are proceeding confidently in that process. The two major issues in due diligence are control of the land and permits to proceed.
Control of the Land: The first site selected by US Fuel has proven to be suitable and land acquisition is expected to go into escrow in November 2012.
Permitting: The Company has completed a survey of all likely permits, consulted with permitting experts and begun to assemble the team needed to obtain all necessary permits. The usual problem with any coal facility is the air permit.
The US Fuel facilities as planned are expected to be classified as a minor source of pollutants.
Minor Source (Mnr Source) - A category of industrial facility with an air permit that has air emissions of less than 100 tons per year of a criteria pollutant (PM2.5, PM10, NO2, SO2, VOC (ozone), CO, Lead) and/or that emits less than 10 tons per year of a single hazardous air pollutant or less than 25 tons per year of a combination of hazardous air pollutants1.
While the exact emissions of the proposed 148 ton per day facility will not be determined until completion of engineering, the table below reflects emissions from a larger 220 ton per day facility.
|
Pollutant
|
Daily
Uncontrolled [lb/day] |
Daily
Controlled [lb/day] |
Annual
Controlled [ton/year] |
Annual
Average [lb/year] |
30-day
Average [lb/day] |
Tons per
Year |
|
VOC
|
2.96
|
2.96
|
0.5
|
933
|
3.0
|
0.47
|
|
NOX
|
105.6
|
7.7
|
1.40
|
2,427
|
7.8
|
1.21
|
|
SOX
|
0.63
|
0.63
|
0.12
|
200
|
0.6
|
0.10
|
|
CO
|
89
|
39
|
7.10
|
12,310
|
39.4
|
6.16
|
|
PM10
|
8
|
8
|
1
|
2,533
|
8.1
|
1.27
|
|
Total
|
9.20
|
|||||
There are different permitting timelines for the air permit depending upon facility emissions2:
1 See http://dep.gateway.ky.gov/eSearch/glossary.aspx
|
If the facility has the potential to emit...
|
...the following permit is required.
|
|
Less than 10 tons/year of a regulated air pollutant, less than 2 tons/year of a hazardous air pollutant, and less than 5 tons/ per year of combined hazardous air pollutants
|
Neither a permit nor registration is required unless the facility is a new source that will be engaged in construction activities or if federal requirements apply to the source. In this case, a Minor Source Registration Form (DEP 7039A) must be submitted prior to construction.
|
|
More than 10 tons/year but less than 25 tons/year of a regulated air pollutant, more than 2 tons/year but less than 10 tons/year of a hazardous air pollutant, or more than 5 tons/ year but less than 25 tons/year of combined hazardous air pollutants
|
The facility is required to register with the agency by submitting simplified form DEP 7039 prior to construction.
|
|
More than 25 tons/year but less than 100 tons/year of a regulated air pollutant and less than 10 tons/year of a hazardous air pollutant or less than 25 tons/year of combined hazardous air pollutants
|
The facility is required to obtain a minor source permit prior to construction.
|
Based upon discussions with air permitting experts, assuming emissions are as expected, the air permit should be issued in due course within 4 months of the application; the US Fuel plan allocates 5 months for this permit.
Project Time Line: Based upon the best information available at the time of this filing, the project timeline is as follows.
|
Mid-October 2012
|
Coal arrives in Germany for testing and characterization
|
|
Mid November 2012
|
Enter escrow to secure the land for first facility in Central City, Kentucky
|
|
Late November 2012
|
Determine volume and characteristics of gas produced from coal
|
|
Late January 2013
|
Complete engineering sufficient to begin the permitting process
|
|
June 2013
|
Air Permit issued
|
|
June 2013
|
Equipment ordered
|
|
December 2013
|
Equipment delivered
|
|
February 2014
|
Facility operational
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
U.S. Fuel Corporation
|
|
|
Dated: October 2, 2012
|
|
|
/s/ Harry Bagot
|
|
|
By: Harry Bagot
|
|
|
President & CEO
|