WGC-Nanostellar to drive automotive demand for gold
26 Dec '07
3 min read
According to Johnson Matthey, during 2007, 4.24 million oz. (119 tonnes) of platinum is expected to be used in automotive catalysts – an increase of 2.3 percent from 2006. At current platinum prices of approximately $1,400-$1,450 per oz., the total value of platinum use in auto catalysts during 2007 is expected to exceed $6 billion.
In recent years, Nanostellar and other producers of catalyst materials have introduced the use of palladium to partially replace the four-times more expensive platinum. Now, to further reduce the amount of platinum needed and the overall cost of the catalysts, Nanostellar has pioneered the use of gold — which is nearly half the price of platinum — for diesel emission control.
Joining Nanostellar's existing equity investors, which include 3i, Khosla Ventures and Monitor Ventures, among others, WGC will also provide the company with significant marketing and business development support, designed to increase uptake of NS Gold among the global vehicle manufacturing community.
James Burton, CEO of the World Gold Council, commented: “World Gold Council is delighted to be able to assist Nanostellar in its efforts to bring the first goldcontaining auto catalyst products to the market. The auto catalyst market is a large and important one for the platinum group metal producers and we are excited to be entering this new arena. We are also pleased to see gold play a role in an application with undoubted environmental benefits.”
Pankaj Dhingra, CEO of Nanostellar Inc, commented: “Garnering the support of a globally respected organisation like the World Gold Council speaks volumes about our proven technology and large market opportunity. WGC's marketing expertise coupled with our technical knowledge should prove a powerful combination in winning advocates for our new product.”
marketing@alchempro.com
