Orbital rejigs Synerject JV

International clean energy technology group Orbital Corp. Ltd., and car parts supplier Continental Corp. have changed the commercial and ownership arrangements of their joint venture, Synerject LLC. Orbital said that it had settled a long standing arrangement to take up 10% of Synerject shares to maintain a 50:50 joint ownership with Continental by payment of US$4 million. Continental has also agreed to purchase 8% of Synerject from Orbital for US$4 million and agreed to a series of new commercial arrangements with Orbital and Synerject. Orbital has expanded its long-standing alliance with Continental by becoming the exclusive representative for compressed natural gas (CNG) and liquid petroleum gas (LPG) systems that utilize Continental’s components in Australia and New Zealand. Orbital and Continental are discussing further business relationships particularly in the Australian alternative fuel industry. (March 30, 2009)