Denver-based coal processor KFx Inc. said it is changing its name to Evergreen Energy Inc.
The new name borrows a page from the history of chief executive Mark Sexton, who formerly headed Evergreen Resources, a successful Denver-based natural-gas producer.
Under the KFx name, the company has been the subject of controversy over its treatment process that removes moisture and pollutants from low-energy Western coal. KFx’s operations are centered in Wyoming’s Powder River Basin.
A recent test shipment to Ohio utility FirstEnergy performed well in FirstEnergy’s boilers but produced excessive dust and heat during shipment from Wyoming.
Effective Friday, KFx shares will trade under the ticker symbol “EEE” when the stock moves from the American Stock Exchange to the NYSE Arca Exchange, which uses a fully electronic process for trading shares.
The shares rose 91 cents Tuesday to $10.18. The stock reached a 2006 peak of $21.44 in March.
“Changing our listing and name has been an element of our strategic plan since I joined the company one year ago,” Sexton said. “The name Evergreen Energy Inc. captures our key attributes, namely our commitment to delivering clean energy, and our strategy to vertically integrate our operations as an energy-production company.”
The company also announced that Sexton becomes board chairman, replacing Ted Venners, who remains chief technology officer and a board director.
Despite the company’s name change, its treated coal will continue to be called K-Fuel.
Staff writer Steve Raabe can be reached at 303-954-1948 or sraabe@denverpost.com.
