The ZeroGen project, which was to build a coal fired power station near Rockhampton using carbon capture technology, has gone into liquidation.
The company, which had proposed a "world-first" $4 billion clean coal power plant storing carbon emissions underground, is under external administration and a liquidator has been appointed.
The Queensland Government, which originally owned the project, has invested $108 million in it. The Commonwealth Government invested $52 million but has obtained a $9 million refund. ZeroGen was supposed to be turned into an independent entity, owned and run by industry but industry fundnig could not be found.
Queensland’s Deputy Premier, Andrew Fraser, said that the technology was not financially viable. He said that the intellectual property from ZeroGen belongs to the Queensland Department of Economic Development.