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New Generation Biofuels Signs LoI With Puerto Rico-Based Ace Biofuels
Columbia MD (SPX) Oct 14, 2009 Renewable fuels provider New Generation Biofuels Holdings has announced that it has signed a Letter Of Intent (LOI) with Ace Biofuels of San Juan, Puerto Rico. Under this LOI, Ace Biofuels would license product formulations, manufacturing technology and know-how from NGBF with the intent of constructing a biofuel manufacturing facility and marketing NGBF biofuel in Puerto Rico. Under the terms of the LOI, Ace Biofuels will produce and market NGBF's Biofuel to the manufacturing sector in Puerto Rico, which has annual market consumption in excess of 30 million gallons according to a market assessment study by the University of Puerto Rico. Ace Biofuels will pay NGBF a licensing fee per gallon of biofuel produced and sold. "The whole of Puerto Rico is in the process of exploring a number of alternative and renewable energy options to decrease dependence on fossil fuels and help to decrease the impact that global warming could have on the island," said Edgardo Fabregas Rios President of Ace Biofuels. "With NGBF's unique biofuel technology we can help not only our customers, but our country as well." Puerto Rico sustains over 2,300 diversified industrial plants - including many leading Fortune 500 multinationals - that produce everything from apparel and computer motherboards to pharmaceuticals and medical devices. Initial targets for the biofuel are boiler applications in locations with no access to natural gas and limited opportunity beyond fossil fuels to switch to a clean renewable energy source. "We have been working with Ace for some time now and see this opportunity as a key to opening up new markets and growing the licensing side of our business," said New Generation Biofuels' Chief Executive Officer, Cary Claiborne. Eng. Fabregas Rios currently has established businesses and contacts in the manufacturing sector and we are pleased to have him as our partner." The terms of the LOI are subject to successful completion of a biofuel test in a Cleaver-Brooks boiler at a well known, reputable manufacturing site in Puerto Rico and the completion of technical due diligence by November 30th, 2009. NGBF will then jointly manage the project to start producing the biofuel in Puerto Rico sometime in the first half of 2010. Share This Article With Planet Earth
Related Links New Generation Biofuels Bio Fuel Technology and Application News
Algae Biofuel Producers To Give Status Update at Pacific Rim SummitWashington DC (SPX) Oct 14, 2009 Researchers and companies are racing to turn algae into a viable source of renewable energy. Leaders in the field will present progress and challenges in bringing algae biofuels and chemicals to the marketplace at the Biotechnology Industry Organization's (BIO) 2009 Pacific Rim Summit on Industrial Biotechnology and Bioenergy, to be held Nov. 8-11, 2009 in Honolulu. Brent Erickson ... read more |
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