New Generation Biofuels Holdings signs agreement for Puerto Rican biofuels development
12th October 2009
Renewable fuels provider New Generation Biofuels Holdings Inc has signed a letter of intent with Ace Biofuels of San Juan, Puerto Rico to 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 company said.
New Generation Biofuels holds an exclusive license for North America, Central America and the Caribbean to commercialise proprietary technology to manufacture alternative biofuels from plant oils and animal fats that it markets as a new class of biofuel for power generation, commercial and industrial heating and marine use.
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October 23rd, 2009 at 5:16 pm
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