New Generation Biofuels, Inc. (NGBF) Signs Letter of Intent With Ace Biofuels
Source: http://Blog.QualityStocks.net/?p=18474Posted on Monday, October 12th, 2009 | In Investing Lessons, Small & Micro Cap
New Generation Biofuels, Inc. holds an exclusive license for North America, Central America and the Caribbean to commercialize proprietary technology to manufacture alternative biofuels from plant oils and animal fats. The company then markets these products as a new class of biofuels for power generation, commercial and industrial heating, etc.
The company today announced that it has signed a letter of intent with Ace Biofuels of San Juan, Puerto Rico. Under this letter of intent, Ace Biofuels would license product formulations, manufacturing technology and know-how from New Generation with the intent of constructing a biofuel manufacturing facility and marketing the company’s fuel in Puerto Rico. Ace Biofuels will pay New Generation Biofuels a licensing fee per gallon of biofuel produced and sold.
Edgardo Fabregas Rios, president of Ace Biofuels, is pleased with the deal. He said, “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. With New Generation Biofuels’ unique biofuel technology we can help not only our customers, but our country as well.”
Puerto Rico is a decent-sized market and sustains over 2,300 diversified industrial plants. The manufacturing sector in Puerto Rico has annual market consumption in excess of 30 million gallons according to a market assessment study conducted by the University of Puerto Rico. 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.
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