New Generation Biofuels Completes First Truckload Delivery from Baltimore Facility
Thursday April 2, 2009, 8:03 am EDT
LAKE MARY, Fla., April 2 /PRNewswire-FirstCall/ -- Renewable fuels provider New Generation Biofuels Holdings, Inc. today announced that the Company produced and delivered its first truckload sale to a customer from its commercial-scale facility in Baltimore, Maryland. The shipment was delivered to Delta Chemical with whom New Generation Biofuels signed a contract on March 23rd and who placed their first order shortly thereafter.
New Generation Biofuels' Baltimore facility has a nominal production capacity of five million gallons per year, which can be expanded to as much as 50 million gallons per year to support growth in demand for biofuel. New Generation Biofuels currently has sales agreements with customers in the power generation and commercial & industrial industries. The Company is also conducting test burns with other leading independent energy producers as well as large commercial and industrial users.
"We are pleased that we are now producing and selling our second-generation biofuel at our Baltimore plant, whose modular design can accommodate capacity increases as we experience heightened demand for our versatile, cost-effective and technically superior product," said Cary Claiborne, President and CEO of New Generation Biofuels. "Renewable energy has become an essential component of the Obama administration's energy policy to address the important issues of energy security and climate change, and we look forward to being part of the solution as we ramp up our production."
New Generation Biofuels differentiates its strategy from other alternative fuel suppliers by targeting large stationary users such as the power generation industry, commercial and industrial processes and space heating, as well as marine transportation. Within the power generation industry, the Company targets power producers for igniting co-firing as well as peaking and have identified more than 100 power plants that, are potentially constrained by emissions limitations and may be eligible for renewable energy credits. So far, 29 states and the District of Columbia have established Renewable Portfolio Standards (RPS) requiring the use of renewable sources to generate electricity. Of these, at least 12 are currently in effect, or go into effect in 2009. For example, by 2010 retail energy companies in California are required to obtain 20% of their energy from renewable sources.
About New Generation Biofuels, Holdings, Inc.
New Generation Biofuels is a development-stage renewable fuels provider. New Generation Biofuels holds an exclusive license for North America, Central America and the Caribbean to commercialize proprietary technology to manufacture alternative biofuels from vegetable oils and animal fats that it markets as a new class of biofuel for power generation, commercial and industrial heating and marine use. The Company believes that its proprietary biofuel can provide a lower cost, renewable alternative energy source with significantly lower emissions than traditional fuels. New Generation Biofuels' business model calls for establishing direct sales from manufacturing plants that it may purchase or build and sublicensing its technology to qualified licensees.
Source: New Generation Biofuels Holdings, Inc.
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