U.S. Sustainable Energy Corp. and Sustainable Power Corp. Announce Joint Venture With Illinois Biofuel Group, LLC
Tuesday April 24, 8:00 am ET
Joint Venture to Provide Green Energy, Green Power, Organic Based Fertilizers, Ethanol, Biodiesel, Biofuel and Biogas in Princeton, Illinois
NATCHEZ, MS--(MARKET WIRE)--Apr 24, 2007 -- U.S. Sustainable Energy Corp. and Sustainable Power Corp. are pleased to announce the formation of a joint venture with Illinois Biofuel Group, LLC specifically to utilize the USSEC/SSTP suite of products in the generation of green power, biodiesel and ethanol, together with organic based fertilizer, and management of the resulting business, and other business incidental to the general purpose of the Joint Venture.
Dennis Radcliff, President of Illinois Biofuel Group, LLC stated: "I have spent the last 25 years working with farmers and politicians in the State of Illinois. I have personally witnessed the farm community suffer severe economic hardship to the point where farms have been lost due to lack of demand of soybeans and off spec soybeans. The USSE/SSTP process is groundbreaking because of the enormous yield per bushel of soy it produces. With the USSE/STTP process, there will always be enormous demand for soybeans. It makes our raw costs per bushel of feedstock less of an issue for us to achieve strong profitability. Because the USSE process is 8 1/2 minutes from bean to fuel, the processing costs are 50% less than other competitive methods. Lastly, we can purchase from the farmers off spec soybeans that would not be fit for human consumption which also greatly benefits the farmers' income. This project is fully EPA permitted for air, construction and site for a 30 million gallon a year biodiesel plant, and we have dramatic room for expansion."
The Joint Venture was formed to build and operate an initial Biofuel plant in Princeton, Illinois. The scope of the initial Phase I Project, which may be expanded, is to provide a 4 reactor USSEC/SSTP plant utilizing all liquid and gaseous fuels in the production of green power. The basis of design for the USSEC/SSTP Biofuels plant and green power plant will be 40 tons of soybeans per day per reactor, with a target power plant production of 100 mw. Funding will be provided by Illinois Biofuel Group, LLC for the procurement of the BioFuel site, permits, rail access, feedstock supply and any and all project financing for development, design, construction and startup costs. USSEC/SSTP will provide funding for all aspects related to the design services and project management services of their reactor installations, as well as the operation of the plant once completed.
"Our hard work has finally paid off with the consummation of our first major commercial application for our technology. We have been working closely with the Illinois Biofuel Group in order to structure an agreement in such a way that would allow both parties to maximize our abilities to generate revenues and earnings as well as set the table for future introductions of our technology in other key locations throughout Illinois," commented John Rivera, Chairman and CEO of USSEC and SSTP.
About U.S. Sustainable Energy Corp.
U.S. Sustainable Energy offers a revolutionary new energy process that creates three times more fuel per feedstock unit than any other biofuel process. The company has engineered the first bio-renewable fuel able to serve as a replacement to diesel, with none of the negative traits associated with competitive green fuels. The USSEC biofuel is furthermore created at a nominal cost as the byproduct of producing organic fertilizer from recycled waste products, a discovery made during research into agricultural biomass now known as the "Rivera Proces." The technology offers a solution to foreign oil dependence, significant reduction to the cost of electricity and ethanol production, and the eventual reversal of greenhouse gas emissions.
Management and current operations are focused on leveraging the superior performance and low cost of the fertilizer, biogas and biofuel within bundled plant operations, turnkey energy contracts, ethanol production, and other critical applications that rely on energy as a major cost component.
About Sustainable Power Corp.
Sustainable Power Corp. is an international green energy service provider focused on environmentally safe power generation. The company has the exclusive rights to develop and manage a portfolio of green power plants utilizing the USSEC biofuel discovery, a renewable fuel source able to be produced from one-fifth of the soybean acreage traditionally associated with biodiesel.
SSTP services range from feasibility studies, project financing, and site design, to full scale facility development and turnkey plant construction. The superior performance that is expected to be gained from using the renewable fuel source allows SSTP to offer green energy facilities ranging from 5MW to 500MW and featuring complete turnkey power solutions that potentially offer exceptional value over all other market alternatives.
Source: U.S. Sustainable Energy Corp.
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