New Generation Biofuels Holdings has announced the signing of a Memorandum of Understanding with First Florida Biofuels to pursue development of potential biofuel projects in Florida. Under the MOU, New Generation Biofuels will provide technology and know-how for the development of a potential joint venture, with the purpose of exploring and pursuing biofuel projects in Florida.
FFB will provide its marketing expertise and will arrange financing for the projects.
"We are excited to be working with First Florida Biofuels," said New Generation Biofuels' CEO and President, David A. Gillespie.
"The unique expertise they provide on the Florida market landscape gives us a leg up as we continue to roll out our business in Florida. The FFB team brings financial expertise as well, with potential access to funding opportunities.
"Cultivating partnerships with key players in the biofuel industry and expanding production through licensing agreements is a key component of our strategy to build the market for our biofuel."
"NGBF represents our technology partner of choice", said FFB Chairman Jack Tymann. "We looked at numerous renewable technologies and concluded that NGBF's proprietary biofuel represents the best value proposition available in the market today. We're excited and quite optimistic about our association with the NGBF team!"
New Generation Biofuels produces a renewable energy product that is different from traditional biofuels. The Company's second-generation biofuel is produced using a simple proprietary blending process that combines water, proprietary additives and vegetable oil or other feedstocks.
New Generation Biofuels believes that this process is simpler, cleaner, less expensive and less energy intensive than traditional production methods and results in a biofuel that has superior technical and environmental performance at a lower cost than other first generation biofuels.
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