ICE agrees to test biofuels for power generation
- by crv.staff
- 11.08.09
- 6:37 PM UTC
- Filed in Eco-Friendly Development
New Generation Biofuels Holdings, Inc., has signed a letter of intent with the Instituto Costarricense de Electricidad for a test of its biofuels.
Under the terms of the letter of intent, the Instituto Costarricense de Electricidad, known as ICE, will evaluate New Generation’s biofuels, leading ultimately to the potential licensing of New Generation’s technology and to the construction of biofuel production plants in Costa Rica for use in its electric generation plants.
“We look forward to working with ICE to explore this opportunity to provide Costa Rica with an environmentally sound fuel, based on locally produced feedstock, which should mitigate the need to use Costa Rica’s foreign exchange earnings to
purchase imported fuel oil,” said Cary Claiborne, New Generation’s chief executive officer. “In addition to the expected revenue contribution for New Generation Biofuels, the successful implementation of the ICE project using our technology will provide us with an additional platform to market our biofuel technology in the U.S. and abroad.”
New Generation, a Lake Mary, Florida, firm, proposes to supply ICE, initially, with biofuel produced in its production facility located in Baltimore, Maryland, for the testing program. That is expected to take about three months, according to the letter.
An additional evaluation will be conducted to assess the availability within Costa Rica of palm oil, jatropha, or animal fats suitable for use as feedstock to produce biofuel, the company said.
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