NEW YORK (DTN) -- New Generation Biofuels Holdings, Inc., a renewable fuel technology firm in Maryland, Monday announced plans to allow a biofuels producer in Puerto Rico to use its technology.
The Columbia, Md.-based New Generation Biofuels said it has signed a letter-of-intent with Ace Biofuels of San Juan, Puerto Rico, under which it would license out its product formulations, manufacturing technology and know-how.
Ace Biofuels, which is constructing a biofuel manufacturing facility in Puerto Rico, will pay New Generation Biofuels an undisclosed licensing fee for every gallon produced and sold.
Puerto Rico has annual market consumption in excess of 30 million gallons of biofuels, according to a study by the University of Puerto Rico.
"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," said Edgardo Fabregas Rios, president of Ace Biofuels. "With NGBF's unique biofuel technology, we can help not only our customers, but our country as well."
The terms of the letter call for Ace Biofuels to jointly manage the Puerto Rico project with New Generation Biofuels. The facility is expected to start production in the first half of 2010.
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