March 16 (SeeNews) - US nanotechnology research and development (R&D) firm Nano Labs Corp (OTCMKTS:CTLE) said on Monday it has agreed to establish a biofuels-focused joint venture (JV) in North America with Mexican sector player DerTek.
More precisely, their new programme will cover the R&D, as well as the marketing and production of biofuels. Initially, the entity will operate only in Mexico, while later it will stretch to other North American destinations, Nano Labs explained.
The JV will make use of DerTek’s catalyser technology for the production of biofuels from organic oils, which uses raw materials from different crops. These oils not only serve as a cheaper substitute for diesel fuel, but also reduce significantly both the pollution emissions and maintenance costs of engines. At present, DerTek’s annual biofuel production capacity tops 25 million litres (5.5m gal).
As part of the agreement, DerTek and Nano Labs will own equal equity stakes in the JV. "With this JV, our goal is to bring value and new opportunities in the energy sector by developing and manufacturing better fuels at a lower cost and at an eco friendly way at the same time reducing Carbon emissions," Nano Labs president, Bernardo Chavarria, noted.