US National Clean Fuels, DC Biofuels to set up biodiesel JV
(ADPnews) - Dec 14, 2010 - US green energy tech firm National Clean Fuels (PINK:NACF), of NACF, said last week it plans to set up a joint venture (JV) with biodiesel plant developer DC Biofuels LLC for the conversion of waste biomass into fuel.
Under the letter of intent the parties signed, they should strike a definitive agreement in 20 days.
DC Biofuels is developing a waste-to-biodiesel plant in Washington DC with a capacity to produce five million gallons (19 million litres) of high-quality biodiesel a year, which is enough for 25 million gallons of B20 fuel, NACF said. The plant will use waste oils and fats from local restaurants, residents, institutions and animal fats. The developer expects to sell its biofuel to corporate fleet clients and to municipal fleets.
Upon signing a definitive JV contract, NACF will provide financing and expertise for a demonstration of DC Biofuels' biodiesel for use with selected municipal fleet vehicles. NACF said it would also take part in the long-term operations ensuing from a possible final contract between DC Biofuels and metropolitan areas.
DC Biofuels is specialised in the conversion of waste biomass into biodiesel products for transportation, home heating, industrial applications and power generation.