Renew Energy Resources’ Legacy Oil, Florida Signs Production Partnership Term Sheet With Alabama Based EnerSight Fuels, Inc.
Renew Energy Resources, Inc. (Pink Sheets:REER) (“RENEW” or the “Company”), today announced that its wholly owned subsidiary, Legacy Oil, Florida, (Legacy) has executed a term sheet for a production partnership including a long term feedstock supply agreement for recycled waste vegetable oil (RWVO) with EnerSight Fuels, Inc (EnerSight). As part of Renew’s vertical integration business model, Renew has found a feedstock supply partners that can supply material and bring other resources to the partnership. This agreement will allow Renew management team to start the development process for a 2.5 million gallon per year biodiesel plant knowing that a large majority of the feed-stock is guaranteed and the pricing of the material is predictable. Renew has already selected a location and will begin final due diligence on process technology. Renew and EnerSight anticipate commencing operation in the second quarter of 2009.
Alex H. Edwards III, Renew Energy Resources CEO stated, “As was the case with Legacy Oil New York, a key component in successfully building a vertically integrated Biodiesel facility is a good feedstock partner. We believe that EnerSight can be that partner and we look forward to working closely with their team to move Legacy Oil, Florida ahead very aggressively.”
Mark P. Petroff, EnerSight Fuels, Inc. CEO stated, “Our partnership with Renew’s subsidiary, Legacy Oil, Florida, provides EnerSight with a strong partner in Florida that has a long successful history in the alternative energy industry. We are excited to be associated with Legacy Oil, Florida and believe that their location, technical team, management capabilities, and production experience will create a synergistic long-term relationship. This partnership, in conjunction to our recent joint venture in eastern Tennessee, completes EnerSight’s southeastern US regional business strategy.”
About Renew Energy Resources, Inc.
Renewable Energy Resources, Inc (“RENEW” or “the Company”) is an alternative energy development company focused on converting non food based feed stocks into renewable energy. Non food based feed stocks include waste vegetable oil, corn oil, brown grease, animal fats, recycled plastics, and discarded tires. Renew is focusing on plants that are both origination and destination based. “Origination” plants are built near the feed stock source whereas “destination” plants are built near the point of use. Having a plant that functions as both an origination and destination plant simplifies logistics and creates a competitive market advantage in pricing and improved operating margins. RENEW vertically integrates renewable energy markets such as biodiesel, ethanol, solar and wind. Vertical integration will include facility ownership as well as facility management, off take contracts for the primary product produced, value added refinement of derivative products, distribution, sales, marketing and financing of export sales contracts. Management functions will include, marketing the fuels and other bi-products, maintaining a trained operational staff, OSHA compliance, quality control and all accounting functions. In return for the above functions Renew Energy, retains an equity ownership position in each project.
About EnerSight Fuels, Inc.
EnerSight Fuels, Inc. is a green technology company which makes biodiesel using recycled vegetable oil. Biodiesel is a clean burning alternative fuel, produced from renewable domestic resources. Biodiesel contains no petroleum and is a fuel additive, typically blended with petroleum based diesel in a 10 to 50% blend. EnerSight produces and markets its biodiesel in the southeast United States working closely with its industry partners that support the Company’s supply, transportation, production, and sales activities. The Company, founded in 2006, is based in Huntsville, Alabama’s at Cummings Research Park, the nation’s second largest research park.
EnerSight Fuels, Inc. is a leading an alternative fuel, clean technology company producing biodiesel made from recycled waste vegetable oil (RWVO). With our corporate partners, we produce and sell biodiesel and related by-products including glycerin to large wholesale and institutional customers in the Southeastern United States and overseas. The Company was founded in 2006 and is based in Huntsville, Alabama, a leading international center for high technology and physical sciences. Huntsville is home to over 500 leading technology and clean-tech companies, as well as NASA, the Marshall Space Flight Center, and four universities. For more information please see www.EnerSightFuels.com. For further information contact: Mark Petroff, President and CEO, at (256)-656-5012 or via email at MPetroff@enersightfuels.com.
For more information about Renew Energy Resources visit www.renewenergy.com.
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