New Generation Biofuels Announces Receipt of a Firm Purchase Order from Fenix Energy USA, LLC to Supply Renewable Biofuel
LAKE MARY, Fla., July 15 /PRNewswire/ — New Generation Biofuels Holdings, Inc. (Nasdaq: NGBF), a renewable fuels provider, today announced that it has received a firm purchase order to supply biofuel (“NGBF biofuel”) to Fenix Energy USA, LLC.
The purchase order is for New Generation Biofuels to supply Fenix Energy with a minimum of 750,000 gallons of NBGF biofuel per month for 12 months from its Baltimore processing plant. The purchase order also calls for the option to extend the term beyond the initial 12 months.
“We have chosen to work with New Generation Biofuels because its biofuel offers a lower carbon footprint and reduced NOx emissions at a competitive price with alternative products,” said Mr. Mike Baum, Director, Fenix Energy USA, LLC. “The ability to make a 100% fuel switch also is an important consideration that makes NGBF biofuel attractive.”
“We are delighted to receive this important order and are looking forward to supplying our high quality and cleaner-burning fuel to Fenix Energy,” said Cary Claiborne, CEO of New Generation Biofuels. “This is an important step in the execution of our business strategy to ramp-up our production capacity at our Baltimore plant, and expand our customer base.”
NGBF biofuel is a precision blended biofuel that is made from new or recycled vegetable oil feedstock, allowing customization of the product to meet specific customer requirements. NGBF Biofuel is readily usable at 100% strength as a replacement for diesel, #2 heating oil, kerosene and other fuel oils and does not require material equipment performance modifications. In addition, NGBF Biofuel provides superior environmental and technical performance compared to petroleum distillates, as confirmed by several test burns. NGBF biofuel has demonstrated nitrogen oxide (NOx) reductions of up to 60% compared to distillate fuels, virtually no particulate or sulfur dioxide (SO2) emissions, and carbon monoxide (CO) emissions similar to standard diesel.
About Fenix Energy USA, LLC
Fenix Energy USA, LLC has over 25 years of experience that spans import-export activities, logistics, international negotiation, government service, commodity, and general business project management capabilities. Fenix Energy is a privately owned company headquartered in the United States, with operations in USA, Brazil, United Kingdom, Slovakia, Hungary, Russia, Middle East and Asia Pacific.
About New Generation Biofuels Holdings, Inc.
New Generation Biofuels is a renewable fuels provider. They hold an exclusive license for North America, Central America and the Caribbean to commercialize proprietary technology to manufacture alternative biofuels from vegetable oils and animal fats that it markets as a new class of biofuel for a multitude of applications, including: power generation, commercial and industrial heating and marine use. The Company believes that its proprietary biofuel can provide a lower cost, renewable alternative energy source with significantly lower emissions than traditional fuels. NGBF’s business model calls for establishing direct sales from manufacturing plants that it may purchase or build and sublicensing its technology to qualified licensees. For more information visit http://www.newgenerationbiofuels.com/ and subscribe to the New Generation Biofuels RSS Feed.
Forward Looking Statements
This news release contains forward-looking statements. These forward-looking statements concern our operations, prospects, plans, economic performance and financial condition and are based largely on our current beliefs and expectations. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results expressed or implied by such forward-looking statements. The risks and uncertainties related to our business include all the risks attendant a development stage business in the volatile energy industry, including, without limitation, the risks set forth under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2008.
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SOURCE New Generation Biofuels Holdings, Inc.