HOUSTON, Dec. 19 /PRNewswire-FirstCall/ -- H2Diesel Holdings, Inc. (OTC Bulletin Board: HTWO) announced today that it has entered into a Test Burn Agreement with Mirant Energy Trading LLC, a subsidiary of Mirant Corp. (NYSE: MIR) to demonstrate its proprietary biofuel technology in utility scale power generation applications.
The Agreement calls for H2Diesel to supply its biofuel for a gas turbine test program that will be performed in early 2008 at Mirant's Morgantown Generating Station, which consumed approximately 5 million gallons of distillate fuel oil in 2006. The test program will include the evaluation of both technical and environmental performance characteristics of H2Diesel's biofuel. If testing is successful, the parties intend to negotiate a mutually agreeable purchase agreement for H2Diesel's biofuel technology.
"We're excited to be teaming with Mirant, a recognized leader in reliable, affordable, and environmentally responsible energy supply to build on our recent successes as we continue to commercialize our proprietary renewable biofuel," said David A. Gillespie, president and CEO of H2Diesel. "We believe our fuel can be used in industrial and power generation applications to reduce our nation's dependence on foreign oil, and to reduce the emissions of greenhouse gasses and other pollutants. We look forward to successfully completing the testing program and to Mirant becoming one of our first large- scale electric generation customers."
"A successful test of H2Diesel's biofuel at Morgantown represents a significant opportunity for Mirant, our customers, and stakeholders," said John O'Neal, Mirant's senior vice president and chief commercial officer. "Use of renewable fuels at Morgantown, one of our largest generating sites, would be an important upgrade in our processes that would benefit the environment and the community. We have considered numerous biofuels and we believe H2Diesel's proprietary emulsion technology represents a potentially superior and more environmentally responsible product than others currently available in the market."
About H2Diesel Holdings, Inc.
H2Diesel is a development stage company that holds an exclusive license for North America, Central America and the Caribbean to proprietary technology for the manufacture of an alternative "bio-fuel" from vegetable oils and animal fats that is intended to be marketed as a new class of bio-fuel or fuel additive for power generation, heavy equipment, marine use and as a heating fuel. The Company further believes its proprietary bio-fuel will provide a cheaper, renewable alternative energy source with significantly lower emissions than traditional fuels and a cleaner and more efficient alternative to heating oil. H2Diesel's business model calls for establishing bio-fuel production facilities directly and through sublicensing of its technology to qualified licensees.
Forward Looking Statements
This news release contains forward-looking statements. These forward-
looking statements concern the operations, prospects, plans, economic
performance and financial condition of H2Diesel Holdings, Inc. (the
"Company") and are based largely on the Company's 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 the Company's 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-KSB for
the fiscal year ended December 31, 2006 and Current Report on Form 8-K
filed on October 18, 2007.
David Gillespie, President & CEO Rob Schatz
H2Diesel Holdings, Inc. Wolfe Axelrod Weinberger
713-973-5720 Associates, LLC.
|SOURCE H2Diesel Holdings, Inc.|
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