LAKE MARY, Fla., Nov. 20 /PRNewswire-FirstCall/ --New Generation Biofuels Inc. (Nasdaq: NGBF) announced today that it has entered into a Test Burn Agreement with Progress Energy Florida (NYSE: PGN) to demonstrate its proprietary biofuel technology in utility boiler applications.
The Agreement calls for New Generation Biofuels to supply its biofuel for a test program that will be performed in early 2009 at Progress Energy Florida's Bartow Plant in St. Petersburg. The test program will include the evaluation of both technical and environmental performance characteristics of New Generation Biofuel's products as a light off fuel and for flame stabilization in a boiler application.
"We're excited to be teaming with Progress Energy Florida to build on our recent successes as we continue to commercialize our proprietary renewable biofuel," said David A. Gillespie, president and CEO of New Generation Biofuels. "We're looking forward to further validation of our biofuel as we extend our reach beyond combustion turbine technology into utility scale boiler applications."
"We believe renewable energy is a key part of a balanced approach to meeting the new energy realities of growing energy demand, rising fuel costs and global climate change," said Rob Caldwell, vice president of Efficiency and Innovative Technology for Progress Energy. "Testing biofuels as a substitute for fossil fuel is an innovative initiative that is part of our commitment to provide customers with clean, reliable and affordable electricity."
About New Generation Biofuels Holdings, Inc.
New Generation Biofuels is a development stage renewable fuels provider. We 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 we intend to market as a new class of biofuel for power generation, heavy equipment, marine use and as heating fuel. We believe our proprietary biofuel can provide a cheaper, renewable alternative energy source with significantly lower emissions than traditional fuels. Our business model calls for establishing direct sales from manufacturing plants that we may purchase or build and sublicensing our technology to qualified licensees.
About Progress Energy Florida.
Progress Energy Florida, a subsidiary of Progress Energy (NYSE: PGN), provides electricity and related services to nearly 1.7 million customers in Florida. The company is headquartered in St. Petersburg, Fla., and serves a territory encompassing more than 20,000 square miles including the cities of St. Petersburg and Clearwater, as well as the Central Florida area surrounding Orlando. Progress Energy Florida is pursuing a balanced approach to meeting the future energy needs of the region. That balance includes increased energy-efficiency programs, investments in renewable energy technologies and a state-of-the-art electricity system. For more information about Progress Energy, visit www.progress-energy.com.
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 our Annual Report on Form 10-K for the fiscal year ended December 31, 2007 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2008.
CONTACT: Rob Schatz Wolfe Axelrod Weinberger Associates, LLC. 212-370-4500
|SOURCE New Generation Biofuels Inc.|
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