LAKE MARY, Fla., June 22 /PRNewswire-FirstCall/ -- Renewable fuels provider New Generation Biofuels Holdings, Inc. (Nasdaq: NGBF) today announced that it has signed a Letter of Intent with Instituto Costarricense de Electricidad (ICE), an Autonomous Institution of the Government of Costa Rica.
Under the terms of the letter of intent, ICE will evaluate NGBF's biofuels, leading ultimately to the potential licensing of NGBF technology and to the construction of its own biofuel production plants employing NGBF's process in Costa Rica for use in its electric generation plants. It is also the intent of the parties that the process outlined in this letter shall be completed within a period no longer than three months.
"We look forward to working with ICE to explore this opportunity to provide Costa Rica with an environmentally sound fuel, based on locally produced feedstock, which should mitigate the need to use Costa Rica's foreign exchange earnings to purchase imported fuel oil," said New Generation Biofuels' Chief Executive Officer, Cary Claiborne. "In addition to the expected revenue contribution for New Generation Biofuels, the successful implementation of the ICE project using our technology will provide us with an additional platform to market our biofuel technology in the U.S. and abroad."
NGBF proposes to supply ICE, initially, with biofuel produced in its production facility located in Baltimore, Maryland, for the testing program. An additional evaluation will be conducted to assess the availability within Costa Rica of palm oil, Jatropha, or animal fats suitable for use as feedstock to produce biofuel.
About Instituto Costarricense de Electricidad (ICE),
The Instituto Costarricense de Electricidad (ICE) was created by decree in
|SOURCE New Generation Biofuels Holdings, Inc.|
Copyright©2009 PR Newswire.
All rights reserved