Ontario-based biofuel company Core BioFuel signs MOU with undisclosed renewable energy project developer to construct four woody biomass-to-gasoline refineries in Western Hemisphere
May 13, 2011
– CORE BioFuel Inc., a Canadian biofuel company that is commercializing an advanced biomass to gasoline production process, today announced that it has signed a Memorandum of Understanding (MOU) with a renewable energy project developer.
The MOU provides for the development of four CORE licensed biorefineries in the Western Hemisphere utilizing CORE’s patent-pending wood to gasoline technology over an initial four year period. The MOU contains provisions for extending both the agreement and number of plants after completion of the initial term. In addition, the MOU provides for a third party review of CORE’s technology as well as the testing of CORE’s green gasoline produced through a pilot program. CORE BioFuel Inc. will release the details of the MOU following completion of the review.
Mr. Don Sigler, Chief Financial Officer of CORE BioFuel Inc. commented, “We are extremely pleased to have our development partner utilizing our wood-to-gasoline technology. The developer has a long history in the wood products industry throughout North America and brings that experience and expertise through its renewable energy efforts to our partnership.”
Mr. George Stanko, President of CORE BioFuel, also stated: “This MOU represents another strategic step towards completion of our commercialization plans. Our alignment with such an experienced group substantially accelerates the development of our technology in Canada and the United States.”
About CORE BioFuel Inc.
CORE BioFuel is commercializing the patent-pending MKS Gasoline Synthesis ProcessTM. This process is a ground- breaking development that addresses the biofuel challenge. The technology is industrially proven and the process is a scalable, efficient, and cost effective approach to producing carbon neutral, high octane gasoline from biomass. The ZFI GasolineTM produced by the MKS ProcessTM will be a 92 octane, clean-burning alternative to conventional gasoline produced from petroleum sources. For additional information, see www.COREBioFuel.com