CORE BioFuel signs agreement to secure investment capital for construction of wood-to-green gasoline plant in Canada; plant byproducts will consist of water, electricity to run its own operation, carbon dioxide suitable for commercial use
January 25, 2012
– CORE BioFuel Inc., a Canadian company focused on energy security for the North American and European markets, announced today that it has signed an exclusive agreement with Osprey Capital Partners Inc., based in Toronto, Canada. Osprey Capital will secure equity investment capital to fund the completion of construction engineering for CORE's first wood-to-Green Gasoline plant to be built in Canada. This major step will enable CORE to establish an Engineering, Procurement and Construction (EPC) contract with an international oil/gas engineering company to define a fixed plant cost. The EPC contract will allow CORE to secure project debt financing and performance guarantees for the plants through AON Reed Stenhouse, one of the largest insurance brokers in the world.
Osprey's work for CORE will be spearheaded by Alan Crossley, who has over twenty-five years of experience in the chemical, petroleum, and renewable fuels industry. Mr. Crossley commented: "Osprey Capital is very pleased to be working with the CORE team. CORE will be producing a carbon neutral, market ready gasoline utilizing existing technologies, has secured an off-take agreement and has a significant competitive advantage in terms of production costs. This makes the CORE project an excellent investment opportunity. Osprey has seen a significant number of bio-based fuel projects, and we believe CORE BioFuel will become the market leader."
George Stanko, President of CORE Biofuel, stated: "We are extremely excited about signing this agreement with Osprey Capital. Osprey is a leader in investment banking and Alan Crossley shares our passion for renewable energy. This agreement positions us to take a giant step forward in our commercialization process and become the global leader in advanced cellulosic biofuels production."
Osprey Capital Partners Inc., since its founding in 1998, has become one of Canada's leading independent investment banking and financial advisory firms, with offices in Toronto, Calgary, Winnipeg and Nova Scotia. Osprey's success with public offerings, mergers, acquisitions, funding and financing transactions stems from its basic understanding of the needs of mid-market companies paired with its established relationships with leading banks, insurance companies, pension funds, institutional investors and private equity firms -- not only in Canada but the US and Europe as well. Osprey is experienced in assisting its clients through all aspects of private investment and public offerings. For additional information see www.ospreycapital.ca .
CORE BioFuel Inc. is commercializing its patent-pending Green Gasoline process, a ground-breaking development that addresses the challenge of producing a drop-in gasoline from cellulosic biomass. The technology uses industrially proven equipment, and the process is scalable, efficient and provides a cost effective solution to producing carbon neutral, benzene-free gasoline. CORE's Green Gasoline will be a 94-octane, clean-burning alternative to conventional gasoline from petroleum sources. A CORE BioFuel plant will not only produce gasoline from unwanted wood waste but its by-products will consist of water, electricity to run its own operation, and carbon dioxide suitable for commercial use. For additional information, see www.corebiofuel.com .