Alliance Bioenergy Plus inks exclusive brokerage agreement with Progressive Fuels

US cellulose technology provider Alliance BioEnergy Plus has inked an exclusive brokerage agreement with Progressive Fuels, an independent interdealer broker specialising in wholesale physical and financial over-the-counter (OTC) biofuels.

The agreement is for five years and will automatically renew at the end of the initial term or any renewal term for successive one-year terms.

The price of cellulosic fuels reached $4.33 (€3.74) per gallon in California in June 2017, an increase of 15.7% since the January 2016, and the global cellulosic ethanol market is expected to reach $18B by 2021, based on CAGR of 45%. ALLM can produce cellulosic ethanol for less than $1 per gallon, which is equivalent to less than $18 per barrel of oil.

"We're pleased to announce our partnership with Progressive Fuels Limited, a respected leader within the fuels industry," said Daniel de Liege, President and CEO of Alliance BioEnergy.

He added: "PFL has the expertise, industry relationships and market logistics to help us to vastly expand our sales channel for our cellulosic fuels. The global market for more environmentally friendly biofuels is growing exponentially, and this agreement is another step in our effort to become an industry leader."

"We are proud to be named the exclusive broker for Alliance BioEnergy's cellulosic fuel products," said Curtis Chandler, president of Progressive Fuels.

He added: "Alliance BioEnergy's CTS conversion process sets it apart in a marketplace which is in the midst of incredible growth - the company produces high-quality ethanol at a lower price point without sacrificing its environmental benefits. We look forward to increasing their market share during this exciting era in the biofuel industry."