Biofuels go Ace in Puerto Rico
US-based renewable fuels provider New Generation Biofuels Holdings (NGBF) is branching out to Puerto Rico.
The company has signed a Letter Of Intent (LOI) with Ace Biofuels of San Juan, Puerto Rico.
Under this LOI, Ace Biofuels would license product formulations, manufacturing technology and know-how from NGBF with the intent of constructing a biofuel manufacturing facility and marketing NGBF biofuel in Puerto Rico.
Under the terms of the LOI, Ace Biofuels will produce and market NGBF’s biofuel to the manufacturing sector in Puerto Rico, which has annual market consumption in excess of 30 million gallons. Ace Biofuels will pay NGBF a licensing fee per gallon of biofuel produced and sold.
‘The whole of Puerto Rico is in the process of exploring a number of alternative and renewable energy options to decrease dependence on fossil fuels and help to decrease the impact that global warming could have on the island,’ Edgardo Fabregas Rios president of Ace Biofuels.
The company has signed a Letter Of Intent (LOI) with Ace Biofuels of San Juan, Puerto Rico.
Under this LOI, Ace Biofuels would license product formulations, manufacturing technology and know-how from NGBF with the intent of constructing a biofuel manufacturing facility and marketing NGBF biofuel in Puerto Rico.
Under the terms of the LOI, Ace Biofuels will produce and market NGBF’s biofuel to the manufacturing sector in Puerto Rico, which has annual market consumption in excess of 30 million gallons. Ace Biofuels will pay NGBF a licensing fee per gallon of biofuel produced and sold.
‘The whole of Puerto Rico is in the process of exploring a number of alternative and renewable energy options to decrease dependence on fossil fuels and help to decrease the impact that global warming could have on the island,’ Edgardo Fabregas Rios president of Ace Biofuels.
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