Core BioFuel signs MoU with energy project developer
Canada-based Core BioFuel, a biofuels firm dedicated to the commercialisation of a biomass-to-fuel production process, has signed a Memorandum of Understanding (MoU) with an un-named energy project developer.
The MoU will see the development of four Core-licensed biorefineries in the Western Hemisphere, which will utilise Core's patent-pending wood-to-fuel technology for a preliminary four-year period. Following the completion of this initial term, the agreement and the number of plants developed could be increased, according to the MoU.
In addition, the MoU provides for a third party review of Core's technology as well as the testing of Core's green fuel produced through a pilot programme. Core BioFuel will release the details of the MoU following completion of the review.
'We are extremely pleased to have our development partner utilising our wood-to-gasoline technology,' says Don Sigler, CFO of Core BioFuel. '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.'
'This MoU represents another strategic step towards completion of our commercialisation plans,' George Stanko, Core BioFuel's president, adds. 'Our alignment with such an experienced group substantially accelerates the development of our technology in Canada and the US.'