CORE Biofuel signs MOU

Clean, renewable, cost effective gasoline is what CORE Biofuel Inc. are promising.

The Canadian biofuel company is currently working to commercialize an advanced biomass to gasoline production process.

According to CORE, the ground breaking process addresses the biofuel challenge by producing a drop-in replacement for gasoline that is produced from renewable, sustainably acquired waste biomass. The production process also takes advantage of equipment that is already commercially available and will result in the production of zero fossil input gasoline, a carbon neutral, ultra low benzene, high octane gasoline.

CORE recently announced that it has now signed a Memorandum of Understanding (MOU) with a renewable energy project developer. While details of the MOU won’t be released until the completion of a review the company says it 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 also contains provisions for extending both the agreement and number of plants from four, 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.

According to Doug Sheppard, CORE’s vice president of investor relations the locations of the four plants have not yet determined, but he said to Lakes District News that the company has completed a lot of work towards locating a plant in Houston.

“It is our intention to locate a plant in Houston, but no agreements have been signed yet,” Sheppard said.

He went on to say that CORE have worked with the municipality of Houston and picked a potential site for the plant, but have not officially made any decisions.

“Houston is still a work in progress,” he said added that the MOU announcement is more about the technology that is being developed.

“In my opinion we have the lowest cost and best technology in the work [for gasoline production],” he added.

Via a press release announcing the MOU, Don Sigler, chief financial officer of CORE said, “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.”

George Stanko, president of CORE BioFuel said, “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.”

Sheppard said CORE will be meeting with Houston council next week and they also plan to hold a community meetings in Houston on May 26, Smithers on May 27 and Terrace on May 27.