New Generation Biofuels Announces Test Burn Agreement With FirstEnergy
April 02 2008 - 7:30AM
PR Newswire (US)
HOUSTON, April 2, 2008 /PRNewswire-FirstCall/ -- New Generation
Biofuels Inc. (OTC:HTWO) (BULLETIN BOARD: HTWO) announced today
that it has entered into a Test Burn Agreement with FirstEnergy
Corp. (NYSE:FE) to demonstrate its proprietary biofuel technology
in utility scale power generation applications. The Agreement calls
for New Generation Biofuels to supply its biofuel for a test
program that will be performed in early 2008 at FirstEnergy's
Lorain, Ohio combustion turbine facility. The test program will
include the evaluation of both technical and environmental
performance characteristics of New Generation Biofuel's products in
combustion turbine applications. "We're excited to be teaming with
FirstEnergy to build on our recent successes as we continue to
commercialize our proprietary renewable biofuel," said David A.
Gillespie, president and CEO of New Generation Biofuels. "We're
looking forward to further validation of our biofuel in combustion
turbine applications. We also look forward to successfully
completing the testing program." "We are proud of our record of
environmental achievements -- including our participation in more
than a dozen clean-coal technology projects, some of which have led
to the development of the most widely used control systems today,"
said Gary R. Leidich, FirstEnergy executive vice president and
president of FirstEnergy Generation. "Working with New Generation
Biofuels to test their biofuel product at one of our plants is a
continuation of our commitment to producing electricity in an
environmentally responsible manner while meeting our customers'
needs." About New Generation Biofuels Holdings, Inc. New Generation
Biofuels is a development stage renewable fuels provider. We hold
an exclusive license for North America, Central America and the
Caribbean to commercialize proprietary technology to manufacture
alternative biofuels from vegetable oils and animal fats that we
intend to market as a new class of biofuel for power generation,
heavy equipment, marine use and as heating fuel. We believe our
proprietary biofuel can provide a cheaper, renewable alternative
energy source with significantly lower emissions than traditional
fuels. Our business model calls for establishing direct sales from
manufacturing plants that we may purchase or build and sublicensing
our technology to qualified licensees. About FirstEnergy Corp.
FirstEnergy is a diversified energy company headquartered in Akron,
Ohio. Its subsidiaries and affiliates are involved in the
generation, transmission and distribution of electricity, as well
as energy management and other energy-related services. Its seven
electric utility operating companies comprise the nation's fifth
largest investor-owned electric system based on serving 4.5 million
customers in Ohio, Pennsylvania and New Jersey; and its generation
subsidiaries control more than 14,000 megawatts of capacity.
Forward Looking Statements This news release contains
forward-looking statements. These forward- looking statements
concern our operations, prospects, plans, economic performance and
financial condition and are based largely on our current beliefs
and expectations. These statements involve known and unknown risks,
uncertainties and other factors that may cause actual results to be
materially different from any future results expressed or implied
by such forward-looking statements. The risks and uncertainties
related to our business include all the risks attendant a
development stage business in the volatile energy industry,
including, without limitation, the risks set forth under the
caption "Risk Factors" in our Annual Report on Form 10-K for the
fiscal year ended December 31, 2007. CONTACT: David Gillespie,
President & CEO Rob Schatz New Generation Biofuels, Inc. Wolfe
Axelrod Weinberger 713-973-5720 Associates, LLC. 212-370-4500
DATASOURCE: New Generation Biofuels Inc. CONTACT: David Gillespie,
President & CEO of New Generation Biofuels, Inc.,
+1-713-973-5720; Rob Schatz of Wolfe Axelrod Weinberger Associates,
LLC. for New Generation Biofuels, +1-212-370-4500
Copyright