Jul 16 2010
New Generation Biofuels Holdings, Inc. (Nasdaq: NGBF) ("NGBF" or the "Company"), a renewable biofuels technology company, and Burmeister and Wain Energy A/S ("BWE") an engineering organization located in Lyngby, Denmark announced they have entered into a Memorandum of Understanding (MOU) to cooperatively expand the use of NGBF's leading renewable biofuels technology with BWE's engineering expertise in power generation and green renewable applications.
The two companies believe there are substantial mutual benefits that can arise from the collaborations of BWE's expertise in combustion systems and NGBF's biofuel production know-how and proprietary technology. The companies intend to explore business opportunities to provide renewable energy solutions to BWE's existing customers.
"New Generation Biofuels has a unique high performing renewable biofuel technology that we feel distinguishes itself in emissions reductions and ease of use," stated Paolo Danesi, Vice President for Sales at BWE. "We are energized by the potential and opportunities to utilize NGBF's biofuel technology in many energy applications, including but certainly not limited to power generation. Our engineering capabilities and experiences along with NGBF's technology will be a powerful combination for addressing the needs of customers across the globe."
"We are excited to work with BWE. They have a great reputation, they are innovative, and they have experience in many areas of interest for us in a multitude of applications," commented Cary J. Claiborne, CEO of NGBF. "We admire BWE's expertise and international presence. It is no coincidence that BWE is headquartered in Denmark, recognized as being on the leading edge of renewable energy utilization globally. We look forward to working together to improve the environmental profiles of our customers in many areas such as co-firing with coal and to demonstrate NGBF technology as a high performing cost effective renewable liquid biomass solution for the challenges our customers face today and will face in the future."