Kreido Biofuels, Inc. (OTCBB:KRBF) today announced that the company has obtained all of the permits and regulatory approvals necessary to commence groundbreaking and site work for its proposed flagship Wilmington, North Carolina biodiesel production plant. The approvals will allow an annual capacity in excess of 100 million gallons although the first stage is targeted for 33-50 million gallons.
“This is an important milestone toward commercializing our advanced technology and demonstrating its cost, feedstock and environmental advantages,” stated Ben Binninger, Chief Executive Officer of Kreido. “We are now in a position to complete our terminal and storage tank agreement with Vopak. We will start site work on the facility as soon as we have obtained the approximately $25 million of necessary financing to complete the site work, transfer the plant modules from Houston and initiate plant operations. We are targeting to be in a position to start site work within the next few months.”
Kreido’s modular biodiesel plant design has allowed the company to fabricate plant components off site while it obtains required regulatory approvals. Pulling from talent in Wilmington, Kreido will use the local workforce to build and staff its plant, creating approximately 22 jobs.
Kreido’s flagship plant will occupy an approximately 3.8 acre site leased from the Port of Wilmington adjacent to an intermodal distribution terminal operated by Vopak Terminal Wilmington, Inc. from which Kreido will lease storage tanks. The Wilmington site is situated on a deep water port that the company believes will provide first-rate access to U.S. East Coast and European biodiesel markets as well as excellent sourcing of domestic and international feedstocks.
"The Kreido project will be a great tenant for the Port of Wilmington," said N.C. State Ports Authority CEO Tom Eagar. "Our mission is economic development, which the plant will accomplish both during the construction phase and with permanent employees once it's operational. It fits right in with our own green initiatives, including conversion of our fleet to biodiesel."
About Kreido Biofuels
Kreido Biofuels, Inc. is providing renewable energy innovation through its proprietary process intensification technology -- the STT® system. Kreido’s STT® biodiesel production units offer a complete modular biodiesel production system that improves production efficiency and flexibility while using less equipment and infrastructure. The Company plans to license its biodiesel technology worldwide. STT® is a registered USPTO trademark of Kreido Biofuels, all rights reserved. For more information about Kreido Biofuels, visit www.kreido.com.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on management's good faith views and expectations when made. Forward-looking statements are inherently subject to known and unknown risks and uncertainties which, in the case of the company,include raising adequate capital to continue operations, technology and product development uncertainties, competition, cost and availability of feedstock, and plant development and manufacturing scale up. Actual results may differ, perhaps materially, from those discussed in the forward-looking statements. The Company is not obligated to update its forward-looking statements or comment on those differences. Readers are encouraged to refer to the Company's Annual Report on Form 10-KSB, and 10-KSB/A and other recent public filings to further ascertain the risks associated with the forward-looking statements. Readers are urged not to place undue reliance upon such statements.
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