Endicott Biofuels, LLC to Construct 30-Million Gallon-per-Year Second-Generation Biorefinery at KMTEX Ltd. Facility in Port Arthur, Texas
HOUSTON, Jan. 24, 2011 /PRNewswire/ -- Endicott Biofuels, LLC (EBF) has signed an agreement with KMTEX Ltd. (KMTEX) to construct a 30-million gallon-per-year biorefinery in Port Arthur, Texas, that will employ EBF's proprietary technology for the production of high-purity G2 Clear™ biodiesel. KMTEX will host EBF as well as provide certain construction and operational services. Equity funding will come from Haddington Ventures, LLC, and construction is expected to begin in late January 2011.
"Our extensive specialty chemical processing capabilities in Port Arthur are well-suited to complement Endicott's unique production of biodiesel," said Artie McFerrin, President of KMTEX. "We are excited to begin this fruitful long-term relationship."
G2 Clear is Endicott's high-purity, high-quality biodiesel made from waste fats, oils and greases. This patent-protected process is capable of consuming any waste fat or oil in any proportion. EBF will use inedible feedstocks to help the U.S. meet the renewable fuel targets defined in the federal Renewable Fuel Standard and reduce dependence on foreign sources of crude oil.
"We are extremely pleased to establish this new business relationship with KMTEX and with the opportunity to locate our biorefinery here in Port Arthur," said EBF's CEO David Robinson. "Our G2 Clear has demonstrated the ability to exceed ASTM specifications for biodiesel using 100 percent waste materials and will have sub-60 second cold soak performance and very low carbon intensity, which means a fuel that is both reliable and environmentally cleaner than its competitors."
About KMTEX Ltd.
KMTEX is part of a family of companies founded in 1975 comprising KMTEX, KMCO, and South Coast Terminals employing over 250 professionals at five locations in Port Arthur, Crosby and Houston, Texas. KMTEX specializes in the distillation and custom processing of petrochemicals, specialty chemicals, oleochemicals, agricultural chemicals, and a host of other industrial chemical products. Their services include terminal storage and expert project management in materials handling, distillation, filtration, molecular sieve, and reaction chemistry. For further information, visit the website at www.kmtex.com.
About Endicott Biofuels, LLC
Headquartered in Houston, Texas, Endicott Biofuels, LLC is a second-generation biodiesel company possessing proven exclusive differentiating technology. EBF is building world-class biorefineries with the goal of adding to the domestic supply of economically renewable transportation fuel. EBF expects its products to be cost competitive with petroleum based fuels. For further information, visit www.endicottbiofuels.com.
About Haddington Ventures, LLC
Haddington Ventures, LLC, through its private equity funds, generally makes control-oriented investments in companies focused on gathering, separation, processing, treating, compression, storage, and transmission of energy. Haddington is unique in that it is the only midstream energy fund in which all principals have substantial direct operating company experience, both in energy-related acquisitions and in energy infrastructure development. For more information, visit www.hvllc.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, the predictability of commodities markets and raw material markets. Such statements are based upon the current beliefs and expectations of EBF's management and are subject to certain risks and uncertainties, including, but not limited to, competitive market pressures, changes in foreign currency and exchange rates, international trade risks, changes in policy by foreign governments, and changes in environmental and other governmental regulation. Actual results may differ from those set forth in the forward-looking statements.
SOURCE Endicott Biofuels, LLC