Canadian company CORE BioFuel Inc. has secured capital investments to fund the completion of its wood-to-Green Gasoline production plant.
Osprey Capital Partners Inc. is securing equity investment capital [pdf] for CORE, which will enable the biofuels company to define a fixed plant cost through an Engineering, Procurement, and Construction (ECP) contract with an international oil/gas engineering company.
Osprey is one of Canada's leading, highly successful investment banking and financial advisory firms, with a considerable track record for assisting its clients in private and public ventures. Alan Crossley, who will spearhead Osprey's work for CORE, views this arrangement as mutually beneficial:
"The fact that CORE will be producing a zero-carbon-based, market ready gasoline utilizing existing technologies; has secured an off-take agreement; and has a significant competitive market advantage in terms of production costs -- all will make this an excellent investment opportunity. We believe CORE BioFuel will become the market leader," Crossley said.
In a nutshell, this is an important step for CORE as it allows them access to much needed security for furthering their project. The company is trying to commercialize its drop-in cellulosic Green Gasoline, made from wood biomass, which it claims to be ground breaking.
The hopeful result: a cost-effective, carbon-neutral, 94 octane, and benzene-free alternative to conventional fuels from petroleum sources. Even better, the fuel will be made from already existing wood waste and its byproducts will be water, electricity to run the plant, and commercially usable carbon dioxide.
George Stanko, President of CORE Biofuel, stated, "We are extremely excited about signing this agreement with Osprey Capital. Osprey is a leader in their field and Alan Crossley shares our passion for renewable energy. This agreement positions us to make a giant step forward in our commercialization process and become the global leader in advanced cellulosic biofuels production."
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