SAN FRANCISCO, Dec. 17 /PRNewswire/ -- Oilsource Holding, LLC and Greenline Industries, LLC announced today that they are teaming up to develop the largest biodiesel plant in the Southeastern United States. A 60 million gallon per year plant is expected to be commissioned by the first quarter of 2009. The plant will be located in Miami, Florida, with rail spur access for distribution within a ninety-mile radius of three of Florida's most important ports. The project is planned to be completed in three phases with a vertically integrated business strategy and reaching its target capacity in the third phase. The estimated $96 million investment will represent over $1 billion flowing through the economy of Florida.
Felipe Cano, CEO of Oilsource Holdings, commented "Oilsource Holding has been studying the Sunshine State for the past two years, and we believe that now is the time to act. Florida has tremendous potential to become a leading player in the biofuel industry. Our unique strategy combines an integrated approach to harvest, production and distribution using marine-based logistics with a multifeedstock process that prioritizes oil from non-food crops. This will enable us to provide our customers with a steady biodiesel supply at a competitive price".
Working with Greenline Industries, the production process becomes modular so we can scale up quickly as demand increases. The execution of a biodiesel project of this size and caliber from planning to large-scale production will require the combined efforts of the community, the local governments, and the industry in general.
"At this time, the Company cannot disclose any additional information about the project. However, the Company believes that part of the first step in the project is to educate the community as to the benefits of using biofuels. The project is a proactive move towards to the green movement," concluded Mr. Cano.
Biodiesel reduces greenhouse gases emissions by almost 80% and has lower level of emissions of several air pollutants compared to traditional diesel, without compromising engine efficiency or durability. Nevertheless, biofuels made from vegetable oil often competes with food security in some regions; such is the case of biodiesel from soybeans or ethanol from corn. Oilsource will use vegetable oil from non-food crops (like jatropha and waste oil from restaurants) or those with less impact on the food chain (like palm or coconut oil). These true "energy-crops" will enable us to achieve sustainable growth without compromising the wealth of the communities or the environment.
John Kinney, CEO of Greenline Industries, continued, "last year, Greenline Industries installed more biodiesel plants than any other company in the United States. We now enjoy the advantage of a proven, EPA award-winning technology that doesn't use water so it doesn't need the waste water treatment expense or permit complications. We know from our experience that the logistics and market opportunities in Miami are exceptionally positive".
Steven Karpel, Chief Operating Officer of Oilsource Holding and BioEnergy, the production subsidiary of the joint venture, states, "The concept of Biomix was generated by integrating resources in the Americas, blending different raw materials, cultures, and business approaches to produce a more environmentally friendly fuel source."
Mr. Karpel added, "I believe that this is a very important development for the South Florida community. South Florida is ready for an alternative and most importantly, sustainable fuel source that will also help protect our environment. Florida depends on its environment on a number of levels, and I having lived in South Florida almost all my life, I am looking forward to working with the local governments, corporations, and media to making this project a success."
Media contact:
Mr. Felipe Cano Mr. John Kinney
CEO CEO
http://www.oilsourceholding.com/ http://www.greenlineindustries.com/
510 776 0074 415 526 7600
Mr. Steven Karpel
COO
http://www.oilsourceholding.com/
305 984 3431
Oilsource Holding, LLC; Greenline Industries, LLC
