Biojet International announces merger with Abundant Biofuels

Biojet International announces merger with Abundant Biofuels

2011-05-03 05:19:02 GMT+7 (ICT)

MONTEREY, CALIFORNIA (BNO NEWS) -- BioJet International Ltd. on Monday announced that Abundant Biofuels Corporation would become a wholly owned subsidiary of BioJet.

BioJet, a leading international supply chain integrator in renewable (bio) jet fuel and related co-products, which include green diesel for the aviation and transportation sectors, operates throughout the entire biofuel value chain engage feedstock generation, technology, refining, logistics, sustainability certification, distribution, and eventual end use by the aviation and transportation sector user.

Abundant, an integrated renewable energy company and a feedstock development, controls more than four million hectares in ten countries in Asia, Latin America, and Africa.

According to Abundant, the company has sufficient nursery seed stock to develop Jatropha plantations over the next three years capable of producing more than 20 million barrels of green biofuel.

"The Abundant deal is a major step toward BioJet attaining its goal of becoming the world's largest owner and developer of feedstock for renewable jet fuel and green diesel," BioJet Chairman Mitch Hawkins said.

"Ownership and control of feedstock is the absolute key to all biofuels. The strategic additional bandwidth brought by the team and assets of Abundant form a major building block in the expansion of our Camelina, Jatropha, Algae and Biomass projects in Latin America, Asia, Europe, and Africa," Hawkins added.

Furthermore, the BioJet Chairman noted that the deal also fits in nicely to the company's plans for the recent $1.2 Billion funding commitment they received from Equity Partners Fund.

According to Abundant Group Chairman Charles Fishel, the International Energy Agency projects that, by 2050, demand will reach over $11 trillion.

According to the agreement Abundant and its affiliates (Abundant Habitats and Abundant Harvests) will continue to operate under the Abundant name and corporate identity.

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