Promethean Biofuels, USEI enter biodiesel production agreement

By U.S. Energy Initiatives Corp. | June 19, 2013

U.S. Energy Initiatives Corp. Inc. announced that it has signed a biodiesel production agreement with Temecula, Calif.-based Promethean Biofuels whereby the companies will work together to bring Promethean’s facility to its maximum capacity beginning in the next couple weeks. Promethean has the capacity to produce 2.1 to 3 MMgy if producing at these levels; the goal is to reach capacity next month. This is a 12-month agreement and the parties agree to divide the revenue produced by the sale of fuel produced (less cost); which should exceed $6 million annually.

“This is a significant milestone for USEI and it is an immediate entry into the fuel production arena,” said USEI CEO Anthony Miller. “This agreement provides us with significant revenue beginning next month. Promethean is a first class operation and has been operating profitably from the beginning. This relationship just allows the plant to operate 24 hours a day, seven days a week, well above current levels. USEI will have a physical office at their location and will be hands on as much as possible to lend it experience to the operation. USEI will help with procurement of raw materials and logistical support to ensure that the venture is successful. USEI will be a feedstock provider ... This is one of many relationships that we intend to create this year. Our immediate goal is to maximize our revenue through creating relationships with existing certified producers that are looking to increase their production levels through shared revenue agreements like this venture.”

Todd Hill, managing principal of Promethean, said, “Promethean is proud to partner with U.S. Energy Initiatives, to help meet California's mandated requirement for biodiesel under the low carbon fuel standard (LCFS). In the next few months we will ramp up towards our nameplate capacity and generate significant capital. This venture is part of an ongoing and carefully coordinated plan that Promethean has planned throughout 2014.” Hill said as a side note that Promethean is approached often by companies looking for partnership arrangements. “But the reality is that we are extremely selective and our focus is on relationships that will yield positive results,” Hill said.

Stay tuned to www.BiodieselMagazine.com for more information on this development.

 

 

 

 
 
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