Benefuel Finalizes Agreement for Malaysian Biodiesel Plant in Partnership with World's Largest Palm Oil Producer250,000 metric tonnes per year plant will be retrofitted with ENSEL® technology
February 23, 2015
IRVING, TX, February 23, 2015 - Benefuel Inc. announced today that a joint venture formed by its subsidiary, Benefuel International Holdings S.A.R.L., and a subsidiary of Felda Global Ventures Sdn. Bhd. (FGV), the world's largest palm oil producer, has acquired a 250,000 tonnes per year biodiesel plant in Kuantan Port, Malaysia and will retrofit the plant with Benefuel's ENSEL® technology. The joint venture, named FGV Green Energy, also includes M2 Capital Sdn. Bhd., a subsidiary of Australia's Mission NewEnergy. Retrofitting will begin immediately, and the plant is expected to be operational in 2016.
Rob Tripp, Chief Executive Officer of Benefuel commented, "We are thrilled to partner with FGV and Mission NewEnergy on this project. FGV brings world-class expertise and ready access to palm oil feedstocks, and as the original builder of the Kuantan Port plant, Mission New Energy brings an intimate knowledge of the facility. The combination of partners and location – with easy access to feedstocks and domestic and international markets – is unmatched."
"Kuantan Port will be the second facility to be retrofitted with our ENSEL® technology," Tripp added. "The first, our plant in Beatrice, Nebraska, will be operational later this year."
"After completing substantial technical and engineering work, we are excited to partner with Benefuel and Mission NewEnergy and take a major step toward our goal of tripling Felda's biodiesel production by 2016," said Dato' Wira Adam, Head of Downstream Processing of the Palm Downstream Cluster for FGV. "Benefuel's ENSEL® technology will allow us to process palm fatty acid distillate, a by-product of palm oil refining and position us as a low-cost producer of biodiesel in Malaysia and Southeast Asia."
In addition to working together in FGV Green Energy, Benefuel and FGV have entered into a further agreement to develop and operate additional biodiesel projects in Southeast Asia. The joint venture will look to establish production facilities in strategic locations in Southeast Asia that have strong access to feedstock and finished product markets. The plants, which will employ Benefuel's ENSEL® technology, will be operated by FGV.
"FGV is yet another world-class company to recognize the value and disruptive nature of our ENSEL® technology," Tripp concluded. "Our pipeline of attractive projects – both retrofit and greenfield – continues to grow."
About Benefuel - Benefuel Inc. is a biodiesel process technology and production company based in Irving, Texas. The company has exclusive, global rights to next-generation technology for manufacturing biodiesel and bio-lubricants. Benefuel's patented ENSEL® process allows the company to produce biodiesel at a substantially lower cost than conventional methods by using lower cost, high free fatty acid feedstocks and converting them efficiently into biodiesel and glycerin. For more information, visit www.benefuel.net.
About Felda Global Ventures - With activities across the supply chain in palm oil, rubber and sugar, FGV is Malaysia's leading global agri-business company. FGV is the world's largest producer of crude palm oil and largest palm plantation operator based on planted hectares. For more information, visit www.feldaglobal.com.
About Mission NewEnergy - Mission NewEnergy is an Australian renewable energy company. For more information, visit www.missionnewenergy.com.