FutureWorld Energy (FWDG) has announced a letter of intent (L0I) to acquire an interest in Enhanced Biofuels and Technologies (EBT).
The acquisition, subject to normal due diligence from both companies, would aide in FutureWorld Energy’s long-term plan to put in production thousands of hectares of jatropha plantations in India, Southern Africa, Asia, Central and South America for cultivation and biofuel production to supply the anticipated global demand for biodiesel of around 12.5 billion liters a year from 2010 to 2011.
There are approximately 170 biodiesel plants in production in the US alone and thousands globally, and ample opportunity exists to penetrate this market which is aggressively seeking new biodiesel production capacity.
"We are extremely optimistic and excited to have the opportunity to enter into this LoI with EBT and negotiate the acquisition on behalf of our FutureWorld Renewable Energy Portfolio. When we successfully complete this purchase, we believe the development and release of this exciting new technology could allow FutureWorld Energy to become a leading producer, distributor, and manufacturer of bio-crude oil stock globally, as well as providing a major solution to help end our country’s dependency on foreign oil," stated Sam Talari for FutureWorld Energy.