BioJet and Abundant Biofuels Agree to Merge
Monterey CA (SPX) May 03, 2011
BioJet International and Abundant Biofuels have announced their merger. Abundant will become a wholly owned subsidiary of BioJet. Abundant and its affiliates (Abundant Habitats and Abundant Harvests) will continue to operate under the Abundant name and corporate identity.
BioJet is a leading international supply chain integrator in renewable (bio) jet fuel and related co-products which include green diesel, etc. for the aviation and transportation sectors.
Abundant is an integrated renewable energy company and a world leader in feedstock development. Abundant controls more than four million hectares in ten countries in Asia, Latin America, and Africa. It 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 company is well known for its Philippine Jatropha project, one of the largest projects of this type in the world.
BioJet Chairman Mitch Hawkins said: "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. 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. This deal also fits in nicely with our plans for the recent US$1.2 Billion funding commitment we received from Equity Partners Fund."
BioJet operations 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. BioJet is the first Alternative Fuels Strategic Partner of the International Air Transport Association.
Abundant Group Chairman Charles Fishel said: "The International Energy Agency projects that, by 2050, demand will reach $11+ Trillion. Consolidation of our companies creates the first fully integrated global biofuel company capable of addressing that challenge."
Fishel added that "Competitors either focus solely on refining or, alternatively only on production of feedstock. BioJet will be one of the only (if not the only) international biofuels company that can control all of its feedstock. This provides BioJet with the ability to control its internal allocation of resources for a significant cost control advantage while other companies are subject to severe fluctuations in cost and availability of feedstock."
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