Clean Energy Pathways has signed a letter of intent to provide 40,000 barrels (1,680,000 gal) of ASTM-grade bio-diesel to Dorly Petroleum, pending final price negotiation.
Dorly Petroleum, headquartered in Calverton, MD, is a fuel distributor serving domestic and foreign customers with a variety of energy sources that include bio-diesel and refined petroleum products.
Clean Energy Pathways will supply B-99.9 bio-diesel which will be combined with petroleum fuels by Dorly to yield the required final blends.
"Dorly is one of several fuel distributors we have diligently cultivated as potential long-term customers for large monthly supplies of ASTM-grade bio-diesel," said Greg Clemons, President and CEO of Clean Energy Pathways.
"The signed letter of intent is a positive indicator as we advance through the final price negotiation phase. We look forward to serving Dorly and working closely to ensure success."
Clean Energy Pathways' announced merger with Atlas Capital Holdings is proceeding on schedule, Clemons added. Depending on the timing of the SEC's review of documents, the two companies anticipate completion of the merger sometime in August.
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