EarthFirst to establish U.S. bio-refinery
EarthFirst Technologies, Incorporated announced that it has entered into a Memorandum of Understanding with Ultra Green Energy Corporation (UGE) to jointly develop EarthFirst’s Channahon, Illinois facility. UGE will invest with EarthFirst in construction and the operation of the bio-refinery.
The understanding of the parties include:
The assignment to the venture of a tranche of UGE’s recently obtained Master Off-Take Agreement for exclusive purchase of up to 60 million gallons per year of Channahon Bio-refinery produced biodiesel.
Use of UGE’s personnel to construct and operate the Channahon Bio-refinery. This includes the services of Tom Campone, former president and COO of Indeck Energy Services. Campone has a proven track-record in alternative fuel projects and while at Indeck constructed and operated 600 million gallons of ethanol capacity. It also includes the services of Edmund Phelan, formerly business manager for ICI Chemical, with particular experience with commodity chemicals.
Access to UGE alternative fuels funding sources.
The issuance of certain equity securities of EFTI, based in part on performance.
The parties are currently negotiating formal binding agreements to effectuate the MOU. Neither party is bound by any terms until all documents and approvals necessary to effectuate the MOU are finalized and executed.