Trading on the NASDAQ Capital Market, New Generation Biofuels Holdings Inc. is a renewable fuels provider. Established in 2006, the Company has an exclusive license for North America, Central America, and the Caribbean to commercialize proprietary technology to manufacture alternative biofuels from vegetable oils and animal fats. As part of the Specialty Chemicals industry, New Generation has a current market capitalization of $54.73 million. Formerly H2Diesel Holdings, Inc., the Company changed their name to New Generation Biofuels Holdings Inc. in March of this year. Their headquarters are in Houston, Texas with an additional office in Boca Raton, Florida.
The Company’s mission is to market a new class of biofuel for power generation, heavy equipment, marine use, and commercial heating. They are marketing their proprietary biofuel as a lower cost, renewable alternative energy source with significantly lower emissions than traditional fuels. They are working on establishing direct sales from manufacturing plants that they may purchase or build. They also will consider sublicensing their technology to qualified licensees.
On September 30, the Company announced that Mr. Dave Wright joined New Generation Biofuels as Vice President of Product Development. Mr. Wright will be responsible for working with original equipment manufacturers’ and New Generation’s Research and Development technical group to further build upon their family of second-generation biofuels. Mr. Wright joins the company as a senior executive with significant experience launching new products in the automotive industry. Prior to joining New Generation Biofuels, he served as Director of Advanced Engineering & E/E Architecture with Delphi Packard Electrical/Electronic Architecture.
Last Friday, New Generation Biofuels Holdings Inc. announced that they signed a sales agreement with Taunton State Hospital in Taunton, Massachusetts to provide renewable biofuel. The hospital will be the first facility to use New Generation Biofuels’ product in their industrial boilers.
New Generation Biofuels CEO and President, David Gillespie said, “We are excited to have Taunton State Hospital on board. They are environmental leaders who understand the importance of using a clean, efficient fuel. Our biofuel has demonstrated significant overall greenhouse gas (GHG) emission reductions as well as local air pollution reductions including nitrogen oxide and sulfur oxide. In addition, our fuel can be used as a 100 percent fuel switch with no modification to a customer’s equipment.”
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