Sustainable Power commences biocrude deliveries, applies for 523 MW power gen permit
In Texas, Sustainable Power made its initial 7,000 gallon biocrude delivery to Envirocompanies for blending and processing into BG100 biogas, jet fuel, gasoline, diesel and marine fuel. CEO John Rivera said: “We have recently completed several major key milestones on our path to reducing dependency on foreign petroleum. We will be ramping up production over the coming weeks.”
The company also announced that it has submitted an initial application for a 523 MW power generation plant at its Baytown complex, enough to power 40,000 homes in the Houston area.
In related news, the SEC filed a complaint against Rivera and US Sustainable Energy relating to claims made in press releases dating to late 2006. The SEC said in its complaint that the company made false claims about its production cost, pending contracts for sale, and potential valuation in a merger that was ultimately not completed. “It’s a witchhunt” Rivera said of the complaint, which he said was without merit and would be vigorously defended.
Sustainable Power background
Aerlier this month, Sustainable Power announced an agreement with Norway’s Pemco Energy and Spain’s L.Solé to engineer, procure and construct biocrude and power generation plants in Europe. SSTP Europe, a joint venture of Pemco and SSTP, will target the replacement of L. Solé biomass boiler systems which L. Solé installs and operates in Europe. More on this story…
Last month, biocrude producer Sustainable Power announced a strategic alliance with Pemco, which manufactures and distributes oil and chemical-based products throughout Europe. As part of the agreement, Pemco acquired 50 million shares of SSTP for $2 million, and agreed to contribute up to $6 million to the SSTRP Europe venture. More on this story…
Sustainable Power’s bioreactors utilize the Rivera process to produce bio-crude from algae, palm fruit, coconuts, and other industrial or food waste. Sustainable Power is the exclusive licensee of the Rivera process, originally developed by US Sustainable Energy (USSE.PK).
Sustainable Power announced that its 10 percent biojet fuel blend had been successfully tested in conjunction with AmSpec Services and an undisclosed major domestic US airline. More on this story…
As February ended, Sustainable Power Corporation (SSTP.PK) sold a 2.44 percent stake to Borneo Oil (KLSE: BORNOIL) for $2.0 million, and has signed a collaboration agreement to install a pilot bioreactor in Malaysia, using the Rivera process to produce biocrude. Under the agreement, Borneo Oil will install and commence production with up to 20 additional biofuel reactors in Indonesia and Malaysia by summer 2009.
In February, Sustainable Power announced a definitive Joint Venture agreement and an additional $100,000 in deposits from Farmers Sustainable Energy International (FSEINT) located in Quincy, Illinois. The entities had previously executed a Memorandum of Understanding announced on December 11, 2007 . SSTP had previously received the initial $200,000 deposit of the $2,000,000 that was required to implement the initial terms of the agreement.
Earlier in February, the Baytown (TX) Sun reported today that President Julio González Gamarra, president of the Central American Parliament (Parlacen), offered to contribute up to $4 billion for the rollout of the “Rivera” process to Latin America.
