SANTA BARBARA, Calif. and CINCINNATI, Ohio, Jan. 6, 2010 (SEND2PRESS NEWSWIRE) -- BioJet Corporation (www.biojetcorp.com) and Great Plains Oil & Exploration (www.camelinacompany.com) announced today that they have executed a Teaming Agreement for the purpose of producing renewable jet fuels. The companies plan to jointly develop integrated Camelina cultivation and associated refinery projects in the U.S., Europe, South America, and Asia.
BioJet will bring its international network and management experience in developing renewable jet fuel projects. Great Plains will provide its extensive experience in Camelina growth and processing. It is estimated that within 5 years, Camelina production from currently planned team projects will yield approximately 200 million gallons per year of renewable jet fuel, 65 million gallons per year of co-products, and 2.3 million tons per year of Camelina meal, for use as a high-quality animal feed.
Great Plains is the largest Camelina producer in the world and has extensive agronomic and genomic intellectual property with exclusive access to the majority of the world's Camelina germplasm. These strengths will allow Great Plains to identify the best proprietary varieties of Camelina for each teamed project location, thereby optimizing production yield. Great Plains has contracted approximately 85 percent of the Camelina acreage currently planted in North America and plans to rapidly expand its acreage in 2010 and beyond.
Sam Huttenbauer, CEO of Great Plains, said: "Affordable feedstock is the key to all biofuels, and due to Camelina's low inputs and high-quality meal by-product, it has tremendous potential to be competitive with petroleum jet fuel. The scale of these projects will allow this to happen quickly." It's expected that the majority of production from the teamed projects will be international. "This relationship greatly expands our bandwidth for international crop production, refining, sales and distribution, corporate finance, and carbon trading. We expect these capabilities to allow our company to rapidly produce Camelina-derived renewable jet fuel at competitive pricing."
BioJet is a leading international supply chain integrator in renewable jet fuel for the aviation sector. Its operations include feedstock generation, technology, refining, logistics, and distribution to end users in the aviation sector. In 2009, BioJet executed the world's largest take-or-pay contracts for Jatropha feedstock and forward sale of Bio-SPK jet fuel. Most recently, BioJet was selected by the Roundtable on Sustainable Biofuels as the first implementation Pilot Company for Version 1 of the Principles of Sustainability. BioJet's strong international networks in the field of renewable jet fuel production will allow for integrated supply chain management from the teamed projects as well as access to large-scale acreage for Camelina growth.
BioJet CEO Mitch Hawkins commented: "We're very pleased to team up with Great Plains. We already control the world's largest quantities of Jatropha dedicated to jet fuel, and work in designer feedstocks and algae. This deal effectively triples our feedstock resources. It is a major step in the achievement of our goal of 20 million barrels per year of renewable jet fuel by 2020."
Great Plains Oil & Exploration (Great Plains - The Camelina Company) is the renewable fuels company that pioneered the manufacturing and marketing of fuel and chemicals from Camelina. Great Plains has exclusive access to the majority of the world's Camelina germplasm and is the established leader in the field of Camelina agronomy and production. With over 12 years of Camelina development, Great Plains has developed a grower base and production facilities from which it produces and supplies commercial quantities of biofuel as well as high-protein, omega 3-rich animal feed. More information can be found at www.CamelinaCompany.com .
BioJet Corporation's objective is to be the international leader as supply chain integrator in renewable jet fuel for aviation. The Company is committed to utilizing any and all sustainable and economically viable feedstocks in the fulfillment of its mission. BioJet has a strong, experienced management team with a clear strategic vision, and has put in place the feedstock, refining, sustainability, management, sales, and logistics infrastructure to achieve effective, rapid growth and significant market share. www.biojetcorp.com .
*(LOGOS 72dpi: www.send2press.com/mediaboom/09-1118-BioJet_72dpi.jpg www.send2press.com/mediaboom/10-0106-GrPlains_72dpi.jpg )
NEWS SOURCE: BioJet Corporation and Great Plains Oil & Exploration
Send2Press(R) is the originating wire service for this story, issued on behalf of the news source. Corp. 2010.