Salt Lake City, Utah [RenewableEnergyAccess.com] Medical Discoveries, Inc. (MDI) announced it has acquired privately-held Los Angeles-based Global Clean Energy Holdings, a subsidiary of Mobius Risk Group LLC. The purchase includes certain proprietary rights, intellectual property and other rights relating to both the cultivation and production of feedstock oil from the Jatropha plant, and the commercialization of the oil for the production of biodiesel.
Medical Discoveries has terminated its prior drug development operations, appointed new members of management and directors, and intends to change its name and ticker symbol to reflect its new focus on the biodiesel renewable energy market.
The oil extracted from Jatropha curcas seeds, a native non-edible plant indigenous to many tropical and sub-tropical regions of the world, including Mexico, the Caribbean and Central America, is used for the production of high quality biodiesel—which is quickly gaining commercial acceptance worldwide as a renewable fuel.
The per-barrel cost of Jatropha oil is significantly lower than the current cost of crude oil. In addition, the Jatropha plant uses a fraction of the resources, and is considerably less expensive to produce than soybean, rapeseed or corn oil, the primary crops presently used for the production of biofuels. It requires less water and fertilizer than conventional crops, and can be grown on desert and other lands not suitable for the production of food crops.
“One of the greatest challenges facing the biofuels industry is the high cost of food-based feedstock,” stated David R. Walker, Chairman of the Board of MDI. “Developing and distributing a cost-effective non-food based biofuel feedstock is an enormous opportunity for MDI’s shareholders to participate in the very exciting biofuels industry.”