O2Diesel and Abengoa Bioenergy Market Ethanol Overseas

O2Diesel entered into an agreement with Abengoa Bioenergy R&D (ABRD) to provide funding and commercial support to develop the European markets for O2Diesel’s ethanol diesel fuel blend.

ABRD invested Euro 3,000,000 (US$3,588,000) to acquire a holding of O2Diesel’s common stock. O2Diesel will use the funds exclusively for development of the markets within Belgium, France, Germany, Netherlands, Portugal and Spain. “Working with Abengoa Bioenergy to develop the European market for O2Diesel is a tremendous opportunity for the company. Abengoa Bioenergy is an innovative global leader in bioenergy, Europe’s largest bioethanol producer and a perfect strategic partner for our European market development,” said Alan Rae, O2Diesel CEO. “The goal of the European Directive (2003/30/EC) is to replace 5.75 percent of fossil fuel with biofuels — and bioethanol, in terms of production capacity and growth potential, is the main renewable fuel capable of meeting the requirements of the directive. When you combine this with the positive air quality benefits of ethanol, we believe that the European market will benefit from this opportunity,” said Javier Salgado, Abengoa Bioenergy, president and CEO.
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