New Generation Biofuels (NGBF) Posts Narrower than Expected Q3 Loss
New Generation Biofuels Holdings, Inc. (Nasdaq: NGBF) reports Q3 loss of $0.03, 3 cents better than the analyst estimate of ($0.07).
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NGBF SIGNS BALTIMORE DEAL
ANTHONY MUNKIS on Dec 15, 2010 03:25 PMMark as Spam
FOR IMMEDIATE RELEASE
December 15, 2010
CONTACT
Ryan O’Doherty
(410) 818-4269
ryan.odoherty@baltimorecity.gov(Email Link)
Mayor Rawlings-Blake Announces Agreement To Begin Final Testing Of Vegetable-Based Biofuels In City Facilities
Today, Mayor Stephanie Rawlings-Blake announced that the Department of General Services (DGS) will begin Phase II testing to evaluate the long-term use of renewable biofuels in City boilers. In an agreement approved with New Generation Biofuels (NGB) by the Board of Estimates today, the City will begin burn tests using New Generation Biofuels at three city facilities: Back River Wastewater Treatment Plant, Eastern Health Center, and the Pimlico Fire and Police Training Facility. Biofuels are a clean-burning vegetable-based alternative that can be used to replace the number-2 heating oil that is now being used.
“Today, Baltimore took a great step towards becoming a more energy efficient and sustainable city,” said Mayor Rawlings-Blake. “I am grateful for the efforts of General Services Director Ted Atwood and his team for preparing our facilities for the next phase of testing.”
The Department of General Services, under the leadership of newly-appointed Director Atwood, continues to work toward the use of clean energy and the reduction of energy use in city-owned buildings. DGS has already reduced energy use by 6.55% since the base year of 2006 and is on-target to see a reduction of over 30% by 2020. These savings have been achieved through energy initiatives such as the use of LED traffic lights and the installation of a power plant at the Back River Wastewater Treatment Plant.
In early November, DGS began a project that will produce an over 20% annual reduction in energy usage in city Fire Department facilities and stations through energy performance contracting. Other upcoming energy savings being planned for the City include the installation of solar panels at the Convention Center in Baltimore and new LED lights in neighborhoods and in City-owned parking garages.
The Department of General Services worked with the Baltimore City Public School System, which will also take part in the testing of biofuels. The School System is working directly with NGB and will conduct testing at two schools: Franklin Square Elementary and Woodhome Elementary.
Biofuel from NGB, produced in Baltimore, has already demonstrated huge reductions in pollutants during Phase I testing. These tests revealed an emission reduction capacity of 40-60% for nitrogen oxide and a reduction of over 90% of sulfur oxide. Continued success in this final stage of testing will mean a go-ahead for the City to begin the use of the cleaner burning vegetable-based biofuel technology in city buildings.
This newly signed one-year agreement with NGB will use a maximum of 440,000 gallons of biofuel at a cost not to exceed $1.32 million. The benefits include not only cleaner air, but reduced energy cost over the current price of heating oil.