Jul 19 2010
ClearFuels Technology, engaged in developing complex bio-refineries, has announced that Ulupono Initiative, a Hawaii-based social investment company, has made investments or financial capital and management engagement in the company. Ulupono is planning to support ClearFuels’ Bridge financing and partner along with ClearFuels team for the purpose of establishing a commercial biofulel project in Hawaii.
Ulupono Initiative a social investment business is funded by Pierre Omidyar, founder of eBay and his wife Pam. Currently the organization is engaged in developing the life of Hawaii residents in areas such as waste reduction, food production and renewable energy.
Established in Honolulu during 1998, ClearFuels Technology Inc has proved in the thermo-chemical adaptation of renewable cellulosic biomass raw material to hygienic and easy to manage syngas for the manufacture of advanced renewable bio fuels. ClearFuels was recently acknowledged by BioFuels Digest as a company within the top 30 of the companies that are engaged in bringing qualitative change in biofuel technologies. Its joint venture project with Rentech, Inc in Colorado was selected as one of the 15 best demo projects received fund supporting from US Department of Energy (DOE). The project was selected as best among the 200 applications and received an award of $22.6 million grant from the DOE. Its strategical partnership with Rentech allowed ClearFuels to maintain its leading position.
Ulupono Initiatives Gneral Partner Kyle Datta appreciated the innovative technology used by ClearFuels in reusable complex biofuels. He expressed his happiness in partnering with ClearFuels in reaching their goal that makes a social impact.
According to Eric Darmstaedter CEO of ClearFuels the company has plans to integrate its flexible biofuel technology with two other leading superior biofuel companies for the purpose of producing renewable diesel and cellulosic ethanol from sugar related feedstocks. The company also has plans to install four more commercial projects in Hawaii and in international locations.
Source: www.clearfuels.com