VANCOUVER, British Columbia--(BUSINESS WIRE)--Dynamotive Energy Systems Corporation (Pink Sheets: DYMTF) (“Dynamotive”) announced it entered into a non-binding Memorandum of Understanding (“MOU”) with Genting Bio-Oil Sdn Bhd (“GBO”) of Malaysia to explore cooperation for the development of pyrolysis oil market in the South East Asia Region.
Both companies have extensive experience in bio oil and in pyrolysis technology and by pooling the know-how acquired the companies aim to consolidate their leadership position in the sector.
The MOU is valid for an initial period of 6 months ending on January 31st 2012. The period can be extended by mutual agreement. The parties further agreed to work jointly with Dynamotive’s technical partners in pursuit of the MOU objectives.
In the initial phase of the cooperation, the parties aim to:
- Obtain knowledge of pyrolysis oil production market and its development potential in South East Asia.
- Ascertain the performance and commercial viability of Dynamotive Pyrolysis Technology, with respect to empty fruit bunch (EFB) a residue from palm oil production process as feedstock.
- Evaluate the possible business opportunities for the construction of a commercial biofuel plant, including biomass quantification, characterization and evaluation for use in pyrolysis process, biofuel production, supply chain and plant location.
- Evaluation of the collaborative business model between the parties.
Subject to successfully meeting the established objectives, the parties would enter into definitive commercial agreement.
About Genting Bio Oil
GBO is an indirect subsidiary of Genting Berhad (www.genting.com). GBO supports the development and production of bio-oil from empty fruit bunches, a waste material of the palm oil industry using pyrolysis technology.
About Dynamotive
Dynamotive Energy Systems Corporation (www.dynamotive.com) is an energy solutions provider headquartered in Vancouver, Canada. Its carbon/greenhouse gas neutral fast pyrolysis technology uses medium temperatures and oxygen-less conditions to turn dry, waste cellulosic biomass into BioOil for power and heat generation. BioOil can be further converted into vehicle fuels and chemicals.
Forward Looking Information
Statements in this news release concerning the company’s business outlook or future economic performance; including the anticipation of future plant start-ups, partnerships, consortiums, teaming agreements, government assistance, other anticipated cash receipts, revenues, expenses, or other financial items; and statements concerning assumptions made or expectations as to any future events, conditions, performance or other matters, are “forward-looking statements”. Forward-looking statements are by their nature subject to risks, uncertainties and other factors which could cause actual results to differ materially from those stored in such statements. Such risks, uncertainties and factors include, but are not limited to, changes in energy prices, availability of capital, and the company’s ability to access capital on acceptable terms or any terms at all, changes and delays in project development plans and schedules, customer and partner acceptance of new projects, changes in input pricing, competing alternative energy technologies, government policies and general economic conditions. These risks are generally outlined in the company’s 20F and other disclosure filings with the Securities and Exchange Commission