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07-16-2007, 04:10 PM
Press Release Source: O2Diesel Corporation
O2Diesel Receives Approvals for Its Fuel Technology in France
Monday July 16, 1:24 pm ET
NEWARK, DE--(MARKET WIRE)--Jul 16, 2007 -- O2Diesel Corporation (AMEX:OTD - News) announced today that it has received the regulatory approvals necessary to start delivering its proprietary diesel ethanol blended fuel, O2Diesel(TM), in the French market. These approvals from DRIRE and DIREM, the regulatory bodies responsible for the Environment and Fuel specifications and applications, are the result of intensive work by O2Diesel's European subsidiary.
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The approvals pave the way for O2Diesel to move forward into the next stage of its European market development strategy by commencing deliveries to a number of targeted fleets in France. This clearly defined strategy commenced in late 2005 when Abengoa Bioenergy R&D became the company's largest shareholder and entered into a five-year agreement to jointly develop the European market for O2Diesel's ethanol diesel fuel blend technology. Europe is a market which the company believes will be a substantial opportunity for its technology, especially as the 2003 EU directive to replace 5.75% of fossil energy with renewable fuels is implemented in member countries
Alan Rae, CEO of O2Diesel Corporation, said, "Europe represents a substantial growth opportunity for O2Diesel and France is at the forefront of this opportunity and the European move towards renewable fuels. Ethanol is not an established fuel component in Europe, so there have been a substantial number of regulatory hurdles to overcome. Our strategy for the last eighteen months has been to focus on removing these barriers to commercial expansion. We believe these approvals in France will be the first of several over the coming months as our efforts start to deliver results. We look forward to being able to announce our first fleet shortly."
France is the third largest consumer of petroleum in Europe (behind Germany and Russia) and tenth in the world. Diesel represents more than 70% of France's transportation fuel market at 29 billion litres per year. Independent of the EU directive for 5.75% fossil fuel displacement, France has its own imposed target to replace 10% of diesel fuel with renewable alternatives by 2015.
Rae continued, "If France is to meet its targets for the increased use of biofuels, it is our belief that fuels such as O2Diesel, which has an additional 8% renewable content, will play a critical role in achieving these goals. Additionally O2Diesel's proven ability to reduce Particulate Matter and NOx make it a perfect solution for newly elected president Nicolas Sarkosy's recent announcement that France will be the leader in the European community by improving emissions and global warming through the reduction of CO2."
More About O2Diesel: The Company and Its Fuel Technology
O2Diesel Receives Approvals for Its Fuel Technology in France
Monday July 16, 1:24 pm ET
NEWARK, DE--(MARKET WIRE)--Jul 16, 2007 -- O2Diesel Corporation (AMEX:OTD - News) announced today that it has received the regulatory approvals necessary to start delivering its proprietary diesel ethanol blended fuel, O2Diesel(TM), in the French market. These approvals from DRIRE and DIREM, the regulatory bodies responsible for the Environment and Fuel specifications and applications, are the result of intensive work by O2Diesel's European subsidiary.
ADVERTISEMENT
The approvals pave the way for O2Diesel to move forward into the next stage of its European market development strategy by commencing deliveries to a number of targeted fleets in France. This clearly defined strategy commenced in late 2005 when Abengoa Bioenergy R&D became the company's largest shareholder and entered into a five-year agreement to jointly develop the European market for O2Diesel's ethanol diesel fuel blend technology. Europe is a market which the company believes will be a substantial opportunity for its technology, especially as the 2003 EU directive to replace 5.75% of fossil energy with renewable fuels is implemented in member countries
Alan Rae, CEO of O2Diesel Corporation, said, "Europe represents a substantial growth opportunity for O2Diesel and France is at the forefront of this opportunity and the European move towards renewable fuels. Ethanol is not an established fuel component in Europe, so there have been a substantial number of regulatory hurdles to overcome. Our strategy for the last eighteen months has been to focus on removing these barriers to commercial expansion. We believe these approvals in France will be the first of several over the coming months as our efforts start to deliver results. We look forward to being able to announce our first fleet shortly."
France is the third largest consumer of petroleum in Europe (behind Germany and Russia) and tenth in the world. Diesel represents more than 70% of France's transportation fuel market at 29 billion litres per year. Independent of the EU directive for 5.75% fossil fuel displacement, France has its own imposed target to replace 10% of diesel fuel with renewable alternatives by 2015.
Rae continued, "If France is to meet its targets for the increased use of biofuels, it is our belief that fuels such as O2Diesel, which has an additional 8% renewable content, will play a critical role in achieving these goals. Additionally O2Diesel's proven ability to reduce Particulate Matter and NOx make it a perfect solution for newly elected president Nicolas Sarkosy's recent announcement that France will be the leader in the European community by improving emissions and global warming through the reduction of CO2."
More About O2Diesel: The Company and Its Fuel Technology