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MILWAUKEE, WI - September 02, 2008: Richard “Hardy” Sawall PE, Senior Vice President of Midwest Operations for New York-based Innovation Fuels - the leading biodiesel company with a global reach that earlier this year, secured $15.5 million in financing led by Credit Suisse – has been appointed Vice President of the Wisconsin Biodiesel Association.
“We are very pleased and would like to congratulate Hardy on this achievement as he furthers his already significant impact within the Midwestern biodiesel community,” said John Fox, President and CEO of Innovation Fuels.
Tony Hartmann, President of the Wisconsin Biodiesel Association added, “We greatly value Hardy as a member of the board and are very happy that he has accepted his new position.”
Innovation Fuels is a rapidly emerging, US-based renewable fuel company that manufactures, markets, and distributes biodiesel fuel to customers around the world. Credit Suisse and several large institutional investors have provided financing for the company, which is headquartered in New York.
Innovation Fuels has a global reach, a mission to be a vertically integrated, dominant producer of renewable, environmentally friendly fuels, and a verified 950,000 barrel or 130,000 metric ton per year biodiesel refinery located in New York Harbor. It recently acquired North American Biodiesel, a company that was founded two years ago for the purpose of developing a biodiesel production facility in Milwaukee, Wisconsin. The acquisition provides Innovation Fuels with direct, deep-water international access via leasehold at the Port of Milwaukee, which is located on the western shore of Lake Michigan.
About The Wisconsin Biodiesel Association
The Wisconsin Biodiesel Association (WBA) is a membership trade organization that holds quarterly general meetings and promotes the commercial development, production, marketing, distribution, and utilization of biodiesel and other renewable biofuels. The WBA encourages grassroots participation in its membership by joining in common support for renewable biofuels as an effective means of promoting our nation’s energy independence and domestic economy, and with common appreciation of these alternative fuels for their benefit in improving air quality and reducing impact on climate change.
Membership in the WBA is open to all persons and entities that have an interest in promoting the WBA Mission. All members receive voting rights and are represented through the Board of Directors. For more information call Tony Hartmann at (608) 215-4446, or visit .
NEW YORK, August 28, 2008: Based biodiesel producer Innovation Fuels Inc. is investigating the potential to use pennycress as a biodiesel feedstock.
Field pennycress is a winter annual weed, also known by farmers as stinkweed or frenchweed that grows widely across the Midwest. It is a member of the mustard family - carrying heart-shaped, flat seed packets that yield 36 percent oil when crushed.
In the first year of trials being conducted by Innovation Fuels and Morrisville State College in Morrisville, N.Y., 10 acres of pennycress will be seeded in five locations in upstate New York, said John Fox, president of Innovation Fuels. “We’re planting the test plots to see if pennycress can be intercropped with soybeans and corn and the efficiency of the crop in oil production.” The farmers involved in the trials will plant the pennycress in September, which will be harvested in May and June.
“We’re really pleased with the oil,” Fox said. “We’ve made some biodiesel from the pennycress and are making evaluations now.” The initial analysis shows good cold flow properties, he said, which will make it an ideal blend with the company’s current biodiesel production from waste oil, tallow and rendered fats.
Fox said pennycress, which has been studied by the National Center for Agricultural Utilization Research in Peoria, Ill., needs to be developed as an alternative feedstock crop. “It’s up to biodiesel producers to spur the movement so we can build the knowledge base to develop these crops,” he said.
Biodiesel Magazine reported on the Illinois center’s work in the February 2008 issue. To read the story,
Innovation Fuels operates a 40 MMgy biodiesel plant in New York Harbor and is developing two plants in upstate New York. As well, the company recently acquired a permitted site in Milwaukee, Wis., from North American Biodiesel LLC. Engineering work is underway for a planned 50 MMgy biodiesel plant in the Milwaukee Port, Fox said.
Innovation Fuels Ships Over 15,000 Barrels of Biodiesel Bound for Rotterdam
NEW YORK, August 05, 2008: Innovation Fuels, the rapidly emerging, New York-based renewable fuel company that manufactures, markets, and distributes biodiesel fuel to customers around the world, has announced that it has shipped the first-ever biodiesel (more than 15,000 barrels or 2,000 metric tons) from a New York Harbor producer bound for Rotterdam. This marks the initial shipment serving European customers through Innovation Fuels Europe, a joint venture between Innovation Fuels and Arpadis Group.
The landmark voyage follows the company’s recent closure on a $15.5 million financing round led by Credit Suisse Customized Fund Investment Group on behalf of New York Common Retirement Fund (”NYCRF”) , RNK Capital, and Lyrical Partners. Innovation Fuels is the first biodiesel refinery company supported by all three institutional investors.
“The initial shipping of biodiesel from the New York Harbor is wonderful validation for Innovation Fuels,” remarked John Fox, CEO for Innovation Fuels. “Our strong global reach continues to be instrumental in supporting the growth of our business.”
“We are looking forward to receiving the first shipment of biodiesel through our Innovation Fuels Europe joint venture,” commented Laurent Abergel, Managing Director and Chairman of the Board of Arpadis Group. “This is a wonderful next step to serve Europe, the largest market for biodiesel in the world.”
Innovation Fuels is a vertically integrated, producer of renewable, environmentally friendly fuels with a global reach and a verified 950,000 barrel or 130,000 metric tons per year refinery located in New York Harbor. It recently acquired North American Biodiesel, a company that was founded two years ago for the purpose of developing a biodiesel production facility in Milwaukee, Wisconsin, and provides Innovation Fuels with direct, deep-water international access via leasehold at the Port of Milwaukee, which is located on the western shore of Lake Michigan.
Europe has emerged as a strong market for US biodiesel producers. A combination of factors, including European Union usage mandates outstripping EU production capacity, and the relative weakness of the dollar against the Euro, have spurred imports of high-quality biodiesel made from vegetable oil.
Innovation Fuels Biodiesel meets both the European EN 14214 and domestic ASTM D6751 specifications. The company recently became the first biodiesel producer in the Northeast to earn BQ-9000 Accreditation from the National Biodiesel Board and the National Biodiesel Accreditation Committee.
About Innovation Fuels
Innovation Fuels is a leading biodiesel company with a global reach and mission to replace diesel fuel with sustainably produced biodiesel. Innovation Fuels takes a proactive and solution-oriented approach to its business with a focus on fiduciary responsibility, social and environmental stewardship, and community safety.
Innovation Fuels currently operates biodiesel refineries within the United States at strategic port locations that provides for the supply to regional customers and a network of international partners.
Biodiesel is produced by chemically reacting alcohol with vegetable oils, fats, or greases. Using innovative, proprietary production technology, Innovation Fuels biodiesel is the highest quality at the lowest cost to its customers. Plus, it’s Research and Development center is studying next generation technology and feedstocks including jatropha and algae - both crops that don’t divert resources away from feeding people.
For further information about Innovation Fuels or to arrange an interview with CEO John Fox, please call (212) 843-8073 or email or visit
NEW YORK, June 24, 2008: Richard "Hardy" Sawall, senior vice president of Midwest operations for Innovation Fuels has been appointed to the board of the Wisconsin Biodiesel Association.
Innovation Fuels is a U.S.-based renewable fuel company that manufactures, markets and distributes biodiesel fuel to customers around the world. Credit Suisse and several large institutional investors recently provided $15.5 million in financing for the company, which is headquartered in New York.
Innovation Fuels recently acquired North American Biodiesel, a company that was founded two years ago to develop a biodiesel production plant in Milwaukee. The acquisition provides Innovation Fuels with direct, deep-water international access via leasehold at the Port of Milwaukee.
The Wisconsin Biodiesel Association is a trade organization that promotes the commercial development, production, marketing, distribution, and use of biodiesel and other renewable biofuels.
NEW YORK, June 17, 2008: Richard “Hardy” Sawall PE, Senior Vice President of Midwest Operations for Innovation Fuels - the leading biodiesel company with a global reach that recently secured $15.5 million in financing led by Credit Suisse - has been appointed to the board of the Wisconsin Biodiesel Association.
“We are very pleased that Hardy has been nominated to the board and I would like to congratulate him on this achievement,” remarked John Fox, President and CEO of Innovation Fuels. “His background and experience will make him a valuable asset to the Wisconsin Biofuels Association.”
Tony Hartmann, President of the Wisconsin Biodiesel Association added, “It’s an honor to welcome Hardy to the board. We know that with his track record in our region, he will help us accomplish a great many things in the emerging biofuels industry.”
Innovation Fuels is a rapidly emerging, US-based renewable fuel company that manufactures, markets, and distributes biodiesel fuel to customers around the world. Credit Suisse and several large institutional investors have provided financing for the company, which is headquartered in New York.
Innovation Fuels has a global reach, a mission to be a vertically integrated, dominant producer of renewable, environmentally friendly fuels, and a verified 950,000 barrel or 130,000 metric ton per year biodiesel refinery located in New York Harbor. It recently acquired North American Biodiesel, a company that was founded two years ago for the purpose of developing a biodiesel production facility in Milwaukee, Wisconsin. The acquisition provides Innovation Fuels with direct, deep-water international access via leasehold at the Port of Milwaukee, which is located on the western shore of Lake Michigan.
About The Wisconsin Biofuels Association
The Wisconsin Biodiesel Association (WBA) is a membership trade organization that holds quarterly general meetings and promotes the commercial development, production, marketing, distribution, and utilization of biodiesel and other renewable biofuels. The WBA encourages grassroots participation in its membership by joining in common support for renewable biofuels as an effective means of promoting our nation’s energy independence and domestic economy, and with common appreciation of these alternative fuels for their benefit in improving air quality and reducing impact on climate change.
Membership in the WBA is open to all persons and entities that have an interest in promoting the WBA Mission. All members receive voting rights and are represented through the Board of Directors. For more information call Tony Hartmann at (608) 215-4446, or visit
NEW YORK, June 16, 2008: Based biodiesel producer, announced in November 2007 that it had secured $15.5 million of Series A funding, including $5 million of debt, from investors Credit Suisse Customized Fund Investment Group, RNK Capital and Lyrical Partners. The money came in two tranches with the second being received by the company in March 2008. The funding was provided to upgrade Innovation Fuels’ Port of New York biodiesel facility to produce 950,000 barrels per year, to acquire a development stage biodiesel plant in the Port of Milwaukee with capacity to produce 1,200,000 barrels per year and to conclude development of two regional biodiesel refineries with permitted capacity of 1,300,000 barrels per year.
In May 2008 Innovation Fuels announced it had secured a $160 million credit line from Citizens Financial Group Inc., a $160 billion commercial banking holding company headquartered in Providence, RI. The credit line provides the company with working capital to procure feedstock and to ship its product internationally.
Innovation Fuels, which recently opened a European subsidiary in Antwerp, Belgium, currently generates over 65% of its revenue through sales in Europe. Speaking with VBResearch John Fox, CEO of Innovation, said that he expects demand for biodiesel within the US to grow significantly during 2008/9 as government mandates on the use of biofuels and high oil prices take effect.
Fox revealed that Innovation is looking to expand its capacity to 300 million gallons per year by 2009.
This target will be achieved through the acquisition of smaller biodiesel companies and outdated production facilities in both the US and Europe. To support this consolidation drive the company is now looking to raise over $50 million of financing. Innovation Fuels is currently interviewing investment banks capable of assisting the business during its fundraising and acquisition process. Fox expects this to be the company’s last fundraising, with consolidation preceding an IPO in 2-3 years.
Please contact John Fox, CEO, on +1 212-666-1550 for more information on Innovation Fuels Inc.
NEW YORK, June 4, 2008: Credit Suisse Customized Fund Investment Group may be starting small with its investment in Innovation Fuels Inc., but it sees a big opportunity in rolling-up biodiesel processing facilities.
The New York-based asset manager joined RNK Capital and Lyrical Partners to invest $15.5 million the biodiesel processing company.
Based in Albany, N.Y., Innovation Fuels raised the financing over two tranches, one $6 million financing at the end of 2007 and a second close of $9.5 million in March.
The investment includes $10.5 million in equity and $5 million in debt, according to a statement.
"It's a platform play," said Derek Jones, a director at Credit Suisse. "We think there are going to be acquisition opportunities, and more financing rounds available to us."
Jones said the company intends to go out with a larger series B and C round to develop the 125 million gallons of permitted capacity it has available in the Northeast and Midwest.
"There was money raised earlier with more euphoria around the market and before the substantial run-up in feedstock prices," said Jones. "We can benefit from the timing with more knowledge as to where the markets are in pricing, and I think there are some opportunistic asset purchase opportunities out there."
According to a statement from the company, Innovation Fuels will use the capital to increase capacity at its Port of New York facility to process 950,000 barrels of biodiesel per year. Innovation will also use the capital to buy a development stage biodiesel plant in the Port of Milwaukee with a capacity of 1.2 million barrels and complete the development of two refineries in New York state with permitted capacity of 1.3 million barrels per year.
As feedstock costs continue to climb, Innovation Fuels, like many bio-diesel companies is looking to diversify beyond soy or palm oil.
"We have a jatropha investment in India," said Innovation Fuels Chief Executive John Fox, in an interview, referring to the non-food crop that grows on non-arable land. "And we are making investments in the U.S. in alternative feedstocks," Fox said.
Backed by the Credit Suisse capital, Fox said that Innovation Fuels would be able to make investments to buy and upgrade old biodiesel plants across the country and bring them back into production.
"That's really where we see the market coming to play," said Fox. "There's an opportunity to consolidate and we feel that we're the consolidator of choice."
NEW YORK, June 4, 2008: OILGRAM NEWS: US Biodiesel produces see deals despite weak market,
NEW YORK, May 23, 2008: Innovation Fuels Inc. has arranged a line of credit with Citizens Financial Group Inc.'s Citizens Bank as it ramps up biodiesel production and prepares to expand into new markets.
Chief Executive Officer John Fox wouldn't disclose the amount of the line of credit. He said in an interview with Clean Technology Investor that Innovation chose Citizens Bank because of its global reach, as Innovation sells most of it product in the European market, and will make a push into South East Asia in mid-summer.
The company is also looking for acquisitions, having bought North American Biodiesel in Milwaukee in March and Eastern Biofuels LLC in Newark, NJ, in September last year.
"We're right in production and looking to grow our business through acquisitions, as well as through production of renewable fuels," Fox said.
Innovation's output at its Port of New York facility is currently 140,000 barrels per year and the company is upgrading this to 950,000 barrels, or 130,000 metric tons.
The company expects to sell almost a million barrels over the next 12 months and it plans to grow that amount to over 7 million barrels per year, or a million metric tons, by 2010.
That long-term output will include North American Biodiesel, which will produce 1.2 million barrels, or 150,000 metric ton a year, that will come online at the beginning of 2009.
Fox wouldn't comment on whether the company plans to raise more capital beyond the line of credit, but said it has been financed on the equity side by a group led by Credit Suisse. Dow Jones reported in November 2007 that the company raised $15.5 million in Series A financing to get its first production facility up and running. The company wouldn't disclose at the time the source of the funding came, but it confirmed Thursday that Credit Suisse was involved.
The company uses multiple feedstocks, such as tallow; waste vegetable oils from New York City restaurants; and crude, de-gummed virgin vegetable oils.
"We were one of the first companies to put in a front end technology to process higher free fatty acid content," Fox said. "In addition we're making investments into non-edible oil production, which isn't competitive to the food industry."
Fox said the company doesn't use feedstocks that are also used for food, which frees it from being vulnerable to high commodity prices like some biofuel companies.
"It is nice to be in that position right now," Fox said.
At a time when some renewable energy companies are struggling to access infrastructure, Innovation has several assets that it acquired as part of the North American Biodiesel deal. It has a leasehold at the Port of Milwaukee, which is located on the western shore of Lake Michigan, about 75 miles north of Chicago. In addition to direct, deep-water international access, the company's infrastructure assets include immediate interstate access service by two Class I railroads, Union Pacific Corp. and Canadian Pacific Railway Ltd.; rail staging for over 50 cars; existing tank storage; and access to a refined petroleum pipeline.
NEW YORK, May, 2008: Innovation Fuels announced that it has forged a banking relationship with Citizens Financial Group, Inc.’s Citizens Bank. Innovation Fuels has received from Citizens Bank a working capital line of credit to support its production and sale of biodiesel. Innovation Fuels will also be using Citizens Bank’s cash management and trade banking services as the partnership will help to foster continued growth and expansion for the company in the US and around the world.
“We are very pleased to be working with a world-class financial institution such as Citizens Bank and having access to their global relationships through the RBS network,” commented John Fox, CEO of Innovation Fuels. “We are particularly excited about partnering with Citizens Bank as their support comes during a tough time in the credit markets.”
Citizens Bank Senior Vice President Michael Ouellet remarked, “After many years of financing energy companies, we are very happy to be working with a renewable fuels company that has such strong relationships with end customers worldwide. Citizens Bank looks forward to growing the credit facility as Innovation Fuels grows its customer base and production capacity.”
Innovation Fuels is a rapidly emerging, US-based renewable fuel company that manufactures, markets, and distributes biodiesel fuel to customers around the world. Credit Suisse and several large institutional investors have provided financing for the company, which is headquartered in New York.
Innovation Fuels has a global reach, a mission to be a vertically integrated, dominant producer of renewable, environmentally friendly fuels, and a verified 950,000 barrel or 130,000 metric ton per year biodiesel refinery located in New York Harbor. It recently acquired North American Biodiesel, a company that was founded two years ago for the purpose of developing a biodiesel production facility in Milwaukee, Wisconsin. The acquisition provides Innovation Fuels with direct, deep-water international access via leasehold at the Port of Milwaukee, which is located on the western shore of Lake Michigan.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is a $160 billion commercial bank holding company. It is headquartered in Providence, R.I., and, through its subsidiaries, has more than 1,600 branches, more than 3,500 ATMs and more than 24,000 employees. Its two bank subsidiaries are RBS Citizens, N.A. and Citizens Bank of Pennsylvania. They operate a 13-state branch network under the Citizens Bank brand in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont, and the Charter One brand in Illinois, Indiana, Michigan and Ohio. CFG has non-branch retail and commercial offices in about 40 states. It is one of the 10 largest commercial banking companies in the United States ranked by assets and deposits. CFG is owned by RBS (The Royal Bank of Scotland Group plc). CFG’s Web site is .
About Innovation Fuels
Innovation Fuels is a leading biodiesel company with a global reach and with a mission to replace diesel fuel with sustainably produced biodiesel. Innovation Fuels takes a proactive and solution-oriented approach to its business with a focus on fiduciary responsibility, social and environmental stewardship, and community safety.
Innovation Fuels currently operates biodiesel refineries within the United States at strategic port locations that provides for the supply to regional customers and a network of international partners.
Biodiesel is produced by chemically reacting alcohol with vegetable oils, fats, or greases. Using innovative, proprietary production technology, Innovation Fuels biodiesel is the highest quality at the lowest cost to its customers. Plus, it’s Research and Development center is studying next generation technology and feedstocks including jatropha and algae - both crops that don’t divert resources away from feeding people.
For further information about Innovation Fuels or to arrange an interview with CEO John Fox please call (212) 843-8073 or email .
NEW YORK, April 24, 2008: New York-based biodiesel company Innovation Fuels Inc. has named Pittsburgh-based I.C.E. Service Group, Inc. (ICE) as their long term logistics and transportation strategic provider and partner.
According to John Fox, president & CEO for Innovation Fuels, ICE will provide all logistical & transportation support for their Newark, New Jersey biodiesel facility. ICE will provide consulting, design and construction services for all rail infrastructure improvements and overall logistical planning. In addition, ICE will also provide all rail, marine and truck logistical and transportation services for approximately 40 million gallons of feedstock and 40 million gallons of biodiesel per year.
“We’re very excited about the opportunity of working with Innovation Fuels, and expanding our operations in the City of Newark,” remarked Dennis Morgan, II, Senior Program Manager – Special Projects for I.C.E. Service Group, Inc.
“The services provided by ICE are arguably the most essential to our relationships with customers,” commented Fox. “Without their vast logistical and transportation capabilities, the value of our product is inconsequential.”
I.C.E. Service Group, Inc., a woman owned, minority owned small business that provides logistical support, transportation, waste management and industrial maintenance services to the Industrial, Construction and Environmental industries. ICE customers include industrial and chemical manufactures, environmental contractors & consultants, general contractors and hazardous, non-hazardous & radioactive waste treatment & disposal facilities.
About Innovation Fuels
Innovation Fuels is a leading biodiesel company with a global reach and with a mission to replace diesel fuel with sustainably produced biodiesel. Innovation Fuels takes a proactive and solution-oriented approach to its business with a focus on fiduciary responsibility, social and environmental stewardship, and community safety.
Innovation Fuels currently operates biodiesel refineries within the United States at strategic port locations that provides for the supply to regional customers and a network of international partners.
Biodiesel is produced by chemically reacting alcohol with vegetable oils, fats, or greases. Using innovative, proprietary production technology, Innovation Fuels biodiesel is the highest quality at the lowest cost to its customers. Plus, it’s Research and Development center is studying next generation technology and feedstocks including jatropha and algae - both crops that don’t divert resources away from feeding people.
For further information about Innovation Fuels or to arrange an interview with CEO John Fox please call (212) 843-8073 or email .
NEW YORK, April 22, 2008: Credit Suisse Customized Fund Investment Group on behalf of New York Common Retirement Fund (:NYCRF”) , RNK Capital, and Lyrical Partners closed on a $15.5 million financing round into Innovation Fuels, a Albany headquartered rapidly emerging, US-based renewable fuel company that manufactures, markets, and distributes biodiesel fuel to customers around the world. Innovation Fuels is the first biodiesel refinery company supported by all three institutional investors.
The Credit Suisse led funding came in two tranches: the first at the end of 2008 and the second was completed more recently, based on the successful completion of several milestones by Innovation Fuels, and the funding included $10.5 million in equity and $5 million in a credit enhancement to be used to secure working capital. The funding was provided in order to accommodate several areas of strategic growth including:
- The upgrading of Innovation Fuels’ Port of New York facility to produce 950,000 barrels or 130,000 metric tons per year
- The acquisition of a development stage biodiesel plant in the Port of Milwaukee with capacity to produce 1,200,000 barrels or 167,000 metric tons per year
- The conclusion of the development of two regional biodiesel refineries with permitted capacity of 1,300,000 barrels or 185,000 metric tons per year
- The launch of Innovation Fuels Europe for the marketing and distribution of biodiesel and glycerin within the European marketplace
“We couldn’t be more excited to be partnered with Credit Suisse, RNK Capital, and Lyrical Partners, which have a strong global reach to support the continued growth of our business worldwide,” commented John Fox, CEO for Innovation Fuels. “The long term benefits of this investment for Innovation Fuels are too numerous to mention.”
“Speaking for Credit Suisse, RNK, and Lyrical, we are pleased to be invested in a company with such a strong management team,” said Derek Jones, a Partner at Credit Suisse Customized Fund Investment Group. “And, we are impressed by Innovation Fuels’ ability to achieve such significant milestones, particularly during a time of adjustment in the industry. Further, the company is also targeting the renewable infrastructure sub-sector to complement its growth which is also very exciting."
Innovation Fuels is a rapidly emerging, US-based renewable fuel company that manufactures, markets, and distributes biodiesel fuel to customers around the world. A top-tier global investment bank and large institutional investors have provided financing for the company, which is headquartered in Albany, New York.
Innovation Fuels is a vertically integrated, producer of renewable, environmentally friendly fuels with a global reach and a verified 950,000 barrel or 130,000 metric ton per year refinery located in New York Harbor. It recently acquired North American Biodiesel, a company that was founded two years ago for the purpose of developing a biodiesel production facility in Milwaukee, Wisconsin. The acquisition provides Innovation Fuels with direct, deep-water international access via leasehold at the Port of Milwaukee, which is located on the western shore of Lake Michigan.
Europe has emerged as a strong market for US biodiesel producers. A combination of factors, including European Union usage mandates outstripping EU production capacity, and the relative weakness of the dollar against the Euro, have spurred imports of high-quality biodiesel made from vegetable oil.
Innovation Fuels Biodiesel meets both the European EN 14214 and domestic ASTM D6751 specifications. The company recently became the first biodiesel producer in the Northeast to earn BQ-9000 Accreditation from the National Biodiesel Board and the National Biodiesel Accreditation Committee
About Innovation Fuels
Innovation Fuels is a leading biodiesel company with a global reach and with a mission to replace diesel fuel with sustainably produced biodiesel. Innovation Fuels takes a proactive and solution-oriented approach to its business with a focus on fiduciary responsibility, social and environmental stewardship, and community safety.
Innovation Fuels currently operates biodiesel refineries within the United States at strategic port locations that provides for the supply to regional customers and a network of international partners.
Biodiesel is produced by chemically reacting alcohol with vegetable oils, fats, or greases. Using innovative, proprietary production technology, Innovation Fuels biodiesel is the highest quality at the lowest cost to its customers. Plus, it’s Research and Development center is studying next generation technology and feedstocks including jatropha and algae - both crops that don’t divert resources away from feeding people.
For further information about Innovation Fuels or to arrange an interview with CEO John Fox please call (212) 843-8073 or email .
NEW YORK, April 21, 2008: Innovation Fuels and Arpadis Group SA (AIM/NYSE: AEPA) have formed Innovation Fuels Europe, a joint venture company based in Antwerp, Belgium that was created to market and distribute biodiesel throughout the European territories. A rapidly emerging, US-based renewable fuel company, Innovation Fuels recently secured $15.5 million in a financing round from Credit Suisse Customized Fund Investment Group, RNK Capital, and Lyrical Partners.
"This is a huge step forward for both our companies and will serve as the basis for all of our marketing and sales efforts across Europe," remarked John Fox, CEO of Innovation Fuels. “We have already received positive reviews of the quality of our biodiesel and glycerin from European customers, and we look forward to building long-term relationships with end customers in Europe.”
Laurent Abergel, Managing Director and Chairman of the Board of Arpadis Group, commented,” We couldn’t be more pleased to be joining with Innovation Fuels to expand the global reach of their biodiesel and glycerin products, and having been involved with biodiesel marketing and distribution for many years, we believe that the quality of biodiesel and glycerin offered by Innovation will be the cornerstone to our successful partnership.”
Arpadis Group, a Belgium-based holding company focused on chemical distribution and custom processing, is a major European distributor of biodiesel and glycerin. The company acts as an intermediary in the distribution of chemical products between producers and processors, or users. Arpadis has seven offices and three custom processing plants in Europe, and is building a custom processing plant in China as well.
Innovation Fuels is a rapidly emerging, US-based renewable fuel company that manufactures, markets, and distributes biodiesel fuel to customers around the world. A top-tier global investment bank and large institutional investors have provided financing for the company, which is headquartered in New York.
Innovation Fuels is a vertically integrated, producer of renewable, environmentally friendly fuels with a global reach. The Company has a verified 950,000 barrel or 130,000 metric ton per year refinery located in New York Harbor. It recently acquired North American Biodiesel, a company that was founded two years ago for the purpose of developing a biodiesel production facility in Milwaukee, Wisconsin. The acquisition provides Innovation Fuels with direct, deep-water international access via leasehold at the Port of Milwaukee, which is located on the western shore of Lake Michigan.
Europe has emerged as a strong market for US biodiesel producers. A combination of factors, including European Union usage mandates outstripping EU production capacity, and the relative weakness of the dollar against the Euro, have spurred imports of high-quality biodiesel made from vegetable oil.
Innovation Fuels Biodiesel meets both the European EN 14214 and domestic ASTM D6751 specifications. The company recently became the first biodiesel producer in the Northeast to earn BQ-9000 Accreditation from the National Biodiesel Board and the National Biodiesel Accreditation Committee
About Innovation Fuels
Innovation Fuels is a leading biodiesel company with a global reach and with a mission to replace diesel fuel with sustainably produced biodiesel. Innovation Fuels takes a proactive and solution-oriented approach to its business with a focus on fiduciary responsibility, social and environmental stewardship, and community safety.
Innovation Fuels currently operates biodiesel refineries within the United States at strategic port locations that provides for the supply to regional customers and a network of international partners.
Biodiesel is produced by chemically reacting alcohol with vegetable oils, fats, or greases. Using innovative, proprietary production technology, Innovation Fuels biodiesel is the highest quality at the lowest cost to its customers. Plus, it’s Research and Development center is studying next generation technology and feedstocks including jatropha and algae - both crops that don’t divert resources away from feeding people.
For further information about Innovation Fuels or to arrange an interview with CEO John Fox please call (212) 843-8073 or email .
NEW YORK, April 16, 2008: Innovation Fuels has been recognized with a Permit Award of Excellence from the Passaic Valley Sewerage Commissioners for its 2007 operations. This prestigious award recognizes companies that properly dispose of wastewater and comply with operating regulations.
Bryan J. Christiansen, Executive Director of the PVSC, presented Tom Grossberger, Innovation Fuels’s Technical Director, with the award at its Thirteenth Annual Awards breakfast held on April 11th in Newark, NJ. The ceremony featured keynote speaker, Mr. Alan J. Steinberg, Regional Administrator for the USEPA Region 2.
“We are very pleased to receive the Permit Award of Excellence from the PVSC, a group that, like Innovation Fuels, understands the importance of environmental preservation,” remarked John Fox, CEO for Innovation Fuels. “This accomplishment reinforces our mission to maintain excellent operational proficiency and expertise as well as our commitment to our customers and the community.”
“This award recognizes companies like yours that have taken all those many steps to comply with the varied regulations under which you operate,” commented Christiansen. “You can be justly proud of your accomplishment.”
Innovation Fuels is a rapidly emerging renewable fuel company that manufactures, markets, and distributes biodiesel fuel to customers around the world. The company is a vertically integrated, dominant producer of renewable, environmentally-friendly fuels with a verified 950,000 barrel or 130,000 metric ton-per-year refinery located in New York Harbor with a regional imprint on the East Coast market with global reach.
NEW YORK, March 24, 2008: Innovation Fuels and Arpadis Group SA (AIM/NYSE: AEPA) announced plans to launch a joint venture company, Innovation Fuels Europe, to market and distribute biodiesel into the European market. The companies said they have signed a term sheet, and expect to complete all definitive documents with respect to the joint venture before the end of this April.
John Fox, CEO of Innovation Fuels, and Laurent Abergel, Managing Director and Chairman of the Board of Arpadis Group, said: "This is a great step forward for both our companies that will serve as the basis for our marketing and sales into the European market."
Arpadis Group, a Belgium-based holding company focused on chemical distribution and custom processing, is a major European distributor of biodiesel and glycerin. The company acts an intermediary in the distribution of chemical products between producers and processors or users. It has seven offices and three custom processing plants in
Europe, and is building a custom processing plant in China.
Innovation Fuels is a rapidly emerging, US-based renewable fuel company that manufactures, markets, and distributes biodiesel fuel to customers around the world.
A top-tier global investment bank and large institutional investors have provided financing for the company, which is headquartered in New York.
Innovation Fuels has a regional focus on the East Coast market with a global reach, a mission to be a vertically integrated, dominant producer of renewable, environmentally friendly fuels, and a verified 40 million gallon a year refinery located in New York Harbor. It recently acquired North American Biodiesel, a company that was founded two years ago for the purpose of developing a biodiesel production facility in Milwaukee, Wisconsin. The acquisition provides Innovation Fuels with direct, deep-water international access via a leasehold at the Port of Milwaukee, which is located on the western shore of Lake Michigan.
Europe has emerged as a strong market for US biodiesel producers. A combination of factors, including European Union usage mandates outstripping EU production capacity, and the relative weakness of the dollar against the euro, have spurred imports of high-quality biodiesel made from vegetable oil.
Innovation Fuels Biodiesel meets both the European EN 14214 and domestic ASTM D6751 specifications. The company recently became the first biodiesel producer in the Northeast to earn BQ-9000 Accreditation from the National Biodiesel Board and the National Biodiesel Accreditation Committee.
 NEW YORK, March 4, 2008:
Innovation Fuels announced today that it has acquired North American Biodiesel, a company that was founded two years ago for the purpose of developing a biodiesel production facility in Milwaukee, Wisconsin.
The news comes just one day after Innovation Fuels said it had become the first biodiesel producer in the Northeast to earn BQ-9000 Accreditation from the National Biodiesel Board and the National Biodiesel Accreditation Committee.
North American Biodiesel has a leasehold at the Port of Milwaukee, which is located on the western shore of Lake Michigan, about 75 miles north of Chicago. In addition to direct, deep-water international access, the company’s infrastructure assets include immediate interstate access service by two Class I railroads, Union Pacific and Canadian Pacific; rail staging for over 50 cars; existing tank storage; and access to a refined petroleum pipeline.
"We are pleased and proud to be teaming with North American Biodiesel," Innovation Fuels CEO John Fox said. "The company's strategic location and experienced management team strengthen our position in America's emerging biodiesel industry."
"The strengths of North American Biodiesel fit perfectly with those of Innovation Fuels," said former NAB CEO Richard Sawall., who has joined Innovation Fuels as the company's Senior Vice President for Midwest Operations. "I look forward to a long and productive relationship. This is a great opportunity for both companies."
Headquartered in New York, Innovation Fuels is a rapidly emerging renewable fuel company that manufactures, markets, and distributes biodiesel fuel to customers around the world. The company has a regional focus on the East Coast market with a global reach, a mission to be a vertically integrated, dominant producer of renewable, environmentally friendly fuels, and a verified 40 million gallon a year refinery located in New York Harbor.
 NEW YORK, March 3, 2008: Innovation Fuels announced today that it has become the first biodiesel producer in the Northeast to earn BQ-9000 Accreditation from the National Biodiesel Board and the National Biodiesel Accreditation Committee.
Innovation Fuels is now a BQ-9000 Accredited Producer under the National Biodiesel Accreditation Program—a cooperative and voluntary fuel quality program adopted by both the National Biodiesel Board (NBB) and the Canadian Renewable Fuels Association.
“We are proud to be a BQ-9000 accredited producer," said Bob Lindenbaum, Chief Marketing Officer of Innovation Fuels. "BQ-9000 become the quality program recognized as the industry standard, giving confidence to prospective and current customers. We have understood the importance the BQ-9000 quality program since our inception."
BQ-9000 is a quality assurance program that includes procedures for fuel storage, handling and management aimed at ensuring fuel quality throughout the distribution system. The program creates a comprehensive quality system whereby fuel is consistently produced in accordance with ASTM D 6751 specifications and maintains its quality all the way to the customer’s fuel tank.
“BQ-9000 helps to ensure that only a quality product reaches every consumer is more critical than ever,” said Lelond Tong of the National Biodiesel Accreditation Commission (NBAC). “The NBAC and NBB commend Innovation Fuels for taking the initiative to become BQ-9000 accredited.”
Both producers and marketers are eligible to become either an Accredited Producer or Certified Marketer under BQ-9000.
Headquartered in New York, Innovation Fuels is a rapidly emerging renewable fuel company that manufactures, markets, and distributes biodiesel fuel to customers around the world. The company has a regional focus on the East coast market with a global reach, a mission to be a vertically integrated, dominant producer of renewable, environmentally friendly fuels, and a verified 40 million gallon a year refinery located in NewYork Harbor.
NEW YORK, Sept. 26, 2007: Innovation Fuels, Inc. announced that it had acquired the assets of Eastern Biofuels, LLC, which has operated a biodiesel plant in Newark, NJ since mid-2006.
The plant is presently using custom-designed technology to produce biodiesel at the rate of six million gallons a year (MMGY). Innovation Fuels plans to upgrade the plant to increase production to more than 40 MMGY using a process that will also enable the facility to become feedstock neutral. The plant currently converts refined and bleached soybean oils into biodiesel. A variety of crude vegetable oils (including jatropha, rapeseed/canola, and sunflower), as well as used vegetable oils are among the feedstocks that have been identified for use pending completion of the planned upgrade.
Located on the Passaic River in the port of New York/New Jersey, the production facility is a retrofitted petroleum storage terminal that includes nearly four million gallons of storage with room to add additional capacity. The plant has produced both ASTM 6751 and EN 14214 specification biodiesel products.
Today's announcement by Innovation Fuels follows the company's recent merger under one roof of two development-stage biodiesel projects—a 50 MMGY processing facility in Hampton, NY that is in the planning and permitting phase, and a ten MMGY facility in Fulton, NY that is in the final design and engineering phase.
"The acquisition of the Eastern Biofuels facility is a major milestone," said Innovation Fuels CEO John Fox. "It firmly establishes the company as an important biodiesel producer, as well as a developer of future production facilities."
Mr. Fox added: "I am also pleased that Bob Lindenbaum, who has been Managing Partner of Eastern Biofuels, will be joining Innovation Fuels as Chief Marketing Officer. Bob's broad range of experience, including biodiesel sales and marketing, refining and process plant operations, supply and distribution, and project management, makes him a valuable addition to our management team."
"I look forward to joining the Innovation Fuels team," said Mr. Lindenbaum. "They are clearly committed to building a great biodiesel company, with the resources, expertise, and vision to match their commitment."
Headquartered in New York, Innovation Fuels is a rapidly emerging renewable fuel company that manufactures, markets, and distributes biodiesel fuel to customers around the world. The company has a regional focus on the East coast market with a global reach and a mission to be a vertically integrated, dominant producer of renewable, environmentally-friendly fuels.
For more information, contact 212.609.3509.
NEW YORK, July 26, 2007: Innovation Fuels, Inc. announced today that it had formally completed merging two important biodiesel projects under its corporate roof—a 50 million gallon a year (MMGY) processing facility in Hampton, NY that is in the planning and permitting phase, and a ten MMGY facility in Fulton, NY that is in its final design and engineering phase.
Innovation Fuels owns 100 percent of the Hampton project and 20 percent of the Fulton facility. The company will develop the projects through dedicated subsidiaries, in keeping with its multi-site strategy for the Northeast corridor. The Hampton project is located in Northern New York State, on the Vermont border, and is served by Vermont Rail System; the Fulton facility, in the central part of the state, is on a CSX main rail line and close to major interstate roads.
"The merger signals the start of a regionally-focused, world-class biodiesel company," said John Fox, President and CEO of Innovation Fuels. “In keeping with our mission, Innovation Fuels will continue to acquire and develop a network of strategically sited, state-of-the-art biodiesel processing facilities.”
Rising petroleum prices and the need to cut carbon dioxide and other greenhouse gas emissions contributing to global warming are combining to create a global market for biodiesel and other cleaner burning biofuels. Pure biodiesel, known as B100, is made by mixing straight or used vegetable oil, or tallow, with methanol and a catalyst such as sodium hydroxide. B100 can be used alone or blended in any ratio with petroleum diesel to fuel diesel-powered vehicles without the need for engine modifications of any kind. Biodiesel can also be used as a supplement to or in place of heating oil.
Headquartered in New York, Innovation Fuels is a rapidly emerging renewable fuel company that manufactures, markets, and distributes biodiesel fuel to customers around the world. The company has a regional focus on the East coast market with a global reach and a mission to be a vertically integrated, dominant producer of renewable, environmentally-friendly fuels.
For more information, contact 212.609.3509.
NEW YORK, April 26, 2007: Formation of a new biodiesel company, Innovation Fuels, Inc., was announced today to help meet the growing demand for renewable energy in America's most populous and economically important region—the Northeast. The company aims to develop a series of modern, multi-feedstock biodiesel processing plants along the Eastern seaboard, starting with projects in the New York region, and expects to grow rapidly by acquiring and merging with other biodiesel companies and facilities.
Making the announcement today were presidents of two regional biodiesel development companies. John Fox, President of Homeland Energy Resources Development, Inc., who will become President and CEO of Innovation Fuels, said, "with today's announcement, we begin the formal implementation of our business plan. Biodiesel is the world's fastest growing alternative fuel and we intend to grow with the industry—intelligently and efficiently."
Malek Jalal, President of Hampton Biofuels Industries, Inc. and Innovation Fuels’ new Chief Strategy Officer, said, "it's an especially exciting and gratifying time to be in the renewable fuel business, considering the growing awareness of the need to address the intertwined energy and climate crises. I look forward to working with Homeland Energy’s team to build a world-class biodiesel production and distribution company."
Safe, non-toxic, biodegradable biodiesel is the world's fastest growing alternative fuel, a ready-to-use replacement for petroleum-based diesel. Pure biodiesel, known as B100, is made by mixing straight or used vegetable oil, or tallow, with methanol and a catalyst such as sodium hydroxide. B100 can be used alone or blended in any ratio with petroleum diesel to fuel diesel-powered vehicles without the need for engine modifications of any kind. Biodiesel can also be used as a supplement to or in place of heating oil.
Biodiesel offers significant benefits over fossil fuels. Biodiesel minimizes air toxins, greenhouse gases, particulate matter, carbon monoxide, hydrocarbons, soot, sulfur dioxide and aromatics, while offering higher lubricity and cetane than petroleum diesel.
Headquartered in New York, Innovation Fuels is a rapidly emerging renewable fuel company that manufactures, markets, and distributes biodiesel fuel to customers around the world. The Company has a regional focus on the East coast market with a global reach and a mission to be a vertically integrated, dominant producer of renewable, environmentally-friendly fuels.
For more information, contact 212.609.3509.
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