National Clean Fuels announced today that the company signed a profit participation agreement with the Center for Environment, Commerce & Energy (The Center). The two organizations are working together closely to build a biomass-to-electricity (BTE) plant in Port Gibson, Miss.
According to the agreement, National Clean Fuels will provide the Center with monthly project support payments in exchange for a percentage of the net profits generated by the Port Gibson BTE plant once it becomes operational. The Center and National Clean Fuels signed a term sheet earlier this month.
Plans call for the new Port Gibson BTE plant to generate electricity by gasifying sawdust and woodchips to power a massive turbine. NACF inked a letter of intent with the City of Port Gibson in September to devise plans for biomass and solar-energy production in and around the municipality as well as other potential means of green energy production. The Center will assist with the planning and implementation of the project.
MBJ
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