Imperial Petroleum, Inc. (OTCBB:IPTM) announced that it has signed a Letter of Intent with Domestic Energy Partners of Spanish Fork, Utah to market biodiesel to petroleum refineries and other end users. Imperial's subsidiary, Hoosier Biodiesel Company, will sell up to 25 million gallons annually of biodiesel products manufactured by DEP using its proprietary process.

UK Secretary of State Alistair Darling an announced that from 2008, 2.5 per cent of all road fuel must come from renewable sources.

Karl E Watkin MBE, Chairman of D1 Oils plc (D1), the UK-based global producer of biodiesel, has called on the United Nations (UN) to deliver a cohesive and focused global biofuels strategy. Speaking in New York, he challenged UN agencies to direct more resources towards more efficient global production of biofuels, particularly in developing countries. The benefits of such a strategy would include: addressing global warming, reducing reliance on fossil fuels, increasing energy security and reducing rural poverty by creating jobs in the biofuels industry worldwide.

Giving the key note speech to close to 150 government ministers and global business leaders at an event highlighting the UN Biofuels Initiative on 10 May at UN Headquarters in New York, Watkin urged UN agencies and national governments to do more to realise the potential of biofuels grown in developing countries to meet energy needs worldwide. 

PETRÓLEO BRASILEIRO S/A  (PETROBRAS), a Brazilian international energy company has announced that it has developed, and is testing, a new type of biofuel. Known as H-Bio, the new fuel is an extremely high-quality diesel made from mineral diesel and vegetable oil, and its development is the result of close cooperation between Brazilian agribusiness and the petroleum industry.

Kleiner Perkins Caufield & Byers (KPCB) – a leader in providing venture and relationship capital SM services – announced an investment in biofuel leader Altra Inc. (Altra) and the new KPCB Prize for Green Innovation as part of KPCB’s “Greentech Initiative.”

 

“Altra is a national leader in ethanol production,” said John Doerr, KPCB partner. “Its unique, proprietary technology and strong, passionate team make it a sustainable, high-impact business. Altra is creating a nationwide ethanol production footprint by acquiring and ‘speeding up‘ existing, traditional corn-to-ethanol plants and by ’starting up’ new ones.”

With a massive financing of at least $50 million, five private equity and venture capital investors are looking to create one of the country's first renewable fuel companies diversified by both geography and feedstock.

The company, Los Angeles-based Altra Inc., is aiming to take a page from the history of the oil industry, expanding geographically and developing multiple sources for its fuel supply. The hope is that what worked for Standard Oil and John D. Rockefeller can work for Altra and its Chief Executive Officer, Larry Gross.

New Zealand-based Aquaflow Bionomic Corporation announced today that it had produced its first sample of home-grown bio-diesel fuel with algae sourced from local sewerage ponds.

 

“We believe this is the world’s first commercial production of bio-diesel from algae outside the laboratory, in ‘wild’ conditions. To date, bio-diesel from algae has only been tested under controlled laboratory conditions with specially selected and grown algae crops,” explains Aquaflow spokesperson Barrie Leay.