SOUTH SAN FRANCISCO, California - July 31, 2012 - AFS BioOil has announced that initial tests conducted by the company since startup of the system confirm that production costs of biodiesel will be in the range of $2 per gallon when produced in a commercial system of 1 millon gallons/yr and greater. "Next project for us is one to three million gallon/yr system," said CEO Vadim Krifuks, "and we are putting all our efforts in preparing to execute it. We are inviting interested parties from around the world to join our development."
AFS BioOil has recently partnered with a renewable electricity company that has the technology to convert waste heat into electricity at a cost of 6 cents/kWh and potential of reducing the cost to 4 cents/kWh in the future. Both companies are planning an integrated project of 5 MWe of renewable electricity and 1-3 millon gallons/yr of biodiesel. This will pave the way for future deployment of combined systems producing renewable low-cost electricity and biodiesel. The companies are at a design stage and will release the actual scope of the project in Q3.
About AFS BioOil:
AFS BioOil was formed in 2010 as a spin out of Algae Floating Systems, Inc. The company is focused to use AFS technologies to produce traditional biodiesel at points of high demand. FAME biodiesel is produced by processing algae oil through a chemical process known as transesterification. The fuel can be used in its pure form as a diesel substitute or added to diesel to produce a biodiesel blend, such as B-5 or B-20. The strategic goal of the company is to become a major algae biodiesel supplier.
For more information, please visit our website: http://www.afsbiooil.com
Vadim Krifuks, CEO