PASADENA, TX (March 8, 2011) – KiOR, Inc., announced today that it has signed an offtake agreement with Hunt Refining Company, who has agreed to purchase renewable gasoline and diesel blendstocks and fuel oil produced at KiOR’s first commercial facility to be located in Columbus, MS. In addition to the offtake of renewable fuel blendstocks, the two companies have agreed to collaborate on information and resources aimed at optimizing the performance of their products and services. The agreement requires the parties mutually to determine fuel product specifications and contains other terms and conditions.
“Today’s announcement is an important milestone for the development of our commercial facilities in Mississippi, and furthers KiOR’s progress towards the commercialization of gasoline and diesel blendstocks from renewable crude,” said Fred Cannon, President and CEO of KiOR. “We’re excited to partner with Hunt to bring our renewable fuels to market and begin reducing the country’s dependence on foreign oil while creating quality jobs and economic development throughout the State of Mississippi.”
“The offtake of KiOR’s renewable gasoline and diesel blendstocks will help us to meet the needs of the nation’s Renewable Fuel Standard,” said Shanmuk Sharma, President of Hunt Refining Company. “We’re excited to be working alongside KiOR to help make a meaningful and near-term contribution to reducing greenhouse gas emissions and providing a boost to rural economies.”
KiOR is a biofuels company that combines a proprietary catalyst system with a biomass-to-renewable crude conversion technology to produce a high-quality oil called Re-Crude™. Re-Crude is refined into gasoline and diesel blendstocks that are compatible with our country’s existing fuel infrastructure and are a viable near-term solution to help ease our dependence on foreign oil, reduce greenhouse gas emissions, and create high-quality jobs and economic benefit across rural America. For more information, please visit www.KiOR.com.
Founded in 1946, Tuscaloosa, Alabama based Hunt Refining Company produces a full range of petroleum-based products at its Alabama and Mississippi refinery locations. Hunt’s products serve the needs of industrial and commercial customers, as well as providing gasoline, diesel and jet fuel for use by consumers throughout the region. Hunt Refining Company is one of the companies managed and operated by the Ray L. Hunt family of Dallas, Texas.