Nova Energy Holding and ConAgra Trade Group Partnership
The agreements provide that ConAgra Trade Group will procure the vegetable oil and animal- based feedstock requirements for the Nova-owned biodiesel refinery.
27/07/06 Nova Energy Holding, Inc. announced today that it has signed feedstock supply and biodiesel sales agreements with ConAgra Trade Group, Inc. for a biodiesel facility to be located in Oklahoma at a site to be determined. The agreements provide that ConAgra Trade Group will procure the vegetable oil and animal- based feedstock requirements for the Nova-owned biodiesel refinery, as well as sell the biodiesel fuel and manage the logistics for the facility.
"We are very fortunate to partner with ConAgra Trade Group," said Kenneth Hern, Nova's Chairman and CEO. "By contracting both for feedstock coming into the facility, and biodiesel sales going out, these agreements provide for a total logistics solution for our biodiesel locations. This is an important milestone for our company. We are extremely pleased to have ConAgra involved with us in marketing what we believe will be the highest quality, cleanest burning biodiesel in America."
The long-term agreements were executed through Nova Biofuels Oklahoma, LLC, a wholly owned subsidiary of Nova. Engineering and procurement for the Oklahoma facility has already been initiated by Nova with respect to long lead time items, such as stainless steel and other important process equipment. Nova expects to have the biodiesel refinery completed in 2007.
"We are pleased to partner with Nova on procurement, logistics and marketing," said Martin Higgins, executive vice president for business strategies, ConAgra Trade Group. "Our goal is to bring all of our resources and capabilities to the table for Nova, in a shared commitment to provide quality biodiesel."