Genuine Bio-Fuel Inc., a U.S. biodiesel producer, is building a plant in Puerto Rico capable of producing 12 million gallons (45.4 million liters) of fuel a year to tap markets in the Caribbean and South America.
The $1.85 million facility, planned for just outside the southern city of Ponce, is expected to start full production in May, Jeff Longo, executive vice president for the Indiantown, Florida-based company, said today in a telephone interview.
Closely held Genuine Bio-Fuel is already shipping biodiesel from its only operational plant in Florida to companies in the Caribbean at prices competitive with fossil-fuel imports, he said. The Puerto Rico project, by being closer to the target market, will be able to furnish fuel even cheaper.
“Our biodiesel sells for on average between 9 and 13 cents cheaper a gallon than ultra-low sulfur diesel,” he said. “We’ve already been approached by a number of electrical companies.”
The project, which started construction last week, will use vegetable oils sourced from Puerto Rico and surrounding islands as feedstock, he said.
To contact the editor responsible for this story: Reed Landberg at firstname.lastname@example.org