Rentech Named a Company of the Year by Biofuels Digest for Advancement in Commercialization of Aviation Biofuels
LOS ANGELES, Jan 06, 2010 (BUSINESS WIRE) -- Rentech, Inc. (NYSE AMEX: RTK) today announced that it has been named a company of the year by Biofuels Digest for advancement in the commercialization of renewable fuels. Rentech received the award jointly with four other companies in recognition of significant contributions to the development of commercially-available renewable jet fuels which have led to successful flight tests by commercial airlines, as well as orders from the U.S. military and commercial operators for renewable jet fuel for testing and commercial use.
Commenting on the award, D. Hunt Ramsbottom, Rentech President and CEO, said, "We are proud to be recognized for our achievements in the commercialization of renewable synthetic fuels." Mr. Ramsbottom continued, "This award underscores Rentech's leadership position within the bio-energy industry as we develop and commercialize renewable fuels and power projects and technologies to enhance domestic energy production, the economy and the environment."
Biofuels Digest editor Jim Lane stated, "The Digest readership and the editors have been amazed by the progress this year in aviation biofuels in general, and by Rentech in particular. The industry is moving rapidly from goals and plans to green jobs, energy security and carbon emission reductions. Rentech has returned to its roots as a renewable energy company, and at the same time has taken a leadership position in turning aviation biofuels into one of the hottest sectors in all of renewable energy."
Rentech was also recently recognized by Biofuels Digest as one of the "50 Hottest Companies in Bioenergy" for its innovation and achievement in bio-energy development.
Rentech is developing a renewable energy facility in Rialto, California that is anticipated to produce approximately 9.8 million gallons per year of renewable fuels and 35 megawatts of renewable power from green waste. In August, eight airlines signed a multi-year agreement to purchase up to 1.5 million gallons per year of renewable synthetic diesel (RenDiesel(R)) from this project for ground service equipment operations at Los Angeles International Airport beginning in late 2012, when the plant is scheduled to go into service.
In December, thirteen domestic and international passenger and cargo carriers signed a non-binding Memorandum of Understanding with Rentech that is intended to serve as a framework for a definitive supply agreement for approximately 250 million gallons per year of certified synthetic jet fuel (RenJet(R)) from Rentech's proposed synthetic fuels and power facility in Adams County, Mississippi. The facility may integrate fossil feedstocks and biomass that would be processed with Rentech's biomass gasification technologies.
It is expected that the life-cycle carbon footprint of fuels produced from biomass using Rentech's technologies can be near zero, depending on the feedstock and its alternative uses. Rentech's renewable synthetic diesel and jet fuels will meet all applicable fuels standards, be compatible with existing engines and pipelines, and burn cleanly, with emissions of particulates and other regulated pollutants significantly lower than emissions of traditional fuels. Jet fuel produced from the Fischer-Tropsch process, on which Rentech's technology is based, is the only alternative fuel type currently certified for use by the U.S. Air Force and in commercial aircraft.
Biofuels Digest is the world's most widely-read biofuels daily, with an annual circulation of 4 million. Rentech will be recognized, along with other Biofuels Digest award winners, at the Advanced Biofuels Leadership Conference in Washington, DC on April 27-28, 2010.
About Rentech, Inc.
Rentech, Inc. (http://www.rentechinc.com), incorporated in 1981, provides clean energy solutions. The Company's Rentech-SilvaGas biomass gasification process can convert multiple biomass feedstocks into synthesis gas (syngas) for production of renewable fuels and power. Combining the gasification process with Rentech's unique application of proven syngas conditioning and clean-up technology and the patented Rentech Process based on Fischer-Tropsch chemistry, Rentech offers an integrated solution for production of synthetic fuels from biomass. The Rentech Process can also convert syngas from fossil resources into ultra-clean synthetic jet and diesel fuels, specialty waxes and chemicals. Final product upgrading is provided under an alliance with UOP, a Honeywell company. Rentech develops projects and licenses these technologies for application in synthetic fuels and power facilities worldwide. Rentech Energy Midwest Corporation, the Company's wholly-owned subsidiary, manufactures and sells nitrogen fertilizer products including ammonia, urea ammonia nitrate, urea granule, and urea solution in the corn-belt region of the central United States.
Safe Harbor Statement
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995 about matters such as the Rentech-SilvaGas and ClearFuels biomass gasification technologies, the ability to integrate the gasification technologies with Rentech technologies, the characteristics of the renewable fuels to be produced from the technologies, ClearFuels' proposed development projects using the integrated technologies, the Company's development of a proposed synthetic fuels facility in Rialto, California and the sale of fuel from the Rialto Project. These statements are based on management's current expectations and actual results may differ materially as a result of various risks and uncertainties. Other factors that could cause actual results to differ from those reflected in the forward-looking statements include the financial means of Rentech to build proposed projects, fluctuations in commodities prices including the price of oil and the materials necessary to construct projects, the impact of changing government regulations on the project permitting process and the qualification of renewable power and fuels and factors set forth in the Company's press releases and periodic public filings with the Securities and Exchange Commission, which are available via Rentech's web site at http://www.rentechinc.com. The forward-looking statements in this press release are made as of the date of this release, and Rentech does not undertake to revise or update these forward-looking statements, except to the extent that it is required to do so under applicable law.
SOURCE: Rentech, Inc.
Rentech, Inc. Julie Dawoodjee, Director of Investor Relations 310-571-9800, extension 341 ir@rentk.com
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