March 08, 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.”