Rainforest Energy, Infinity Biofuels sign MOU

Rainforest Energy Corp. (RFEC) is pleased to announce that it has completed the initial terms on a binding Memorandum Of Understanding (MOU) with Infinity Biofuels Ltd. regarding a technology framework for North America, Central America, South America, and the Caribbean Islands (the Americas).

Under the MOU, RFEC has the right to license the proprietary technology and know-how of Infinity for the production of gasoline from biomass and other feedstocks. Each refinery developed by RFEC will have a technology license with Infinity that includes the basic terms and conditions of the MOU.

Sue Kelly, Ph.D., president of Infinity said, “The Rainforest Energy team has demonstrated impressive development and organizational capabilities in only a few short months. We are very excited to work with them as our project developer of choice in the Americas.”

Pete Lafontaine, executive chairman of RFEC, stated, “The Infinity process will allow Rainforest Energy to be among the lowest cost producers for next generation biofuels. Also, this is one of the very few renewable energy technologies out there that can produce high octane, premium bio-gasoline.”

About Rainforest Energy

RFEC is a private company formed in 2019 to finance, develop, and operate bio-gasoline projects. Based in Calgary, Alta., the company is currently proposing two projects of which one is in Canada and the other is in the United States. The proposed Canadian location is near Wabamun Lake, Alta., approximately 80 kilometres (50 miles) west of Edmonton. The U.S. project will be co-located with an existing wood-fired power plant at West Enfield, Maine which is 48 kilometres (30 miles) north of Bangor.

Each bio-refinery will produce a target 67.8 million litres (17.9 million USG) annually of Octane 94 bio-gasoline with no benzene and virtually no sulfur. A variety of waste biomass feedstocks can be utilized with natural gas as a back-up supply. The initial feedstock sources will include forestry trash, tree culling, sawmill residue, and retired railroad ties. Capital outlays for each refinery are estimated at CAD $155 million (USD $121 million), including working capital.

Rainforest Energy exists to transform environmental challenges into sustainable solutions. We are targeting waste biomass as our focus point to implement this mission. The full-cycle reduction of carbon dioxide equivalent emissions as a result of each bio-gasoline refinery is estimated at more than 800,000 MT annually, which is the equivalent of removing 175,000 vehicles from the road. A key business advantage with the INFINITY process is its ability to achieve threshold economics in a low crude oil price environment without carbon offsets.