In the letter of intent, Eco-Energy has stated that it will purchase 30 million gallons of biodiesel per year, for a length of three years from the first day of actual production. Additionally, Eco-Energy will be responsible for all logistics and transportation operations.

The plant will be centrally located in Wilmington and a second site is being negotiated in South Carolina, with further suitable sites across the US also being evaluated.

Jim Cooper, CEO of International Coastal Biofuels, said: "This relationship with Eco-Energy provides us with an additional certainty that our revenues are only limited by how fast we can get our production plant operational."

Story Source: Datamonitor