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Endicott Biofuels LLC and Davy Process Technology LTD enter into a technical collaboration to build next generation biodiesel facilities in
the U.S.

London and Houston, Texas (June 4, 2008) – Endicott Biofuels, LLC (EBF) and Davy Process Technology Limited (DPT), a Johnson Matthey company, announced today that the two companies have entered into a long-term, multi-plant, technical collaboration to develop the next generation of biodiesel facilities in the United States.

Under the agreement, EBF will be licensed to use DPT’s esterification technology in North America for a class of biodiesel plants that will be feedstock flexible, using non-food feedstocks, such as non-edible agricultural process waste products. The agreement provides for multiple plants and the sharing of intellectual property developed from the technical collaboration.

EBF is currently developing its first facility, a state-of-the-art plant to produce 100,000 metric tons per year (30 million gallons) of fatty acid methyl esters, or biodiesel. This plant is expected to commence commercial operation in mid 2010 with equity financing provided by Haddington Ventures, LLC.

EBF’s unique strategy and its selected technological solution were recognized by the U.S. Department of Energy (DOE) in October 2007 when EBF was invited to apply for a federal loan guarantee on its first plant (www.doe.gov/5568.htm). EBF was one of only six second generation renewable fuel companies to be recognized by the DOE and the only biodiesel producer.

“Demand for biodiesel, as well as other biofuels, is expected to increase dramatically over the next few years as fossil based fuels continue to increase in price as international demand from rapidly growing countries such as China and India pressures supply,” said Richard Wyatt, a principal with EBF. “At EBF, our goal is to build multiple plants in strategic geographic locations throughout North America to gain logistical advantages.”

Wyatt noted that: “Biodiesel can be used at 100 percent concentration as a petroleum diesel substitute, or in concentrations as low as 2 percent as a diesel fuel additive to reduce sulfur and particulate emissions and improve engine lubrication.”

Dr. David Tomlinson, president of Davy Process Technology said that he is delighted that Endicott Biofuels LLC has chosen DPT’s esterification technology for use in its North American biodiesel plants to be based on non-edible agricultural process waste products. This represents a new application for DPT’s proprietary esterification reactor which has been used in six plants to convert naturally derived fatty acids into natural detergent alcohols.

About Davy Process Technology

Davey Process TechnologyDavy Process Technology is a global oleochemicals and petrochemicals engineering and technology licensing company. DPT owns a range of proprietary process technologies such as methanol, gas conversion technologies, butanediol, natural detergent alcohols, oxo-alcohols, industrial amines and ethyl acetate. The company is headquartered in London, UK, and also has a Technology Centre in Stockton-on-Tees, UK. For further information, visit the website at www.davyprotech.com.

About Endicott Biofuels, LLC

Endicott BiofuelsHeadquartered in Houston, Texas, Endicott Biofuels is a diversified biofuels technology company that harnesses the power of innovation, science and technology to enhance the world’s energy sustainability. In addition to biodiesel, EBF has created new technologies related to cellulosic ethanol processes and bio-kerosene (jet fuel). For additional information, visit their website at www.endicottbiofuels.com.

About Haddington Ventures, LLC

Haddington VenturesA private equity firm specializing in the midstream energy industry, Houston-based Haddington Ventures has raised more than $320 million of capital since its formation in 1998. The professionals who comprise Haddington Ventures’ investment team have more than 100 combined years of operating experience in the midstream industry as well as a long history of working together. Among the participating investors in Haddington Ventures are large insurance companies, public and private pension groups, commercial banks and high net worth individuals. Visit Haddington Ventures’ website at www.hvllc.com.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, the predictability of commodities markets and raw material markets. Such statements are based upon the current beliefs and expectations of EBF’s management and are subject to certain risks and uncertainties, including, but not limited to, competitive market pressures, changes in foreign currency and exchange rates, international trade risks, changes in policy by foreign governments, and changes in environmental and other governmental regulation. Actual results may differ from those set forth in the forward-looking statements.

 

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