Solar Acquisition Corp. (OTC:SLRX) today announced, in a press release, that its wholly owned subsidiary, B151, Inc., has entered a joint venture to develop biofuel refineries for the production of biodiesel from renewable sources. As I write, shares of Solar Acquisition are down nearly 20 percent at $4.00 per share on light volume of 2,800 shares. The company has a market cap of $46 million and a 52-week range between $3.26 and $5.50 per share.B151, Inc. and Bio Evolution, Inc. have agreed to begin the development of B-100 Biodiesel plants in the State of Arkansas. The plants, when completed, are projected to each produce approximately 3.6 million gallons per year (MGY) of advanced biofuels, and biomass-based diesel from waste vegetable oils and animal fats.
These new facilities will be geographically distributed to meet the needs of fuel producers mandated by the EPA's Renewable Fuel Standard (RFS-2) to utilize 1500MGY of advanced biofuels in 2012; and doubles to 3000MGY in 2016.
The material definitive agreement, executed on March 15th, 2011, is expected to close within 30 days.
Solar Acquisition Corp. is focused on commercializing renewable energy technology. The scope of SLRX's interest includes Solar PV, Wind, Fuel Cell, and Geothermal in addition to research and development into innovative renewable energy solutions. Currently SLRX is in the process of developing a portfolio of intellectual assets, patents and companies.
For more information visit http://www.createcleanpower.com.
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