DENVER,Colorado– February 2, 2010 – Bye Energy, Inc., an integrator of alternative energy and renewable fuel technologies for business and general aviation, has completed the acquisition of Novare Biofuels, Inc.
Through this transaction, Bye Energy acquires the rights to a thermochemical biomass process concept and design initially developed by Novare. This process includes an innovative Hub-and-Spoke design and business concept. The thermochemical cellulosic biomass conversion is designed to produce both aviation gasoline and aviation jet fuel. Terms of the acquisition transaction were not disclosed.
George Bye, CEO of Bye Energy, said Novare’s process provides several advantages over conventional cellulosic biofuels technologies. “This methodology lowers logistical cost and offers process flexibility to produce bio-derived aviation gasoline and jetfuel,” he said. “In addition, the emission of greenhouse gases employing this process are less than those of conventional fuels and even other types of biofuels production processes.”
The company is partnering with other technology companies to implement the process, and is examining additional collaborative opportunities.
Novare was founded by J. Thomas McKinnon, Ph.D., Emeritus Professor of Chemical Engineering at Colorado School of Mines, who has joined Bye Energy as Chief Scientist.
About Bye Energy
Formed in 2008, Bye Energy is developing opportunities to produce and market biomass-derived fuels to replace traditional petroleum sources for use in general and business aviation aircraft. In addition the company is developing an electric hybrid propulsion system for general aviation aircraft. The company is headquartered in the Denver Tech Center in Greenwood Village, Colo., and also has offices in Scottsdale, Ariz., and Albuquerque, N.M. For more information, go to www.ByeEnergy.com.
For More Information Contact
Diane Garcia, Chief Marketing Officer
E-mail: Dgarcia@ByeEnergy.com Phone: +1-303-459-2862