Dynamotive Energy Systems Corp. and Mitsui Engineering and Shipbuilding Co. LTD. (NYSEARCA:MES) announced that they have entered into a Memorandum of Understanding to form a new partnership that will serve as a platform to test, develop and market BioOil for application in Slow and/or Medium Speed Diesels. This partnership will allow both companies to act as a friend to the environment as well as leaving a mark on Wall Street.
MES and Dynamotive have teamed up in an effort to respond to the deadly threat of global warming, protecting bio diversity, power generation and access to energy which are global issues that must be addressed through the application of sustainable practices. Testing and evaluation will be conducted to determine the suitability of Dynamotive BioOil as a mixing (blend) component and/or an alternative fuel in slow and/or medium speed diesel engines at MES facilities.
Following these tests, the parties will enter into good faith negotiations that could lead to a definitive agreement to formalize their collaboration. MES and Dynamotive will utilize their best endeavors to enter into such agreements by September 30th, 2010.
To learn more about Mitsui Engineering, visit their English website at: mes.co.jp/english.
To learn more about Dynamotive Energy Systems, visit their website at: dynamotive.com.
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