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This is Chris Redgrave for Zions Bank, speaking on business.
The International Energy Agency predicts that the United States will overtake Saudi Arabia as the world's top oil producer by 2015. America has already become the largest producer of natural gas. In October 2013, the U.S. started producing more oil than it imports for the first time since 1995. The energy market in the U.S. is huge right now. That's why it was a smart move for Ray Dellinger to tap into it with his Logan-based business, Argo Fuels.
Argo Fuels is a biodiesel innovation company focused on developing, manufacturing and licensing innovations in the development of biodiesel. They've found a niche in the alternative fuel market.
Argo Fuels has developed a new technology for making renewable fuels. What they did is create a super critical solid metal NanoCatalyst that allows them to use wastewater treatment plant residues, or waste streams, to create high-quality renewable fuels. It's a revolutionary process, where they're working to reclaim water being sent down the drain or sewer and turn it into usable biofuel. Although this seems complex, it's definitely the kind of technology Americans need to be looking for in decreasing dependence on foreign oil.
The main use of this product will be in the commercial sector. In fact, the first hydrocarbon they're working on is a synthetic diesel fuel, which looks like water in a glass, burns freely and is highly oxygenated. They're expecting it to hit the market by the end of next summer.
Argo Fuels is almost four years old and has grown to include 12 employees. But Ray says competition in this market is fierce because every major petroleum company is involved in research and development of alternative fuels. But Argo distinguishes themselves by putting all resources into a niche, which they can grow.
Ray wants Argo Fuels to offer renewable fuels that can be an economical choice so that the future becomes one where Americans use renewable fuels produced and developed right here. The biodiesel Argo produces is top notch, especially since the water is so highly potent.
For Zions Bank, I'm Chris Redgrave, speaking on business.
Argo Fuels 435-512-6003 www.argofuels.com info@argofuels.com
