Commenting on the development AFS BioOil CEO Vadim Krifuks said that the next step for the company would be to scale up to three million gallons per year.

"And we are putting all our efforts in preparing to execute it," added Krifuks.

The company recently partnered with a renewable electricity company to convert waste heat into electricity at a cost of 6 cents/kWh and is hopeful of reducing it to 4 cents/kWh.

The partners are looking at an integrated project with a capacity 5MW of renewable electricity and 1-3 millon gallons per annum of biodiesel.

Designing is currently underway with both companies hopeful of a combined system that produces renewable low-cost electricity and bio-diesel.