CORE BioFuel has signed a memorandum of understanding (MOU) with a renewable energy project developer for development of four bio refineries, using CORE's wood to gasoline technology over a period of four years.

According to the MOU, the firm has an option to extend the agreement and number of plants, on completion of the initial term.

The MOU also provides for a third party review of CORE’s technology as well as the testing of CORE’s green gasoline produced through a pilot program.

CORE BioFuel president George Stanko said the MOU represents another strategic step towards completion of the firm’s commercialization plans.

"Our alignment with such an experienced group substantially accelerates the development of our technology in Canada and the United States," Stanko said.