The partnership will make Energenics the exclusive distributor of Oryxe Energy diesel and residual fuel additives in select countries within these regions. Energenics has already placed its first two orders of Oryxe LED additive to treat approximately four million gallons of diesel fuel.
The additives reportedly reduce transportation and stationary-source air pollution and improve fuel efficiency. Further orders are anticipated as the product is introduced to more customers in the targeted regions. The agreement also includes an investment by Energenics of $2 million. Oryxe Energy expects to close this financing within the first quarter of 2008.
Oryxe LED is being shipped from Oryxe Energy’s plant in Pasadena, Texas, to Singapore, where Energenics is based. In addition to the supply and distribution agreement, both companies have committed to explore potential synergies with their proprietary fuel additive technologies.
James Cleary, chairman and CEO of Oryxe Energy, said: From a commercial standpoint, this strategic alliance creates a tremendous growth opportunity for the Oryxe brand. We are fortunate to be working with a company that shares our goal to offer the most effective technologies for reducing emissions and enabling the use of alternative fuels.
