Irvine, CA (PRWEB) March 6, 2008
ORYXE Energy International and Energenics Pte Ltd., a wholly owned subsidiary of Energenics Holdings Pte Ltd., announced today that they have entered into a strategic partnership to help reduce transportation and stationary-source air pollution and improve fuel efficiency in Asia Pacific, Australia and South Africa. The partnership will make Energenics the exclusive distributor of ORYXE Energy diesel and residual fuel additives in select countries within these regions.
"From a commercial standpoint, this strategic alliance creates a tremendous growth opportunity for the ORYXE brand," said James M. Cleary, chairman and chief executive officer of ORYXE Energy. "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."
Energenics has already placed its first two orders of ORYXE™ LED additive to treat approximately four million gallons of diesel fuel. Further orders are anticipated as the product is introduced to more customers in the targeted regions. ORYXE LED is currently 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.
"We have been monitoring ORYXE's progress over the last few years and recognized the potential for collaboration from the start," said Ronen Hazarika, managing director of Energenics. "After evaluating the technologies of both companies, we agreed to further investigate the possibility of co-developing future technologies in the additive space."
The agreement also includes an investment by Energenics of $2 million. ORYXE Energy expects to close this financing within the first quarter.
About ORYXE Energy
ORYXE Energy International is a premier provider of cost-effective fuel additives that reduce harmful pollutants and enhance the combustion performance of fossil and renewable fuels, such as diesel, biodiesel and residual fuel. ORYXE Energy's combustion technology is based on naturally occurring chemical processes and contains unique, proprietary ingredients that are biodegradable and non-toxic. With headquarters in Irvine, Calif., ORYXE Energy markets its fuel additives to refiners, distributors, terminals and fleets throughout the world. For additional information, please visit http://www.oryxe-energy.com.
Energenics Pte Ltd., a wholly owned subsidiary of Energenics Holdings Pte Ltd., is a leading supplier of alternative energy solutions and technologies. Based in Singapore, Energenics identifies, invests, sources, validates and commercializes energy technologies that provide customers with energy and emission reductions at zero or minimal capital cost compared to existing technologies. Energenics has a strong customer base comprised of transportation groups, mining companies and port and marine operators throughout the Asia Pacific region. For additional information, please visit http://www.energenics.org.
Estimates, expectations and business plans are forward-looking statements. Actual future results, including product introduction schedules, market receptiveness, regulatory approvals and commercial viability, could differ materially due to changes in conditions affecting the industry, political, legal or regulatory developments, and market conditions.