O2Diesel Corporation (AMEX:OTD) has closed a $1 million private placement with Singapore-based Energenics Holdings Pte Ltd.
In September, the parties entered into a five year agreement for the supply of O2Diesel’s proprietary fuel technology. Energenics will brand the technology “EnerDiesel — Powered by O2Diesel,” in Asia Pacific & South Africa.
“We are looking forward to working with Energenics to develop this exciting market for O2Diesel. The Asia Pacific & South Africa is an extremely important bioenergy market and partnering with Energenics is a major strategic development for O2Diesel Corporation,” commented Alan Rae, Chief Executive Officer of O2Diesel Corporation.
O2Diesel provides a cleaner-burning diesel fuel alternative for centrally fueled fleets and off-road equipment. It is an ethanol-diesel blend that substantially reduces emissions without sacrificing power and performance.
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