RIVERBANK, CA--(Marketwired - May 2, 2013) - Green EnviroTech Holdings Corp. "GETH" (
Green EnviroTech Holdings Corp. signed a Letter of Intent today to invest, subject to entering into definitive agreements, an initial $14 million in to a joint venture operation with GreenOil, a European subsidiary of U.S. based Petrosonics, LLC. In consideration for assistance with capital formation and access to the public markets, Green EnviroTech Holdings will own 51% of the newly formed venture.
The Petrosonics technology will work in synergy with Green EnviroTech's business creating a patented "GreenOil" process turning waste tires and plastic to high quality usable fuels. This relationship will also propel Petrosonics existing multiple patented and award winning technologies into commercialization.
Petrosonics was recently awarded multiple patents in 42 countries for the world's most cost-effective, oil-industry corroborated process for removing sulfur from crude oil and refined fuels. The process uses sonic energy (ultrasound) to agitate (cavitate) and open fuel molecules from the inside out, exposing hard-to-extract sulfur. During cavitation, the fuel molecule is sheered open, allowing oxygen to bond to the impurities in the fuel. Following oxidation, sulfur, nitrogen elements and trace metals, no longer able to bond to the product, fall out of the product stream, resulting in much more valuable EPA-compliant end-product.
When properly employed, the process can add dollars per barrel to the value of crude oil and, potentially, facilitate the reopening of production of a million or more barrels a day of capped, high-sulfur crude oil in the U.S. When tested in a refinery setting, it was proven to be a lower cost alternative to advanced hydro treating, saving upwards of a billion dollars of equipment cost in a new, 300,000 barrel a day refinery. It is also suitable for retrofitting the 80 percent of the world's refineries which have yet to make the investment to produce lower sulfur fuels for sale at the pump.
Petrosonics has over 200 patent claims pending and granted, before the United States Patent and Trademark Office. The first six claims were granted on July 25, 2006, becoming United States Patent No. 7,081,196. Related patents were granted in the EU, Australia, Russia, Kazakhstan, China, India, Indonesia, Egypt, and Mexico. There are hundreds of additional claims both awarded and pending in Algeria, Australia, Brazil, Canada, China, Columbia, Ecuador, the European Union (the U.K, Ireland, Sweden, Estonia, Latvia, Lithuania, Denmark, Germany, Poland, the Czech Republic, Slovakia, Hungary, Romania, Bulgaria, Greece, Austria, Slovenia, Italy, the Netherlands, Belgium, Luxembourg, France, Spain, Portugal, Cyprus, French Guiana, Guadeloupe, Martinique, Réunion, the Azores, Madeira, and the Canary Islands), Egypt, India, Indonesia, Japan, Kazakhstan, Mexico, and Norway. Discounting territories, patent protection now exists in 42 countries. Those 42 countries account for 55 percent of all crude oil production, 30-50 percent of all crude oil reserves, and 40 percent of the world's refineries. All of these countries are signatories to the Patent Cooperation Treaty (PCT).
Global Market, Broad Application
The target market includes some 650 refineries; all trans mix facilities and all wellhead and pipeline operations.
Ultrasound Assisted Oxidative Desulfurization (UAOD) is a more flexible, effective, lower total cost of ownership, "clean tech" alternative to hydro treatment (HDS); it is also effective when used in combination with HDS desulfurization. The process yields significant energy savings over HDS and is more effective in removing sulfur and nitrogen, the leading causes of petroleum related pollution. When used on heavy oils and crude, the API is increased, volume is expanded, hydrogen content is enhanced and higher desulfurization rates, relative to energy input, are achieved. Treatment of residual fuels also results in a reduction in con carbon and API uplift. FCC gas desulfurization results without loss of octane. Refiners realize cost savings and debottleneck lowers the cost of hydrogen and catalyst. Augmentation allows for increased space velocities and subsequent volume increases. In some cases, it could severely reduce hydrogen uptake to pre ULSD levels. This technology enhances the performance of the FCC feed hydro treater, eliminating the need for FCC gasoline post treatment, thereby improving yields, lengthening cycle lengths and decreasing stack emissions.
Of the aforementioned 650 refineries worldwide, 150 have been converted to ULSHDS units producing less than 15 PPM diesel. The remaining either have low severity HDS units or no desulfurization capacity at all due to cost prohibitive nature of HDS in small-scale applications. In the case of small refineries, Petrosonics' technology is an alternative. In those cases where refineries are currently using ULSHDS units, added UAOD technology would debottleneck HDS unit capacity, allowing for the treatment of newly regulated streams such as locomotive and marine fuels.
Petrosonics CEO Dr. Mark Cullen stated, "This is one of the few new technologies in Petroleum that can be used for both upstream and downstream applications. The technology supports a number of regional or functional licensing models on a throughput basis. Licensees of this technology will control the sequence of commercializing either upstream of downstream and will have control of point revenue."
Dr Cullen continued, "The technology is multifaceted with many applications. Desulphurization, the removal of nitrogen in refined streams and the upgrade and desulphurization of heavy oils and crude represent multiple businesses. The technology saves money. One large refinery, where we first tested the technology, showed a potential US $54MM per stream cost saving using fractionated desulphurization. They showed that LSD/ULSD hydro-treater pretreatment could augment existing HDS units by oxidizing the higher boiling, more difficult to treat DBT's and nitrogen. This would significantly reduce the severity of a ULSD type unit that processes a feed containing 50% light cycle oil (LCO), to an operation typical of a 500 ppm unit. With a reduction in LHSV, H2 purity and consumption, an exiting unit could be significantly debottlenecked for a greater throughput and a significant reduction in H2 consumption. So this technology is a very attractive alternative to HDS, particularly if the EPA further regulates sulfur to 2PPM diesel (advanced hydro-treating cannot achieve 2PPM). Optional cost savings includes pre-treating whole streams to decrease hydrogen cost. And the technology works well with off road diesel, locomotive, marine and home heating fuels."
Green EnviroTech Holdings Corp. CEO Gary De Laurentiis stated, "We are extremely pleased to find and bring this new clean, 'green' energy capability to market. Properly deployed, this new innovation could extend our oil reserves for many years and provide jobs for tens of thousands here in the U.S. We expect this additional business to be highly successful for Green Envirotech."
About Green EnviroTech Holdings Corp.
Green EnviroTech Holdings (GETH) is an innovative technology company that has developed a patent pending oil conversion processing tires and mixed plastics. The "GETH Process" revolutionizes the disposal of tires and plastic waste, cleans up our landfills, and produces a high grade of oil. The GETH oil does not need to be reprocessed and can be blended into most products produced at a refinery.
The GETH Process to convert plastic and tires to oil uses electromagnetic pyrolysis to produce GETH Oil, carbon black, syngas, and steel. The use of electromagnetic pyrolysis facilitates faster processing while causing no environmental impact. A standard twelve system plant, utilizing 6 systems for plastic and 6 systems for tire conversion, produces approximately 25,000 barrels of oil per month.
The company, headquartered in California, was founded in 2008 by Gary De Laurentiis, an industry veteran and award winning plastic recycling process designer.
Safe Harbor Statement:
GETH cautions that statements made in press releases constitute forward-looking statements, and makes no guarantees of future performances and actual results/developments may differ materially from projections in forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the time statements are made.