CHICAGO -- Diversified Ethanol, a division of Originally New York Inc., has signed a memorandum of understanding with US Sustainable Energy Corp. to acquire certain assets and patent-pending technology, which can convert biomass into valuable 7-3-7 fertilizer.

Its by-products can be readily and cheaply converted into a revolutionary new type of biofuel that resembles biodiesel. The net result has been certified to produce 5 gallons of fuel per bushel of soybeans, almost double the industry standard for biodiesel. The technology can also run on cow manure and wood chips.

By combining Diversified Ethanol and USSE's technology, the company believes it can produce 200 proof ASTM certified ethanol 60 percent cheaper than any other technology in the world. The company believes this technology has an immediate market value of between $9 billion and $12 billion dollars.

CEO Taylor Moffitt said, "We are honored to be a part of this historic contribution to mankind. We are here to help farmers, lessen the heavy yoke of imported fuel, help to create food and jobs for Americans, and offer the greatest solution to the world's need for energy that has ever been conceived since humans harnessed the power of fire itself. This is truly going to change the way the world thinks about energy."

The company intends to begin using the low-cost fuel to power its own ethanol plants with nearly free steam, and to build what will be the world's largest ethanol plant with the help of other established ethanol engineering firms. Present ethanol projects will continue.

USSEC holds patent-pending technology for a new breakthrough biofuel and carbon based fertilizer. The company has developed the process, units and catalyst that will transform USSEC's research and development has successfully demonstrated the core technology in its fully functional facility located in Port Gibson, Miss.

SOURCE: Originally New York Inc. via Business Wire.