CHARLOTTE, N.C. -- NewGen Technologies Inc., through its U.S. subsidiary ReFuel America, plans to build a new biodiesel plant in Fairfield, Iowa, called PowerSHIFT BioFuels of Iowa.



The facility, with an estimated capacity of 60 million gallons, will be developed by the company's previously announced joint venture with PowerSHIFT Energy.



"The demand for biofuels has grown dramatically in recent years, and ReFuel America is perfectly positioned to meet this important need. Working with PowerSHIFT, we have the opportunity to bring our proprietary technologies to the people of Iowa and the rest of the Midwest. We look forward to producing, blending, and distributing our advanced, high-performing biofuels in the near future," said S. Bruce Wunner, chairman and CEO of NewGen.



"The development of this Iowa biodiesel facility is a dream come true for us," said Dan Leach, president and CEO of PowerSHIFT Energy Company and CEO of PowerSHIFT BioFuels of Iowa. "We owe a debt of gratitude to Bob Phipps, Mayor Ed Malloy and many others in the Fairfield area who have paved the way for our company's biofuel project."



The completion of this project is subject to obtaining adequate financing and governmental permits/licenses, as applicable.



NewGen's mission is to be a leading manufacturer, blender and distributor of premium biofuels that are intended to dramatically reduce the ecological and economic impact of world petroleum use.



PowerSHIFT Energy Company Inc., a wholly owned subsidiary of HTH Wind Energy Inc., is a biofuels producer and developer of biofuel and renewable power generation facilities. The company's biofuels are obtained from renewable feedstock sources throughout the world.



SOURCE: NewGen Technologies Inc. via Market Wire.