DALLAS -- Titan Global Holdings Inc. said that its recently acquired Appalachian Oil Co. (Appco) division has received three Green Island Corridor Network Grants awarded by Tennessee Governor Phil Bredesen. The grants provide state support for Titan's stated strategic mission to secure a supply of biofuels products through strategic agreements and acquisitions.
"Awarding these grants today places us one step closer to making biofuels more commercially available to all Tennesseans," said Bredesen in a press release written by the Tennessee Department [image-nocss] of Transportation. "By establishing this network of retail biofuel stations along our interstates and major highways, we are giving Tennesseans more choices at the pump. By increasing the availability of biofuels, we're also able to help reduce vehicle emissions, help protect public health and reduce our dependence on petroleum."
The goal of the Green Island Corridor Network grant program is to place biofuel stations no more than 100 miles apart along Tennessee's interstates and major highways.
The three grants, totaling more than $190,000, will be used to install underground storage tanks and dispensers to sell either E85 or B20 (biodiesel) at three of Appco's refueling stations, including locations in Johnson City, in Unicoi County and Sullivan County.
The grants are funded through $1.5 million in state funds provided by the governor and approved by the General Assembly in the 2007 state budget. The Green Island grant program will reimburse grantees for 80% of the cost to install biofuels infrastructure up to a maximum of $45,000 per E85 or B20 pump.
"We applaud the Governor's strategic plan to provide the citizens of Tennessee with environmentally friendly choices at the pump," said Bryan Chance, president and CEO of Titan Global Holdings, Dallas. "We look forward to ensuring that these grants are leveraged to make the state of Tennessee a leader in the alternative energy movement. These grants are tremendous for the state of Tennessee, the customers of Appco and Titan's shareholders."
Marty Anderson, president and CEO of Blountville, Tenn.-based Appco, said, "The Appco team will continue to seek opportunities to lead our markets in the provision of cleaner, more environmentally friendly fuels. We recently signed agreements improving pricing and access to Ethanol and we are developing other plans to leverage our efficient distribution network to lead our markets."
Recently, Titan completed a biofuel supply agreement with NewGen Technologies Inc. Under the terms of the agreement, Titan and NewGen entered into a contract for a term of 10 years providing Refuel America Inc., a wholly owned subsidiary of NewGen, with the right to supply biofuel products to Appco or its affiliates at the then prevailing market price for such biofuel products at the time an order is placed.
Titan Global Holdings is a diversified holding company with a portfolio of nine subsidiaries capitalizing on global markets spanning international telecommunications, electronics and homeland security, consumer products and energy resources. The Titan Global Energy Division aggregates traditional and next-generation energy and fuel assets that can provide significant opportunities for growth in one of the world's largest and most critical markets, the company said.
Visit www.biotenn.org for more information on Tennessee's biofuels program and the Green Island Corridor Network Grant Program.
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