Syntroleum Corporation (Nasdaq: SYNM) today announced the signing of a fuels testing agreement with Volkswagen of America. The agreement covers testing of synthetic fuels for diesel engines.
“We are interested in better understanding the properties and advantages of synthetic fuels,” stated Stuart Johnson, Manager, Technical Group, Engineering and Environmental Office for Volkswagen of America. “The tests will be conducted as part of our power train development program to further define the benefits of these fuels relative to our current and future engine designs.”
“We are pleased to be working with Volkswagen to assist them in understanding the benefits of our synthetic fuels,” said Mark Agee, Syntroleum president and chief operating officer.
Syntroleum Corporation, which is headquartered in Tulsa, Oklahoma, licenses its proprietary process for converting natural gas into synthetic oil and transportation fuels. These ultra-clean fuels are more environmentally friendly than conventional fuels because they are virtually free of sulfur, aromatics and heavy metals. The process is designed for application in plant sizes ranging from 2,000 barrels per day to more than 100,000 barrels per day. Current licensees include ARCO, Enron, Ivanhoe Energy, Kerr-Mcgee, Marathon, Texaco, and Repsol-YPF. The Commonwealth of Australia has signed a letter of intent to license the process.
This document includes forward-looking statements as well as historical information. Forward-looking statements include, but are not limited to, statements relating to the testing, certification, characteristics and use of synthetic fuels and alternative fuels, and the economic use of GTL plants based on the Syntroleum Process. When used in this document, the words “anticipate,” “believe,” “estimate,” “expect,” “intent,” “may,” “project,” “plan” “should,” and similar expressions are intended to be among the statements that identify forward-looking statements. Although Syntroleum believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements include the potential that sufficient markets for synthetic fuels may never develop, commercial-scale GTL plants will not achieve the same results as those demonstrated on a laboratory or pilot basis or that such plants will experience technological and mechanical problems, the potential that improvements to the Syntroleum Process currently under development may not be successful, the impact on plant economics of operating conditions (including energy prices), construction risks, risks associated with investments and operations in foreign countries, the ability to implement corporate strategies, competition, intellectual property risks, Syntroleum’s ability to obtain financing and other risks described in the company’s filings with the Securities and Exchange Commission.