Mission signs contract to supply ISCC sustainability certified product

Monday, May 02, 2011

Mission NewEnergy Limited (Nasdaq:MNEL) (ASX:MBT), a global leader in providing energy from renewable sources, is pleased to announce that it has signed a contract to supply sustainability-certified product to a major international producer and distributor of refined oil products. Contract revenue should exceed $100 million. The contract will commence in May 2011 and should continue through the second quarter of 2012 subject to an initial three-month trial period.

“We expect sales under this contract, and others under negotiation, to absorb all of the ISCC-certified feedstock that FELDA can supply to Mission over the next year”

“This is the culmination of two years of work by the Mission team in collaboration with International Sustainability & Carbon Certification System (ISCC) and FELDA. We are really proud to become the only certified supplier of palm-based products into the European market. It has opened a new market for us and we are currently in negotiations with several other buyers for our certified product,” said Nathan Mahalingam, Group CEO of Mission. “We expect sales under this contract, and others under negotiation, to absorb all of the ISCC-certified feedstock that FELDA can supply to Mission over the next year,” Nathan added.

In early March, Mission announced that it had established Asia’s first fully integrated ISCC certified palm biodiesel supply and production chain, in collaboration with FELDA.

FELDA, a Malaysian government corporation and one of the world’s largest palm oil producers, in collaboration with Mission, Malaysia’s largest biodiesel refiner recently completed ISCC certification of two of its mills and eight plantations in Peninsular Malaysia. Mission, with a 350,000-ton biodiesel capacity at its Port Kuantan facility, was the first biodiesel facility outside Europe to gain full ISCC certification.

Under the arrangement, Mission and FELDA are aggressively working together to extend the certification program to additional FELDA mills and plantations, further expanding the available supply of ISCC certified product through Mission’s refineries and creating opportunities for further Mission revenue growth.

Source: Business Wire