EBR Staff Writer Published 17 March 2015

US-based nanotechnology research and development firm Nano Labs has formed a joint venture (JV) with Mexican firm DerTek to produce biofuels in North America.

The JV will focus on the research and development, marketing, and production of biofuels in Mexico before expanding to other countries in the continent.

DerTek will share its catalyzer technology to produce biofuels from organic oils using non-food sector raw materials.

The oils from different crops like the Castor Oil or Ricinus Communis plant can be used as a substitute for diesel fuel.

With an annual capacity to produce more than 25 million liters of biofuel, DerTek hopes to cash in on the recent opening of market in Mexico.

Nano Lab president Bernardo Chavarria said: "With this joint venture, our goal is to bring value and new opportunities in the energy sector by developing and manufacturing better fuels at a lower cost and at an ecofriendly way at the same time reducing Carbon emissions."

DerTek and Nano Labs will each own 50% stake in the JV.

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Nano Labs, DerTek form JV for biofuels production in North America