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Leone Asset Management (PINK:LEON) has entered into a Joint Venture with Methes Energies International, Ltd. (OTC PINK:MEIL) to produce and distribute bio-lubricants in the ECOWAS region of West Africa. This partnership aims to leverage each company's strengths in manufacturing and distribution of environmentally friendly products. CEO James Price expressed enthusiasm about this venture, highlighting the potential for growth in the renewable energy sector through the production of biodegradable lubricants. Price anticipates further announcements concerning the joint venture in the coming months, indicating a strategic move towards sustainability in the lubricants market.
Methes Energies International Ltd. has launched its biodegradable and bio-based lubricants, branded as b2, made from domestically sourced feedstocks. These products meet the EPA standards for environmentally acceptable lubricants, focusing on biodegradability, aquatic toxicity, and bio-accumulation. The demand for environmentally friendly lubricants is rising, as highlighted by alarming statistics from the EPA, which states that used motor oil is a major source of water pollution. Methes aims to enhance the protective qualities of lubricants worldwide, aligning with environmental regulations and fulfilling market demands.
Methes Energies International Ltd. has successfully acquired EarthFriendly Products Inc., a Florida-based manufacturer of bio-lubricants like b2 biOil. This acquisition aims to enhance Methes' bio-renewable solutions and strengthen its market presence in the growing bio-lubricant industry. The bio-lubricant market is projected to reach $4.26 billion by 2029, with a CAGR of 4.7% from 2022 to 2029.
Carol Loch, former President of EarthFriendly Products, now serves as Chairwoman and CEO of Methes, emphasizing the company's commitment to providing environmentally friendly and high-performance products.