Car Giant Partners Up for Biodiesel Future

"This agreement clearly demonstrates the shared commitment of both our companies to developing environmentally friendly next-generation alternative fuels that address global energy needs."

- G. Allen Andreas, Archer Daniels Midland Company Chairman and CEO

Detroit, Michigan - January 7, 2004 [SolarAccess.com] Volkswagen AG and Archer Daniels Midland Company announced the creation of a joint research agreement aimed at further developing and utilizing biodiesel fuels for the automotive industry. This Agreement marks the first time that one of the world's leading automakers has joined forces with a major global agricultural company to cooperate on the development of next-generation clean renewable fuels.

"Biodiesel is one of the most promising renewable fuels on the horizon," said G. Allen Andreas, Chairman and Chief Executive of Archer Daniels Midland Company. "This agreement clearly demonstrates the shared commitment of both our companies to developing environmentally friendly next-generation alternative fuels that address global energy needs. We are proud to enter into this agreement together with Volkswagen and believe that advances in biodiesel will benefit the automotive industry, the driving public, farmers and the environment as a whole."

Biodiesel is a fuel mixture commonly made by combining diesel petroleum with natural or renewable resources such as rapeseed oil (commonly known as "canola") or soybean oil. The use of such cleaner burning biodiesel, which can power conventional diesel engines, is environmentally friendly and substantially reduces emissions of carbon monoxide and particulate matter. As an alternative and renewable fuel, biodiesel of a special quality level can also reduce overall global dependence on fossil fuels.

"Given the tremendous environmental, economic and quality-related benefits of increased biodiesel usage, we believe this Joint Research Agreement will go a long way toward advancing and furthering the development of this vital renewable fuel choice," said Dr. Bernd Pischetsrieder, Chairman of the Board of Management of Volkswagen AG.

Headquartered in Wolfsburg, Germany, Volkswagen AG is one of the world's largest producers of passenger cars and Europe's largest automaker. Volkswagen AG employs over 300,000 people worldwide. Archer Daniels Midland (ADM) company is one of the world's largest processors of soybeans, corn, wheat and cocoa, along with significant holdings in soy meal and oil, ethanol, corn sweeteners and flour.
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