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BACKGROUND TO THE COMPANY

Ultraclean Fuel was formed in 2004 by five founding shareholders who brought with them relevant industry experience, including a history of successful research and development involving oil refining equipment.  Three of the five founding shareholders previously owned an Australian company, Gosfern Pty Limited, which was formed through a management buy-out of a Foster Wheeler subsidiary, Forney Australasia.  The remaining two founding shareholders had been involved for many years in the finance, refining and chemical industries.  Gosfern was an ISO 9001, Lloyds-approved engineering and manufacturing company which specialised in design, control, safety and manufacturing for the offshore oil and gas services, refining, pulp and paper and power industries.

Gosfern was a pioneer in gas conversions of floating production storage and offloading vessels, with Gordon Gargano (now Ultraclean Fuel’s technical director) leading a technical team that engineered the methodology to safely take flare gas and utilise it as fuel in confined areas, such as below-deck boilers.  This methodology was adopted as industry standard by the major ships’ underwriters.  By 2006 Gosfern had completed over 100 gas conversions ranging from safety and control, piping vent hood, combustion equipment etc., right up to the supply of turn-key systems including boilers.

Through its involvement in the offshore oil and gas industry Gosfern identified a need for a source of localised distillate production for offshore production storage and offloading vessels, given these platforms were producing oil, yet importing marine diesel fuel to operate on-board engines.  Having identified the need, Gosfern planned, financed and developed a research and development program, and then engineered, manufactured and commercialised an on-board, skid mounted mini-refinery capable of producing marine diesel from crude oil, which operated under full automated control and was approved by the American Bureau of Shipping.

Through involvement in the refining of marine diesel the founders became aware of the opportunity to remove sulphur from fuels in volumes smaller than would otherwise be processed by a refinery hydrotreater, or in locations where a hydrotreater was not feasible.  Ultraclean Fuel was subsequently formed.  Following the methodology applied at Gosfern, a need was identified and Ultraclean Fuel planned, financed and developed a research and development program.  The result of this work is the development by Ultraclean Fuel of the Ultrex® Process and the application of that process in commercial scale Ultrex® Units capable of providing a desulphurisation service to its customers.

THE MANAGEMENT TEAM

Grant Gargano

Executive Director and CEO

Grant is a founding shareholder of Ultraclean Fuel with 16 years’ experience in international business and a background in business development. Grant has an MA in Management (MGSM) and is a member of the Australian Institute of Company Directors. Prior to joining Ultraclean Fuel, Grant held various positions with Gosfern Pty Limited and has worked as a consultant on various renewable energy projects. Grant has initiated contracts and agreements with companies in the USA, South America, Europe and Australia in various energy related projects. Grant headed Gosfern’s petroleum division where he successfully oversaw the development and commercialisation of Gosfern’s proprietary MERU technology.

Gordon Gargano

Executive Director Technical

Gordon is a founding shareholder of Ultraclean Fuel and is the inventor of the Ultrex® Process. Gordon is responsible for all technical issues and research and development. Gordon is an Automatic Control and Safety System Applications designer using both electronic and computer-based hardware. He has had vast experience in developing design concepts and application of Control and Safety Automation. Gordon started his career in the Royal Australian Army Electrical and Mechanical Engineering Corps, after which he commenced his civilian career as an Instrumentation and Control System Commissioning Technician. In the process industry, he is considered as a Safety Systems Expert and was invited to join the Exida International Safety Advisory Board as an adviser on process safety and standards. Gordon was a founding member and director of Gosfern Pty Limited, a position he held for 17 years prior to joining UCF. Gosfern successfully developed a revolutionary technology for the treatment of marine oil called Marine Energy Resource Unit (MERU). The MERU was designed and installed commercially on a floating production, storage and offloading unit vessel, followed by a larger unit which supplied diesel for a whole offshore oil field. This success bought about further orders. This technology gave tremendous economical savings to the end user and was a world first.

David Hancock

Finance Director / Company Secretary

David is the Finance Director for Ultraclean Fuel. He holds five decades of experience in the finance industry and has worked across a huge array of industries including residential real estate, retail, emerging markets and energy sectors. David’s experience and expertise in emerging markets – he foresaw the development of Asian nations some three decades ago and developed business units in the region – ensures that he is at the forefront of global negotiations with greenfield markets and partnerships on behalf of Ultraclean Fuel.

Trevor Gilmore

Project Manager

Trevor will oversee the manufacture and delivery of Ultrex® Units, having previously been head of project management in the marine division of Alfa Laval Aalborg Pty Limited.

Matthew Pye

Mechanical and Electronics Engineer

Matt will assist Trevor oversee the mechanical and electronic elements of the manufacture of Ultrex® Units, having previously been a mechanical and electronics engineer in the marine division of Alfa Laval Aalborg Pty Limited.

Fiona Zhao

Accountant, Administration

Fiona works at Ultraclean Fuel’s Head Office and is responsible for internal accounting and administration.

Kary Efferson

Maintenance Manager

Kary has responsibility for undertaking and overseeing all Ultrex® Unit maintenance requirements onsite in New Mexico.

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