Waste Management and Terrabon Announce Investment Agreement For Waste-To-Fuel Conversion Technology

    Waste Management Joins Valero Energy Corporation In Investment In

    HOUSTON, TX, Aug. 26 /CNW/ - Waste Management, Inc. (NYSE:   WM) and
Terrabon, L.L.C., today announced an agreement by Waste Management to invest
in Terrabon's unique waste-to-fuel conversion technology. Waste Management is
the leading provider of comprehensive waste management and environmental
services in North America.
    Waste Management joins Valero Energy Corporation (NYSE:   VLO), the largest
refiner in North America, which also invested in Terrabon in April 2009 and
recently increased its investment in Terrabon. This investment from Waste
Management and Valero will be used by Terrabon to advance the scalability of
their technology.
    Waste Management will also assist Terrabon in securing organic waste
streams, which Terrabon will use to produce high-octane gasoline using its
MixAlco(TM) technology. MixAlco is an acid fermentation process that converts
biomass into organic salts. The resulting non-hazardous organic salts, or
bio-crude, would be then shipped by truck, rail or pipeline to a Valero
refinery or other centralized processing facility where it would be converted
to a high-octane gasoline that can be blended directly into a refiner's fuel
pool, avoiding many of the blending and logistics challenges presented by
ethanol. Terrabon recently successfully completed the production of gasoline
from sorghum biomass at its advanced biofuels research facility in Bryan,
    "We see waste as a resource to be recovered in a way that protects and
enhances the environment, and this investment in Terrabon, together with Waste
Management's other renewable energy initiatives, will help move Waste
Management toward meeting two of its sustainability goals: doubling its
renewable energy production and investing in emerging technologies for
managing waste," said Carl Rush, vice president of Organic Growth at Waste
    "We believe our technology, which allows for the deployment of smaller
scale plants locally, combined with strategic partnerships in "upstream"
feedstock sourcing and "downstream" gasoline off-take, establishes a framework
for the first fully integrated biofuels company in the U.S.," said Gary W.
Luce, chief executive officer for Terrabon. "We are pleased to be working with
investors who understand the value and urgency of finding new sources of
renewable energy. We are committed to growing our business rapidly in order to
make a significant impact in the production of renewable fuels."
    The agreement, combining Waste Management's industry leadership and
expertise in the collection and management of a wide range of segmented waste
streams with Terrabon's promising technology is complementary to Waste
Management's comprehensive waste services in the areas of recycling, landfill,
and waste-to-energy and consulting services capabilities.

    About Waste Management

    Waste Management, based in Houston, Texas, is the leading provider of
comprehensive waste management services in North America. Our subsidiaries
provide collection, transfer, recycling and resource recovery, and disposal
services. We are also a leading developer, operator and owner of
waste-to-energy and landfill gas-to-energy facilities in the United States.
Our customers include residential, commercial, industrial, and municipal
customers throughout North America. To learn more visit www.wm.com or

    About Terrabon

    Terrabon, L.L.C. was formed in 1995 to commercialize three technologies
developed at Texas A&M University. Terrabon plans to deploy these cutting-edge
technologies through licensing and joint venture arrangements. Its MixAlco(TM)
technology converts biomass to green gasoline. AdVE is a water desalination
process that utilizes advanced vapor-compression evaporation to desalinate
salt water into potable water. SoluPro is a bio-products process that converts
inexpensive protein-bearing waste material into animal feed and "green"
commercial adhesives. These technologies are exclusively licensed to Terrabon
by Texas A&M University through its Office of Technology Commercialization.
Please visit Terrabon's website at www.terrabon.com.

    About Valero Energy Corporation

    Valero Energy Corporation is a Fortune 500 company based in San Antonio
with approximately 22,000 employees and 2008 revenues of $119 billion. The
company owns and operates 16 refineries throughout the United States, Canada
and the Caribbean with a combined throughput capacity of approximately three
million barrels per day, making it the largest refiner in North America.
Valero is also a leading ethanol producer with seven ethanol plants in the
Midwest with a combined capacity of 780 million gallons per year, and is one
of the nation's largest retail operators with approximately 5,800 retail and
branded wholesale outlets in the United States, Canada and the Caribbean under
the Valero, Diamond Shamrock, Shamrock, Ultramar, and Beacon brands. Please
visit www.valero.com for more information

    This press release contains forward-looking statements as defined in the
Private Securities Litigation Reform Act of 1995. Forward-looking statements
are information of a non-historical nature or which relate to future events
and are subject to risks and uncertainties. In many cases, you can identify
forward-looking statements by terminology such as "may," "will," "should,"
"expects," "plans," "anticipates," "believes," "estimates," "predicts,"
"potential," or "continue," or the negative of these terms and other
comparable terminology. These statements are only predictions. Actual results
could differ materially from those anticipated in these forward-looking
statements as a result of a number of factors. The forward-looking statements
made in this press release relate only to events as of the date of this
release. We undertake no ongoing obligation to update these statements.

For further information:

For further information: Waste Management, Media: Wes Muir, (713)
328-7053, wmuir@wm.com; Terrabon, Media: Malcolm McNeill, (281) 378-8073,
mmcneill@terrabon.com; Valero, Media: Bill Day, (210) 345-2928,

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