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UOP LLC, a subsidiary of Honeywell International Inc. (HON - Analyst Report), recently announced that its UOP/Eni Ecofining process technology will be used to power the largest commercial advanced biofuel facility in the U.S.

The Diamond Green Diesel facility -- a joint venture of Darling International Inc. and Diamond Alternative Energy, LLC, a subsidiary of Valero Energy (VLO - Analyst Report), is capable of producing more than 130 million gallons of renewable diesel annually. This facility produces high-quality renewable diesel known as Honeywell Green Diesel, which reduces  greenhouse gas emissions by 80% in comparison to petroleum.

The Ecofining process technology is well suited for processing a variety of waste feedstocks and inedible oils to produce high-quality green diesel. The fuel produced is competitive in comparison to biodiesel and petroleum-based diesel and delivers improved performance with a high cetane value of 80. The diesel produced features high energy density and superior performance at cold or warm temperatures.

As the demand for fuel increases, producers are on the lookout for ways to maximize product yield and reduce production costs. This new process technology by Honeywell is an initiative towards this endeavor.

Also, the company commercialized the UOP Renewable Jet Fuel Process to produce renewable jet fuel for the U.S. military. The jet fuel produced can be blended flawlessly with petroleum-based fuel with no changes to aircraft technology and maintaining the critical specifications for flight.

Honeywell is a global diversified technology and manufacturing company with a wide range of products and services. These include control, sensing and security technologies for buildings, homes and industry, turbochargers, automotive products, specialty chemicals, electronic and advanced materials, process technology for refining and petrochemicals as well as energy efficient products and solutions for homes, business and transportation.

Honeywell currently has a Zacks Rank #3 (Hold). Other stocks that look promising and are worth a look include Icahn Enterprises, L.P. (IEP), Carlisle Companies Inc. (CSL - Snapshot Report) and ITT Corp. (ITT - Analyst Report). While Icahn Enterprises carries a Zacks Rank #1 (Strong Buy), Carlisle and ITT carry a Zacks Rank #2 (Buy) each.

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