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Green Plains Renewable Energy (GPRE) In Joint Venture for Algae Biofuel
Green Plains Renewable Energy (GPRE) has announced a joint venture with Clarcor (CLC), BioProcessH2O and NTR to form BioProcessAlgae LLC with an aim to commercialize algae biofuels. The join venture company expects to produce algae at Green Plains ethanol plant in Shenandoah, Iowa.
“Algae is potentially a by-product of ethanol that makes the process cleaner and greener through carbon sequestration,” said Wayne Hoovestol, Chief Executive Officer. “Algae production fits into Green Plains’ business model since we are already in the business of marketing biofuel and feed products.”
Shares are nearly 15% on the news but still trading around all time lows.
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