BP and Verenium just announced that they have been selected by the Department of Energy to begin the next phase of negotiations for the DOE loan guarantee program. If BP and Verenium are approved, the government may guarantee up to 80% of loans needed to finance their jointly-owned cellulosic ethanol project, scheduled to start construction next year.
In a company press release, executives from both companies commented on the news:
“We are thrilled to … Read the rest
Rentech (RTK) may explode higher today on news it has stepped closer to providing jet fuel from feedstock.
Specifications for synthetic jet fuel for commercial aviation use was passed by the aviation fuels subcommittee of ASTM International with final approval expected in the fall as long as the FAA is on board as well.
I’ll have more this soon…… Read the rest
Greenhunter Biofuels just announced that it is putting its Houston biofuels refinery up for sale. They are also amending a credit agreement relating to the plant. Under the amended agreement, WestLB AG, the lender, has agreed to give Greenhunter Energy until November of 2009 to repay the loan before declaring them to be in default.
In a press release posted on Greenhunter’s website, President, chairman and CEO Gary Evans commented on the agreement:
“By amending … Read the rest
A-Power Energy (APWR) is mostly cited as a top wind energy play, but the company continues to announce contracts to develop biofuel plants in China. Last month they announced a $52 million contract with Huaian Huapeng Biomass Electricity and in April announced a $75 million contract with Anhui Wenergy. Today they are announcing yet another contract of $14 million with Sanmenxia New Energy Bio-Electricity to design, construct, install and test a biofuel DG plant … Read the rest
Gushan Environmental (GU) plunged about 20% this morning, but well off the lows and getting back above the 50 day moving average after the company announced it was temporarily suspending production at Fujian Gushan Biodiesel Energy Co because of a dispute with local government over consumption tax issues. Gushan claims that its biodiesel which is produced from used cooking, vegetable and jatropha oil should not be subject to biodiesel taxes implemented Jan 1st 2009. The … Read the rest
Gushan Environmental (GU), a leading China biodiesel producer announced mixed earnings results this morning, matching EPS estimates of .01/share which is a big drop from the .20/share it reported one year ago. Revenues came in about 10% lower than expectations at $40 million, nearly a 20% drop from the year ago period.
Looking ahead, the company expects its new plants in Chongqing and Hunan to begin production next quarter and increase production at the Shanghai … Read the rest
Environmental Power Corporation (EPG) announced yesterday that it has received new investment from technology provider Xergi A/S, as well as a new cooperation agreement between the two companies.
Xergia has agreed to purchase $3 million worth of EPG’s 14% convertible notes. Next month, Xergi’s $3 million payment obligation for the notes will cancel out Environmental Power Corporation’s $3 million payment for technology rights.
The companies have also updated their technology agreement. From a company press … Read the rest
Nova Biosource Fuels has received a notice from NYSE AMEX LLC regarding a late Form 10-Q. Nova has not filed its Form 10-Q for January 31, 2009, and its listing on the stock exchange is threatened unless it submits a plan to get back into compliance.
Here’s how Nova Biosource Fuels responded to the notice (from a company press release):
… Read the restThe Company was unable to timely file its Form 10-Q for the period ended
An EU trade committee has approved temporary anti-dumping and anti-subsidy tariffs on imports of US biodiesel. This will affect Us biofuels companies like agricultural giant Archer Daniels Midland. The tariffs go into effect March 13th-after that, Archer Daniels will have to pay 26 euros for each 100 kg of biodiesel imported into Europe. Chicagoist quotes an EU biodiesel official on the reason for imposing the duties, which are part of a larger trade dispute between … Read the rest