VBV LLC and it’s subsidiaries, Indiana Bio-Energy, LLC and Ethanol Grain Processors, LLC, have approved a merger with Green Plains Renewable Energy. The next step in the merger is for Green Plains Renewable Energy shareholders to vote on the deal. The shareholder vote is scheduled for October 10th.
Some details about the plan, from Biofuels Journal:
… Read the restPursuant to the terms of the merger agreement, VBV and its subsidiaries will become wholly-owned subsidiaries of Green
Xcel Energy announced that it is setting up a new biomass-fueled power plant in Ashland, Wisconsin. Rather than build from scratch, the company will convert an existing in plant in that location to run completely off of biomass. Once the project is complete, the plant will be the largest of its type in the Midwest, using wood waste to produce enough electricity to power 40,000 homes. Xcel is planning to spend $55 million to $70 … Read the rest
VeraSun Energy, the troubled ethanol producer, began a public offering of 20,000,000 million shares of its common stock two days ago. It also announced larger-than-expected third quarter losses on Wednesday and saw the price of its shares drop precipitously as a result. Now, the company has announced that it is suspending that equity offer, and it has retained the firm Morgan Stanley to act as advisors and help the firm evaluate alternate courses of action. … Read the rest
Greenhunter Energy has completed an initial assessment of the damage Hurricane Ike caused to its Renewable Fuels Campus in Houston, Texas. Greenhunter’s Renewable Fuels Campus is home to their 105-MMGY biodiesel refinery, the largest in the country. Ike knocked out power and caused extensive flooding in the Houston area, and the campus sustained the following damage:
The City of San Francisco has announced a plan to partner with Darling International to build a large biodiesel plant in the city. The new plant will utilize an existing building owned by Darling International, which will be retrofitted to produce fuel from tallow, restaurant grease and other waste fats. The plant is expected to generate 7.5-10 million gallons of biodiesel each year. In all likelihood, the fuel produced will be bought by the city … Read the rest
BioFuel Energy (BIOF) has amended its credit agreement to allow its subsidiaries full access to the $20 million working capital facility which now appears to allow them sufficient liquidity to complete the commissioning of the ethanol plants in Wood River and Fairmont. . Previously, the subsidiaries had access to juts $5 million of the working capital.
Shares are currently up 22% but the stock is still mired in a long downtrend. … Read the rest
Archer Daniels Midland, Deere and Company, and Monsanto are collaborating to look for ways to use corn stover in animal feed and as a source of biomass for energy production. Stover consists of the leaves, stalk and cob of the corn. These waste products are usually left on the field to fertilize the soil and prevent erosion, but these companies believe they can increase the value of this material so that farmers can produce more … Read the rest
Gushan Environmental (GU), China’s largest producer of biodiesel topped estimates this morning with a non GAAP EPS of .23/share, edging out estimates of .22/share for an increase in 64% over the year ago period. Revenues came in ahead of estimates as well with 58.3 million in the quarter, a jump of about 35% over the year ago quarter.
“Gushan continued to deliver growth during the second quarter of 2008 as production ramped up at our … Read the rest