Verenium just announced a partnership with Add Food Service GmbH. Under the multi-product distribution agreement, Add Food Service GmbH will distribute two of Verenium’s specialty enzyme products, Fuelzyme and Veretase, in locations outside of the US, including Europe. These enzymes are used to liquefy starches for use in cellulosic ethanol as well as foods and beverages.
In a company press release, Janet Roemer, Verenium’s Executive Vice President, Specialty Enzymes Business, commented on the … Read the rest
Sunoco just announced that it has finished purchasing an ethanol plant in Volney, New York. The plant is capable of producing 100 million gallons of ethanol each year, and will meet approximately 25% of Sunoco’s expected ethanol needs. Sunoco bought the facility from Northeast Biofuels for $8.5 million. The location of the plant was an important consideration in the purchase, as it is close to most of Sunoco’s retail gasoline locations.
Green Plains Renewable Energy just announced that it has signed agreements to buy 2 Nebraskan ethanol plants. By purchasing these plants, Green Plains Renewable Energy will be able to produce 480 million gallons of ethanol each year, 45% more than it currently produces. It will also become the 4th largest US ethanol producer. The company will pay $123.5 million for the plants. The deal is being financed by AgStar Financial Services, and Green Plains Renewable … Read the rest
It was just days ago that the government announced its intention to revive the biofuels industry with the formation of the Biofuel Interagency. The help couldn’t come any faster for Pacific Ethanol (PEIX), the largest ethanol producer on the West Coast. While the company itself didn’t file bankruptcy, it did place four of its production plants in Chapter 11 bankruptcy protection which had defaulted on about a quarter of a billion in debt. Ethanol producers … Read the rest
“We must invest in a clean energy economy that will lead to new jobs, new businesses and reduce our dependence on foreign oil,” said President Obama. “The steps I am announcing today help bring us closer to that goal. If we are to … Read the rest
By considering a low-carbon fuel initiative, California has managed to anger ethanol producers and petroleum companies in one fell swoop. The California Air Resources Board is debating the implementation of new fuel standards that would require the state to reduce the carbon content of its fuels by 10 percent. The deadline for accomplishing this feat would be 2020.
Oil producers are upset at the proposed rules because they do not believe that there will be … Read the rest
More bad news for ethanol…Aventine Renewable Energy Holdings, Inc, which produces ethanol from corn, just announced that it is having difficulty making payments to its creditors and that a Chapter 11 bankruptcy may be in the company’s near future, according to a story published by Reuters. According to Reuters, Aventine is taking a by-any-means necessary approach to raising capitol, "including seeking additional debt and equity financing and a potential sale of all or part of … Read the rest
Pacific Ethanol is temporarily halting production at its Stockton plant, laying off more than 20 workers. The company says that unfavorable market conditions prompted its decision, according to the Sacramento Bee. Pacific Ethanol VP Paul Koehler told the newspaper that the company is halting production at the Stockton plant and a plant in Burley, Idaho:
Each plant employs about 35 people, two-thirds of whom will be laid off, Koehler said.
Pacific Ethanol just announced that its lenders have agreed to give the company more time to renegotiate its default loan agreements. Pacific Ethanol reached two separate agreements with its lenders, both of which give the company until February 27th before the lenders begin to take action.
Currently, according to the Sacramento Business Journal, "the company is negotiating with Wachovia Capital Finance Corp. (Western) to alter terms of an operating line of credit for Pacific … Read the rest
Verenium and BP are moving forward on a joint venture to produce cellulosic ethanol. However, even with the $45 million investment dollars that Verenium gained as part of the deal, Earth2Tech reports that Verenium will still have to put its proposed cellulosic ethanol plant on hold. The company had originally expected to begin construction this year, but now expects to start work on the plant in 2010 instead.
Here are some of Earth2Tech’s comments on … Read the rest
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