Santa Barbara, CA (PRWEB) June 20, 2016
Greenyug, LLC today announced that it will build an industrial scale Ethyl Acetate manufacturing facility adjacent to Archer Daniels Midland Company's (NYSE: ADM) wet mill corn processing facilities in Columbus, Nebraska. Greenyug has formed a subsidiary, Prairie Catalytic, LLC, that will own and operate the facility. Prairie Catalytic has recently executed a Conditional Commitment with the United States Department of Agriculture (USDA) Rural Development for a loan guarantee under its Business & Industry Loan Guarantee program. This facility will position it as a renewable supplier of Ethyl Acetate. ADM’s corn wet mill in Columbus will supply the project with bioethanol feedstock and other services. Construction of the facility is anticipated to start in late 2016 with production set to begin about a year later.
"At Greenyug, we see bioethanol as an excellent feedstock to produce value added bio-based chemicals such as Ethyl Acetate. Securing a reliable and efficient source of quality raw materials is one of the final steps in scaling Greenyug’s patented Ethyl Acetate technology. We are excited to locate our facility next to ADM’s world-class corn processing plant." said Sagar B. Gadewar, Ph.D., Greenyug’s President and Chief Executive Officer. "We look forward to the Prairie Catalytic plant satisfying market demand for renewable specialty chemicals manufactured in a sustainable, environmentally sound, and cost-competitive manner.”
“Agreements like this help us maximize the utilization of our corn processing assets and allow us to deliver greater value for our shareholders,” said Paul Woolard, director of commercial development for ADM. “We are excited to work with partners like Prairie Catalytic to bring new innovations like biobased ethyl acetate to the market.”
“We are excited that Greenyug, LLC. has chosen Columbus, Nebraska, as the site of its next manufacturing plant,” said Governor Pete Ricketts. “Their substantial investment and the many high-paying, quality jobs will have a major positive impact on the community, along with their decision to locate next to Archer Daniels Midland Company’s Columbus facilities which could pave the way for a potential value-added campus in the future.”
Greenyug developed its patented technology at its Santa Barbara, California Research Facility and continued the scale-up at its fully integrated demonstration plant in India. Greenyug has developed a proprietary platform to add value to bioethanol by upgrading it into a variety of bio-based chemicals with broad market appeal. Greenyug Ethyl Acetate, the first of such products, is a widely marketed specialty solvent used extensively in products such as paints, coatings, pharmaceuticals, adhesives and a variety of consumer goods. Ethyl Acetate has a global market of more than $4 Billion. The market for Ethyl Acetate is growing faster than GDP because of its desirable properties. Greenyug Ethyl Acetate will be the first commercially available in industrial quantities to be entirely sourced from renewable feedstock. Greenyug will present its technology at the Fuel Ethanol Workshop and National Advanced Biofuel Conference held in Milwaukee, WI on June 22nd. Heartland Bank, headquartered in Little Rock, Arkansas is serving as the lender of record for the Columbus project. Stern Brothers & Co., a women-owned business enterprise headquartered in St. Louis, Missouri, is serving as financial advisor to Greenyug LLC and placement agent for the project financing.
About ADM. For more than a century, the people of Archer Daniels Midland Company (NYSE: ADM) have transformed crops into products that serve the vital needs of a growing world. Today, we’re one of the world’s largest agricultural processors and food ingredient providers, with more than 32,300 employees serving customers in more than 160 countries. With a global value chain that includes 428 crop procurement locations, 280 ingredient manufacturing facilities, 39 innovation centers and the world’s premier crop transportation network, we connect the harvest to the home, making products for food, animal feed, industrial and energy uses. Learn more at http://www.adm.com/
About Greenyug. Greenyug, LLC is a privately held technology development company with a mission to research, develop and commercialize production of commodity and specialty chemicals, polymers, and fuels derived from renewable sources in a cost efficient and market competitive manner. Greenyug headquarters and research facility are based in Santa Barbara, California. Scale-up and process development are carried at a fully integrated demonstration facility in Pune, India. Our capabilities include all aspects of technology development from concept at lab scale to piloting and commercial deployment. http://www.greenyug.com/
About Heartland Bank. Heartland Bank, originally founded in 1933, is a full service federally regulated Arkansas chartered bank specifically designed to meet the financial needs of corporations, business professionals and individuals. Heartland has been involved as the lender of record and servicer on several energy projects involving USDA/SBA/State/DOE guarantees/grants. Heartland is focused on building relationships and strives to deliver the highest level of service to its customers. http://www.hbankusa.com
About Stern Brothers & Co.Stern Brothers & Co., founded in 1917, is the nation’s largest certified 100% women-owned business enterprise investment bank. With headquarters in St. Louis, Missouri, and 13 offices across the country, Stern provides underwriting, private placement, financial advisory, credit enhancement and remarketing services for clients in many different industry sectors. Stern’s Alternative Energy Finance Group focuses on the structuring and placement of debt, with credit enhancement (USDA/DOE/Insurance) as applicable, for renewable projects across all sectors of the cleantech industry. Stern developed and specializes in the use of tax-exempt and taxable bonds to optimize the debt structure and equity returns of developers seeking non-recourse project financings. http://www.sternbrothers.com