It is extremely gratifying to have our second startup ethanol plant operational. Our thanks go out to the entire community; our employees; AgStar Financial Services, who provided the financing; and the State of Indiana for helping to make this happen. This plant is another step forward in America's transition to renewable fuels.
LOS ANGELES (PRWEB) May 19, 2008
AltraBiofuels also announced today that it has started production at its Cloverdale, Indiana ethanol plant.
In making the announcements, the company indicated that at the end of February 2008 the company sold to Edeniq certain assets, intellectual property rights, liabilities and equity interests related to the development and commercialization of technology for the production of ethanol primarily from cellulose, and yield-enhancing technology which is targeted to corn-to-ethanol production.
"The Edeniq transaction and the management changes enable us to focus on the execution and the building out of our corn-to-ethanol assets, and now with our close relationship with Edeniq, successful commercialization of their yield-enhancing technology will position us as the lowest cost producer of ethanol from corn feedstock," said Ken DeCubellis, CEO of AltraBiofuels.
Prior to joining Altra as the company's Vice President of Business Development and Commercial Operations, DeCubellis spent 10 years at Exxon Mobil in various senior management positions, and holds an MBA from the JL Kellogg Graduate School of Management at Northwestern University and a Bachelor's Degree in Mechanical Engineering from Rensselaer Polytechnic Institute.
In commenting on the opening of the company's Cloverdale, Indiana plant, DeCubellis said, "It is extremely gratifying to have our second startup ethanol plant operational. Our thanks go out to the entire community; our employees; AgStar Financial Services, who provided the financing; and the State of Indiana for helping to make this happen. This plant is another step forward in America's transition to renewable fuels."
The Cloverdale plant uses a dry grind corn process with continuous fermentation. Its rated capacity is 84 million gallons per year (MGPY) of anhydrous ethanol and the plant is currently permitted to expand production to 110 million gallons per year of anhydrous. The plant is anticipated to benefit from the region's extensive dairy cow population and the area's competitive transportation advantage with excellent rail and truck access to both Midwestern and southern fuel distribution centers.
AltraBiofuels' 60 MPGY Coshocton, Ohio plant began corn-ethanol production in February 2008.
With the completion of the Cloverdale plant, AltraBiofuels presses forward with its stated goal of producing hundreds of millions of gallons of ethanol, employing state-of-the-art facilities that can start by processing corn, but can be readily upgraded to cellulosic technologies.
AltraBiofuels develops, licenses, and/or acquires cutting-edge biofuels technologies and rapidly puts them into profitable, environmentally sound production at plants it acquires or builds. With a focus on ethanol, AltraBiofuels intends to become a major national energy supplier employing state-of-the-art processing. AltraBiofuels delivers the energy to sustain™. For more information, visit http://www.AltraBiofuels.com.