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GreenShift Seals Biodiesel Deal With Michigan-Based NextDiesel
New York NY (SPX) Feb 22, 2008 GreenShift has announced its execution of agreements with Adrian, Michigan-based Biofuel Industries Group pursuant to which GreenShift agreed to design and build more than $10 million worth of biodiesel production, feedstock pre-treatment and related process equipment based on GreenShift's proprietary biofuel technologies. GreenShift had previously sold NextDiesel an early version of its 10 million gallon per year biodiesel production system with transesterification, direct esterification and other capabilities. NextDiesel is using this equipment today to produce and sell biodiesel out of pork fat, crude vegetable oils and high free fatty acid feedstocks. Under the new agreements, GreenShift will design, build and commission an additional 20 million gallons per year of biodiesel production capacity with full alternative feedstock processing capabilities. In addition, GreenShift's process engineers will manage plant operations during the construction of the increased capacity in return for a fee based upon NextDiesel's earnings through December 31, 2008. Terry Nosan, NextDiesel's chief executive officer, said that "we are fortunate to have selected GreenShift as our technology provider. We believe that GreenShift is without question the technology leader in the industry. While their technologies are impressive, their true strength lies in their team and the fact that nearly every one of them has extensive chemical process experience. This expertise has been invaluable to us and we are very excited by these new agreements with GreenShift and our growth plan." "Our approach is to partner with our clients to provide them with the service of getting their business off the ground in a safe, compliant and profitable manner at capacity," said Kevin Kreisler, GreenShift's chairman. "The realities of the feedstock markets require biodiesel producers to integrate feedstock pre-treatment and other processes into their facilities in order to produce fuel profitably in today's feedstock-challenged market place. NextDiesel foresaw this and asked us to design their facility to accept lower-cost, high free fatty acid feedstocks for high-yield conversion into biodiesel. NextDiesel is consequently primed to be a leading producer of biofuels and we are thrilled to have the continued opportunity to earn their business." Kreisler continued: "Importantly, NextDiesel has become a first-of-its-kind strategically valuable showcase for GreenShift's full corn oil to biodiesel program. We designed NextDiesel's process to accept and convert our crude corn oil supplies at high yields into a superior quality biodiesel product and they have started to successfully produce high grade biodiesel out of our corn oil. We have agreed to sell NextDiesel all of the corn oil we produce this year as we bring our various corn oil extraction systems online."
GreenShift's Biodiesel Technologies GreenShift's biodiesel production technologies leverage innovative chemical process intensification techniques to enhance reaction kinetics, decrease process time, reduce energy and raw material needs, and increase product quality. GreenShift delivers cost-effective turn-key biodiesel processing solutions that enable GreenShift's clients to proactively manage the realities of the feedstock and biodiesel markets. GreenShift's offering includes bundled process engineering, project oversight and plant management services, as well as access to GreenShift's strategic feedstock supplies, vendor financing and EPC wrap capabilities. About GreenShift's Corn Oil Technology Traditional corn ethanol processes convert each bushel of corn, which weighs about 54 pounds, into about 18 pounds of ethanol, 18 pounds of carbon dioxide, and 18 pounds of distillers dried grains, which contain about 2 pounds of fat. GreenShift's proven, high-yield patent-pending corn oil extraction technology intercepts the flow the distillers grain co-product from inside the ethanol facility and extracts more than 75% of the fat. GreenShift's extraction process accomplishes this in two steps that can extract more than 6.5 million gallons per year of crude corn oil from a 100 million gallon per year ethanol production facility. GreenShift has executed contracts with a number of corn ethanol producers to 'plug' its corn oil extraction systems into the back end of their facilities. These contracts have a minimum term of ten years and are based on the installation of turn-key extraction systems at participating ethanol facilities at GreenShift's cost in return for the long-term right to purchase the extracted oil at a price indexed off of diesel spot prices. At current market prices, participating ethanol facilities earn about $8 million (for a 100 million gallon per year ethanol facility) per year in additional earnings that are tied to the diesel markets - for no investment. This enhances participating ethanol facilities' cash flows and helps to offset their market risk. Additionally, the use of GreenShift's technology decreases the mass of distillers grain co-product that has to be dried and therefore also reduces the ethanol facility's use of fossil fuels and utility costs. Community Email This Article Comment On This Article Related Links GreenShift Powering The World in the 21st Century at Energy-Daily.com
Beacon Energy To Acquire Biodiesel Facility
Cranford NJ (SPX) Feb 22, 2008Metalico has announced that its biofuel affiliate, Beacon Energy, has entered into an agreement to purchase substantially all of the operating assets of Smithfield BioEnergy, an affiliate of Smithfield Foods, for an undisclosed price. Beacon, formerly known as AgriFuel Co., is an emerging producer and investor in the developing biofuels sector. Metalico, a leading scrap metal recycler and lead products fabricator, owns approximately 47% of Beacon's outstanding stock with the remaining shares of Beacon held by private investors. |
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