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Los Angeles (June 21, 2007) AltraBiofuels, a California-based producer of renewable biofuels, announced today that the company has secured an additional $165.5 million of debt financing for the construction and completion of two state-of-the-art ethanol production facilities located in Coshocton, Ohio and Cloverdale, Indiana. Expected dates of completion are the fourth quarter of 2007 for Ohio and early in the second quarter 2008 for Indiana. The financing in Indiana was arranged and issued by AgStar and Home Federal in December 2006. For the Ohio project, AltraBiofuels very recently issued Taxable Revenue Bonds Series 2007 under the State of Ohio Air Quality Development Authority with Morgan Stanley as placement agent.
The Coshocton Ohio plant capacity is anticipated to reach 60 MMPY (million gallons per year) while the Cloverdale Indiana plant is expected to reach 100 MMPY. With the completion of these plants, AltraBiofuels presses forward with its stated goal of producing hundreds of millions of gallons of biofuels, employing state-of-the-art facilities that can start by processing corn, but can be readily upgraded to cellulosic technologies.
Both locations are in the heart of the Midwestern Corn Belt, and will benefit from the regions competitive transportation advantages with excellent rail and truck access to Midwestern and Southern fuel distribution centers, as well as close proximity to major refineries where the ethanol is blended with gasoline.
This financing underscores the commitment of financial markets as well as federal, state and local governments to support the countrys march toward environmentally sound energy independence, said Larry Gross, CEO of AltraBiofuels. The forward thinking investors and policymakers who have made our rapid expansion possible recognize that biofuels, when properly pursued, not only can meet our energy needs, but also reduce the CO2 emissions associated with global warming, said Larry Gross, CEO of AltraBiofuels This is a major step forward in our vision of becoming the leading producer of renewable, carbon-neutral biofuels.
AltraBiofuels is also currently advancing several other projects including, the upgrading of its Goshen, CA facility, as well as the construction of another major ethanol plant located in Carleton, Nebraska.
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Technology
AltraBiofuels develops, licenses, and/or acquires the smartest biofuels technologies and quickly places them into profitable, environmentally-sound production.
The millions of gallons of biofuel that AltraBiofuels produces today - primarily ethanol from corn - are the first planks in a bridge to a more robust, environmentally-smart, bio-energy future.
AltraBiofuels is rapidly operationalizing technologies in cellulosic ethanol and is phasing CHP (cogeneration technology) into its plants. AltraBiofuels is also aggressively evaluating technologies in algaculture and thermal depolymerization.
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