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December 2, 2009
BioEnergy will receive a $50 million grant from the Department of Energy to biologically produce succinic acid from sorghum. The process being
developed displaces petroleum based feedstocks and uses less energy per ton of succinic acid produced than its petroleum counterpart.
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August 11
BioEnergy International LLC, a privately held biotech developer and manufacturer of next-generation renewable biochemicals and biofuels, recently announced the formation of Myriant Technologies LLC, which will incorporate its biobased chemicals business and intellectual property. BioEnergy International and Myriant Technologies will operate as separate entities.
BioEnergy International will continue its pursuit of biofuels opportunities, including the development of a Clearfield, Penn.-based ethanol plant that is expected to begin operations in January 2010. Myriant Technologies is partnering with the University of Florida on a pilot-scale biorefinery facility that will produce cellulosic ethanol and biobased chemicals.
"The university was awarded $20 million by the state of Florida to develop what we feel is the first true integrated biorefinery that will take advanced cellulosic feedstock and then produce a multiple of products, including biofuels and biochemicals," said Samuel McConnell, who serves as the senior vice president of corporate development for both Myriant Technologies and BioEnergy International.
According to Kevin Heinicka, the University of Florida's director of facilities planning and operations, the pilot-scale biorefinery project will employ two technologies developed by the university: a cellulosic ethanol technology that has been licensed to Verenium Corp., and a biochemicals technology that has been licensed to Myriant Technologies. Myriant Technologies will co-operate the facility with the university. Verenium is not expected to be actively involved in the project.
BioEnergy International LLC, a privately held biotech developer and manufacturer of next-generation renewable biochemicals and biofuels, recently announced the formation of Myriant Technologies LLC, which will incorporate its biobased chemicals business and intellectual property. BioEnergy International and Myriant Technologies will operate as separate entities.
BioEnergy International will continue its pursuit of biofuels opportunities, including the development of a Clearfield, Penn.-based ethanol plant that is expected to begin operations in January 2010. Myriant Technologies is partnering with the University of Florida on a pilot-scale biorefinery facility that will produce cellulosic ethanol and biobased chemicals.
"The university was awarded $20 million by the state of Florida to develop what we feel is the first true integrated biorefinery that will take advanced cellulosic feedstock and then produce a multiple of products, including biofuels and biochemicals," said Samuel McConnell, who serves as the senior vice president of corporate development for both Myriant Technologies and BioEnergy International.
According to Kevin Heinicka, the University of Florida's director of facilities planning and operations, the pilot-scale biorefinery project will employ two technologies developed by the university: a cellulosic ethanol technology that has been licensed to Verenium Corp., and a biochemicals technology that has been licensed to Myriant Technologies. Myriant Technologies will co-operate the facility with the university. Verenium is not expected to be actively involved in the project.
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NORWELL, Mass., Feb. 11
BioEnergy International, LLC (BioEnergy), a science and technology leader developing biorefineries using proprietary biocatalysts to produce high value renewable fuels and biobased specialty chemicals, closed financing for the Bionol Clearfield, LLC 100 mgpy corn ethanol biorefinery beginning construction in Clearfield, Pennsylvania. The total $201 million debt financing was provided by TD Banknorth and WestLB, with tax exempt bond financing by Sterns Brothers. Equity funding was provided by BioEnergy and its investors Plainfield Asset Management, Camulos Capital, Itera Ethanol, LLC, Context Capital Management and NGP Capital Resources.
"With the launch of the Clearfield Project, we have created a model of sustainability with partners Getty Petroleum Marketing Inc. and the Commonwealth of Pennsylvania," said Stephen J. Gatto, Chairman and Chief Executive Officer of BioEnergy. "Near the birthplace of the modern petroleum refinery industry, this destination ethanol plant and our cellulosic pilot, will help usher in the next industrial revolution of biorefineries, that will provide Pennsylvanians with home grown fuels first from corn, then renewable cellulosic feedstocks such as wood chips and biomass."
"The financial closing of the Clearfield, Pennsylvania biorefinery project represents the culmination of many years of hard work for Steve Gatto and his BioEnergy team. The successful financing of the project, during a period of tight capital markets, was made possible by the use of innovative debt structuring techniques and the dedication of many financial professionals at TD Banknorth and WestLB," said Jerry Peters at TD Banknorth.
"BioEnergy's transaction demonstrates that debt capital is still available for strong transactions such as this one. We are pleased to have closed this deal with TD Banknorth for BioEnergy," said Michael Pantelogianis of WestLB Global Energy.
"We are very excited to have supported Steve Gatto and his team. We believe that BioEnergy International presents a new investment paradigm in the ethanol industry. Its focus on commodity risk management moves the industry from merchant ethanol plants to contracted assets. In addition, BioEnergy has developed technology that will revolutionize the biofuels and chemical industries. We believe that the cellulosic pilot plant is a stepping stone to that direction. We are looking forward to developing the company further," said Panos Ninios of Plainfield Asset Management.
The corn and cellulosic pilot plants to be built in Clearfield are core to BioEnergy's mission of integrating the development of novel biocatalysts for use in innovative, state-of-the-art biorefineries. Guided by a strategic business model and supported by proprietary technology, BioEnergy is a responsible leader in the new industrial revolution.
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