Green Plains Renewable Energy, Inc. Announces Formation of Joint Venture for Algae Production
18 November 2008 - 1:00PM
Marketwired
Green Plains Renewable Energy, Inc. (NASDAQ: GPRE) today announced
the formation of a joint venture to commercialize algae production
as part of its commitment to "next" generation biofuels. BioProcess
Algae LLC, is a joint venture between affiliates of Green Plains,
CLARCOR Inc. (NYSE: CLC), BioProcessH20 LLC and NTR plc. Green
Plains has committed approximately $1.4 million initial funding for
a 25.5% interest in BioProcess Algae.
"Algae is potentially a by-product of ethanol that makes the
process cleaner and greener through carbon sequestration," said
Wayne Hoovestol, Chief Executive Officer. "Algae production fits
into Green Plains' business model since we are already in the
business of marketing biofuel and feed products."
Using advanced photobioreactor technology developed by the
company from base technology licensed to the company by
BioProcessH2O, BioProcess Algae expects to produce algae at Green
Plains' ethanol plant in Shenandoah, Iowa, sustained by the plant's
recycled heat, water and carbon dioxide.
"By partnering with Green Plains, we will fast-track our plans
for the development of an industrial-scale solution for continuous
algae production," said Tim Burns, President of BioProcessH2O. "The
modular system will be designed for use in ethanol and other
industries that emit carbon dioxide."
In April 2008, Green Plains received preliminary approval for a
$2.3 million grant from the Iowa Power Fund to finance research and
development in algae production. Green Plains intends to revise the
grant proposal to reflect the formation of BioProcess Algae. The
revised grant proposal will be subject to review by the Iowa Office
of Energy Independence and the Iowa Power Fund board of
directors.
About Green Plains
Green Plains, based in Omaha, Nebraska, has the strategy to
become a vertically-integrated, low-cost ethanol producer. Green
Plains' ethanol segment operates four ethanol plants in Iowa,
Indiana and Tennessee with a combined expected operating capacity
of 330 million gallons of ethanol per year. Green Plains'
agribusiness segment operates grain storage facilities and
complementary agronomy, feed, and fuel businesses. Green Plains has
a grain storage capacity of approximately 22 million bushels.
About NTR
NTR is Green Plains' largest shareholder. NTR is a leading
international developer and operator of renewable energy and
sustainable waste management projects. The company has market
capitalization in excess of $2.1 billion. NTR is based in Dublin,
Ireland. In addition to Green Plains, NTR's North American holdings
include Greenstar North, headquartered in Houston, TX, Sterling
Energy Systems, Inc., headquartered in Phoenix, AZ, and Wind
Capital Group, headquartered in St. Louis, MO.
About BioProcessH20
BioProcessH2O based in Portsmouth, Rhode Island, is a
science/engineering-based developer of photobioreactors and
filtration systems in the water and energy markets. BioProcessH2O
is a joint venture between BioHoldings, Ltd., and CLARCOR.
About CLARCOR
CLARCOR is a multinational diversified marketer and manufacturer
of mobile, industrial and environmental filtration products and
consumer and industrial packaging products. CLARCOR is
headquartered in Franklin, Tennessee.
This news release may contain, among other things, certain
forward-looking statements, with respect to Green Plains, as well
as the goals, plans, objectives, intentions, expectations,
financial condition, results of operations, future performance and
business of Green Plains, including, without limitation, statements
preceded by, followed by or that include the words "may," "could,"
"should," "would," "believe," "anticipate," "estimate," "expect,"
"intend," "plan," "projects," "outlook" or similar expressions.
Although we believe that our expectations regarding future events
are based on reasonable assumptions, any or all forward-looking
statements in this report may turn out to be incorrect. They may be
based on inaccurate assumptions or may not account for known or
unknown risks and uncertainties. Consequently, no forward-looking
statement is guaranteed, and actual future results may vary
materially from the results expressed or implied in our
forward-looking statements. The cautionary statements in this
report expressly qualify all of our forward-looking statements. In
addition, the Company is not obligated, and does not intend, to
update any of its forward-looking statements at any time unless an
update is required by applicable securities laws.
Company Contacts: Scott B. Poor Corporate Counsel Director of
Investor Relations Green Plains Renewable Energy, Inc. (402)
884-8700 www.gpreinc.com Investor Contact: John Baldissera BPC
Financial Marketing (800) 368-1217
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