Green Plains Renewable Energy, Inc. and BioProcessAlgae LLC Complete $2.1 Million Grant Funding for Algae Pilot Project
04 Mai 2009 - 4:14PM
Marketwired
Green Plains Renewable Energy, Inc. (NASDAQ: GPRE) and
BioProcessAlgae LLC have executed a grant award agreement with the
Iowa Office of Energy Independence for a $2.1 million research and
development grant from the Iowa Power Fund to build an algae pilot
project at Green Plains' ethanol plant in Shenandoah, Iowa.
"Algae has the potential to become an important carbon
sequestration solution, biofuel feedstock and feed product," said
Todd Becker, President and Chief Executive Officer of Green Plains.
"If the pilot project is successful, BioProcessAlgae will move to
expand the photobioreactor system to full commercial scale. We
believe that this pilot project will be one of the first
operational installations of a photobioreactor system at an
industrial plant in the United Sates utilizing emerging technology
out of the laboratory."
The Iowa Power Fund grant provides matching funds to install a
series of photobioreactor units at Green Plains' Shenandoah ethanol
plant. Water, heat and carbon dioxide will be recycled from the
ethanol manufacturing process to support continuous algae
production. The grant provides funding through the end of the first
quarter of calendar year 2010 with installation of the pilot
project expected in the third quarter of 2009.
"BioProcessAlgae and its technology partners have made
significant progress in the engineering, design and development of
photobioreactor systems for algae production," said Kevin Lynch,
Chief Executive Officer of BioProcessAlgae. "The project will give
us the opportunity to test our systems on a larger scale. This is a
very important step toward system commercialization of algae
technology."
"The Shenandoah algae project is an opportunity to help the
environment, the ethanol industry and the Iowa economy," Becker
stated. "Green Plains is committed to the advancement of next
generation technologies and we appreciate the vision and assistance
of Iowa Governor Chet Culver and the Iowa Office of Energy
Independence in the development of this project."
BioProcessAlgae LLC is a joint venture between Green Plains, NTR
plc (a significant shareholder of Green Plains), CLARCOR Inc. and
BioProcessH20.
About Green Plains
Green Plains Renewable Energy, Inc. is based in Omaha, Nebraska.
Green Plains is a vertically-integrated, low-cost ethanol producer
operating four ethanol plants in Iowa, Indiana and Tennessee with a
combined expected operating capacity of 330 million gallons of
ethanol per year. Green Plains also operates an independent
third-party ethanol marketing service, with marketing capacity of
305 million gallons of ethanol per year. Green Plains owns 51% of
Blendstar, LLC, a Houston-based biofuel terminal operator with 6
facilities in 5 states. Green Plains' Agribusiness segment operates
grain storage facilities and complementary agronomy, feed, and fuel
businesses. Green Plains has grain storage capacity of
approximately 22 million bushels.
About BioProcessAlgae
BioProcessAlgae LLC is a joint venture between Green Plains,
CLARCOR Inc. (NYSE: CLC), BioProcessH2O LLC and NTR plc.
BioProcessAlgae was created to commercialize advanced
photobioreactor technologies for continuous production of algal
biomass.
Safe Harbor
This news release contains forward-looking statements within the
meaning of the Securities Act of 1933 and the Securities Exchange
Act of 1934, as amended. Such statements are identified by the use
of words such as "anticipate," "estimate," "expect," "project,"
"intend," "plan," "will," "believe," and other words and terms of
similar meaning in connection with any discussion of future
operating or financial performance. Such statements are based on
management's current expectations and are subject to various
factors, risks and uncertainties that may cause actual results,
outcome of events, timing and performance to differ materially from
those expressed or implied by such forward-looking statements.
Green Plains may experience significant fluctuations in future
operating results due to a number of economic conditions,
including, but not limited to, competition in the ethanol industry,
risks associated with commodity market risks, financial market
risks, counter-party risks, risks associated with changes to
federal policy and/or regulation, the successful completion and
potential contribution of the commercialization of algae production
to the company and other risks detailed in the company's reports
filed with the Securities and Exchange Commission, including its
Annual Report on Form 10-K for the period ended December 31, 2008
and in the company's subsequent filings with the SEC. Green Plains
assumes no obligation to update any forward-looking statements,
whether as a result of new information, future events or otherwise.
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 Contact: Jim Stark Vice President - Investor Relations
Green Plains Renewable Energy, Inc. (402) 884-8700
jim.stark@gpreinc.com Investor Contact: John Baldissera BPC
Financial Marketing (800) 368-1217
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