GreenShift biodiesel gets corn oil investment
New York-headquartered clean technology development company GreenShift has received a $38 million (€26 million) investment to produce biodiesel from corn oil extracted from ethanol plants.
GreenShift will receive the investment in a new GreenShift joint venture subsidiary that will use the proceeds to build 12 corn oil extraction facilities and to expand the capacity of GreenShift's NextDiesel biodiesel refinery in Adrian, Michigan, to 20 million gallons a year.
GreenShift's biodiesel production model is based on the integration of its technology to extract crude corn oil from distillers grain, a co-product of ethanol production.
GreenShift installs its extraction technologies at its expense and then purchases the extracted oil for a price that is indexed at a discount to the price of diesel fuel.
GreenShift's extraction technologies are in use at four corn ethanol plants in Michigan, Indiana, New York and Wisconsin, and GreenShift has executed contracts to deploy its extraction technologies at a number of additional US ethanol plants.
The traditional corn ethanol production process converts each bushel of corn into about 2.75 gallons of ethanol.
GreenShift's technologies increase this to about 2.95 gallons of biofuel per bushel by extracting and refining corn oil into biodiesel, while decreasing the energy needed for biofuel production.
GreenShift's technologies have the capability of extracting more than 6.5 million gallons of crude corn oil for every 100 million gallons of corn ethanol produced.
According to the US Renewable Fuels Association, 6.7 billion gallons of corn-derived ethanol were produced during the first nine months of 2008.
At this rate, US ethanol production during 2008 will exceed 8.9 billion gallons a year. This equates to a potential US total annual production of about 580 million gallons of inedible corn oil that is recoverable with GreenShift's corn oil extraction technologies.
GreenShift will receive the investment in a new GreenShift joint venture subsidiary that will use the proceeds to build 12 corn oil extraction facilities and to expand the capacity of GreenShift's NextDiesel biodiesel refinery in Adrian, Michigan, to 20 million gallons a year.
GreenShift's biodiesel production model is based on the integration of its technology to extract crude corn oil from distillers grain, a co-product of ethanol production.
GreenShift installs its extraction technologies at its expense and then purchases the extracted oil for a price that is indexed at a discount to the price of diesel fuel.
GreenShift's extraction technologies are in use at four corn ethanol plants in Michigan, Indiana, New York and Wisconsin, and GreenShift has executed contracts to deploy its extraction technologies at a number of additional US ethanol plants.
The traditional corn ethanol production process converts each bushel of corn into about 2.75 gallons of ethanol.
GreenShift's technologies increase this to about 2.95 gallons of biofuel per bushel by extracting and refining corn oil into biodiesel, while decreasing the energy needed for biofuel production.
GreenShift's technologies have the capability of extracting more than 6.5 million gallons of crude corn oil for every 100 million gallons of corn ethanol produced.
According to the US Renewable Fuels Association, 6.7 billion gallons of corn-derived ethanol were produced during the first nine months of 2008.
At this rate, US ethanol production during 2008 will exceed 8.9 billion gallons a year. This equates to a potential US total annual production of about 580 million gallons of inedible corn oil that is recoverable with GreenShift's corn oil extraction technologies.
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