Renew Energy to close ethanol plant
US-based Renew Energy announced that it will close its Wisconsin-based Jefferson ethanol plant, after filing for bankruptcy.
The company, operator of the state’s largest ethanol production unit in Jefferson, is set to shut down come the end of May unless a buyer can be found. The plant’s closure will be signal the loss of jobs for all 80 of its current employees.
Renew Energy is not the only ethanol producer to go under. The beginning of the month also saw Illinois-based Aventine Renewable Energy Holdings stop in its tracks as the industry’s once-large profit margins are diminishing due to a combination of excess supply and falling petrol prices.
Across the US the story is much the same as VeraSun, one of the country's largest ethanol producers with 16 plants in eight states, has also hit the wall and Sacramento-based Pacific Ethanol recently revealed it is struggling to repay its lenders after posting large losses in fiscal 2008.
The company, operator of the state’s largest ethanol production unit in Jefferson, is set to shut down come the end of May unless a buyer can be found. The plant’s closure will be signal the loss of jobs for all 80 of its current employees.
Renew Energy is not the only ethanol producer to go under. The beginning of the month also saw Illinois-based Aventine Renewable Energy Holdings stop in its tracks as the industry’s once-large profit margins are diminishing due to a combination of excess supply and falling petrol prices.
Across the US the story is much the same as VeraSun, one of the country's largest ethanol producers with 16 plants in eight states, has also hit the wall and Sacramento-based Pacific Ethanol recently revealed it is struggling to repay its lenders after posting large losses in fiscal 2008.
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