AE Biofuels closes finance to restart former Cilion ethanol plant
In California, AE Biofuels announced its wholly-owned advanced ethanol subsidiary AE Advanced Fuels Keyes, Inc. (AE Keyes), closed a $4.5 million financing with Third Eye Capital Corporation. The funds will be used for the repair, restart and operation of an existing 55 million gallon per year ethanol plant located in Keyes. AE Keyes plans to retrofit the Keyes plant and be fully operational by the first quarter of 2011.
The original $130 million construction and commissioning of the plant was completed in November 2008 by Cilion, Inc. In early 2009 the plant was closed due to technical and market issues. AE Keyes took possession of the facility under a project agreement with Cilion in March 2010, and has signed a facility lease for up to three years.
Category: Fuels
