Range Fuels shuts down Colorado operation? Range CEO says no.

| January 10, 2011

In Colorado, a report has been received that Range Fuels is shutting down its corporate headquarters in Broomfield. According to a source, “the people who work in Broomfield were told not to come to work (Thursday).”

Range Fuels, recently opened its biofuels demonstration project in Soperton, Georgia and secured $150 million in an equity round in 2008 as well as an $80M USDA loan guarantee last year in support of the Georgia project.

In our last report on Range, the Soperton project was producing up to 4 million gallons of methanol and was planning to convert its production over to ethanol by year end, as well as planning to expand production capacity up to 20 million gallons per year in 2011.

UPDATE: David Aldous, CEO of Range Fuels, responded Monday afternoon that “the statement ‘the people who work in Broomfield were told not to come to work (Thursday).’  is not correct,” and said that he was traveling and in meetings during the 76 hours between the Digest’s query and his response. He did not elaborate on the status at Broomfield, but described the initial Digest report as “irresponsible reporting” and added “I planned to give you an update on Soperton but now I have no further comments for you.”



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