GreenShift receives 2008 Biofuels Digest Achievement Award in Biodiesel
[BIOFUELS DIGEST NEWSWIRE] MIAMI, FL — Biofuels Digest announced this morning that Primafuel and Greenshift shared the 2008 Biofuels Digest Achievement Award for Biodiesel.
The companies received the award in recognition of their corn oil extraction systems that add value to ethanol production as well as producing a biodiesel feedstock from an ethanol process by-product.
“Access to a reliable, affordable supply of feedstock is crucial to the production of affordable biodiesel and to capacity expansion,” said Biofuels Digest editor Jim Lane. “The extraction of corn oil, which can be used as a biodiesel feedstock, creates value for both hard-pressed ethanol producers and for the biodiesel industry,” Lane added.
GreenShift background
Earlier this week, GreenShift announced that it will receive a $38 million investment from GE that will finance 20 Mgy of biodiesel produced from corn oil supplied by ethanol plants. The investment will fund twelve corn oil extraction facilities at ethanol plants that will supply feedstock to the company’s NextDiesel refinery in Adrian, where capacity will be expanded to 20 Mgy. GreenShift installs corn oil extraction equipment at its own expense and buys the extracted oil at a fixed price from the corn ethanol plant. Four plants in Michigan, New York, Indiana and Wisconsin are using the company’s technology at present.
In New York, GreenShift Corporation commenced extraction of corn oil from distillers grains produced by the Western New York Energy 50 Mgy corn ethanol plant in Medina. Western New York Energy opened last December and is the first ethanol plant to operation the northeastern US. operations in December 2007 and is the first operating ethanol plant in the Northeastern U.S.
GreenShift’s extraction technology reduces plant utility costs by up to $1 million per year for a 100 million gallon per year ethanol plant that dries 100% of its distiller’s grains.
In New York, GreenShift announced an agreement with United Ethanol to extract up to 1.5 Mgy of crude corn oil from distillers grain co-product at United Ethanol’s new dry mill ethanol plant in New York. United Ethanol, which commenced operations in March 2007, signed co-product agreements with EPCO Carbon Dioxide to capture carbon dioxide, and the Environmental Credit Corporation and Carbon Green, to monetize carbon credits.
GS CleanTech Corporation inked an agreement with Northeast Biofuels to extract 10 Mgy of crude corn oil from the distillers grain produced at NEB’s 114 Mgy ethanol plant in Volney, NY. In the Northeast Biofuels deal, GS CleanTech will provide an extraction system to NEB and in turn receives a right to purchase the extracted corn oil at a contract price. GS AgriFuels Corporation plans to construct a 10 Mgy corn oil biodiesel facility adjacent to the NEB facility.
GreenShift Agrifuels announced a deal with Global Ethanol to extract 10 Mgy of crude corn oil from Global Ethanol’s distillers grains. The grains are a by-product from the company’s 157 Mgy corn ethanol produced at its plants in Lakota, IA and Riga, MI. Under the agreement, Green Shift AgriFuels and Global Ethanol will form a biodiesel joint venture, GS Global Biodiesel which will own and operate a 10 Mgy biodiesel plant in Lakota. The new facility will be online before the end of 2008.
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