Russia’s Itera Ethanol plans expansion in US, Europe, following BioEnergy International investment
February 29, 2008
In Pennsylvania, the Russian biofuels developer Itera Ethanol is among the investors in the $265 million 108 Mgy BioEnergy International ethanol project in Clearfield. Itera made its first investment in the project in 2006, and plans to invest in similar projects in the US and Europe.
BioEnergy International closed financing for its 100 Mgy corn ethanol plant and pilot cellulosic plant, in Clearfield, Pennsylvania. The $201 million in debt financing was provided by TD Banknorth and WestLB, with tax exempt bond financing by Sterns Brothers. Equity funding was provided by BioEnergy and its investors Plainfield Asset Management, Camulos Capital, Itera Ethanol, LLC, Context Capital Management and NGP Capital Resources.
“The corn and cellulosic pilot plants to be built in Clearfield are core to BioEnergy’s mission of integrating the development of novel biocatalysts for use in innovative, state-of-the-art biorefineries,” the company said.
BioEnergy International’s strategy combines two conventional 108 Mgy corn-based ethanol plants, based in Lake Providence, LA and Clearfield County, PA; diversification into novel biocatalysts for the manufacture of green chemicals and biopolymers; and development of cellulosic technology to retrofit into existing and future plants.
The BioEnergy International research center is located in Woburn, Massachusetts, and serves as BioEnergy’s strategic hub for development and commercialization of next generation biofuels, biopolymers, and specialty chemicals from renewable sources.
“I look forward to the day when a pound of sugar from renewable raw materials replaces the use of petrochemicals in the manufacture of everything from the fuel we put in our cars to the plastics and fabrics we use in our lives,†stated Chairman and CEO Stephen J. Gatto. Gatto was the founder of BCI (later Celunol), which recently merged into Verenium (VRNM); one of the select group of pioneers in cellulosic technology companies.
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