Range Fuels expands second round financing to $166 million as Morgan Stanley joins group

In Colorado, Range Fuels has expanded its second-round financing from $100 million to $166 million after Morgan Stanley joined the Series B offer. Financing will be used for construction of the company’s second-generation 20 Mgy ethanol plant in Soperton, Georgia. The proposed plant will use gasification to extract ethanol from forest waste. The plant is expected to open in 2009.

The company’s process converts solid waste into gas, which is then converted into alcohol. The process is similar to the Fischer-Tropsch process, first developed in 1920.

Free Subscription to the Daily Biofuels Digest e-newsletter

Related Stories

Morgan Stanley projects 20 percent rise in corn, soybean prices in 2008

Morgan Stanley is projecting that corn and soybean prices will increase 20 percent in 2008, to $6 per bushel for corn and $18 per bushel for soybeans. The Morgan Stanley research team said "U.S. produ...

Cellulosic ethanol pioneer TMO Renewables closes $18 million financing round, readies for US market entry

In the UK, TMO Renewables announced that it has completed an $18 million financing round in support of its entry into the US market. The company received support in this round from Jupiter Asset Manag...

1 Mgy multi-feedstock biodiesel producer in Georgia commences operation

In Georgia, Down Earth Energy commenced production at a 1 Mgy multi-feedstock biodiesel plant in Walton County. The plant will commence production at a 250,000 gpy rate. Georgia background First...

Range Fuels closes $130 million equity round to fund commercial-scale cellulosic ethanol plant

In Colorado, Range Fuels closed a $130 round of equity funding for its cellulosic ethanol production using a thermochemical process acting on wood waste. The funds will be used for construction of its...

VeraSun cancels 20 million share issue, retains Morgan Stanley to explore “strategic alternatives”

In South Dakota, VeraSun Energy cancelled the 20 million share issue it announced earlier this week, and retained Morgan Stanley as advisor as it explores "strategic alternatives" the company said...

Special Report on Biofuels Investors and Investments, arranged by investors

As a follow up to yesterday's article "Who's Your Daddy? A Special Report on Biofuels Investors and Investments" in which investments were organized according to investments in the Hottest 20 Companie...