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60 Mgy Pacific Ethanol plant in Idaho faces fines over “eye-watering” odor

July 4, 2008

In Idaho, the 60 Mgy Pacific Ethanol plant in Burley is facing daily fines from the local town council for zoning violations stemming from odors characterized in an AP story as “eye-watering”. The company is working to investigate and remediate. The $120 million project opened in April.

Pacific Ethanol background

Raymond James analyst Pavel Molchanov released a report on Pacific Ethanol’s capital raising activities in the face of a liquidity challenges brought on by construction cost overruns and increasing costs for corn feedstock. Molchanov said that the company could be expected to use $5.75 million raised from management and insiders to alleviate working capital needs, while a $28.5 million private placement would likely be used with $83 million remaining in its construction loans to complete construction of its Stockton, CA corn ethanol plant.

Earlier this month, Pacific Ethanol reported that first quarter ethanol sales were up 63 percent to $161 million, year over year, and the company earned 6 cents per share compared to analyst expectations of a 9 cent loss. Ethanol sales were up 57 percent to 37.5 million gallons. The news sent shares of other ethanol companies up as much as 41 percent.

In Idaho, Pacific Ethanol recently commenced production at its 60 Mgy corn ethanol plant in Burley. The plant will use 21 million bushels of corn, and the company hopes to
supply the entire ethanol demand for Idaho from the plant, as well as
up to 500,000 tons of distillers grains for livestock feed.

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    Written by Jim Lane · Filed Under Producer News 

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