Ace Ethanol Gets $595,000 Loan for Waste Heat Recovery
NEW YORK (DTN) -- The government has awarded Ace Ethanol, LLC an interest-free loan of $595,000 to complete a waste heat recovery project at its 44-million-gallon-a-year plant in Stanley, Wis.
Neal Kemmet, the plant's general manager, told Telvent DTN that the loan was given by the Wisconsin State Department of Commerce, and is part of the federal stimulus package passed by the U.S. Congress more than a year ago.
Wisconsin's "Green-to-Gold" funding program is for energy efficiency project. It offers immediate low- or zero-interest loans to businesses that commit to hiring workers and retaining jobs in the state, and the loans are payable in 15 to 18 months, Kemmet explained.
He said business like his are finding it difficult to get bank loans, and that's why this funding program is important. He said the project at Ace would re-use heat from the plant to heat water during the processing of ethanol.
Pacific Ethanol OK'd for Calif. Incentive Program
NEW YORK (DTN) -- Pacific Ethanol, Inc., a West Coast marketer and producer of renewable fuels, said the California Energy Commission has accepted the participation of its two plants in a state program that provides funding to plants facing harsh economic conditions.
The company said in a news release dated Aug. 11 that it received confirmation from the commission that Pacific Ethanol Madera, LLC and Pacific Ethanol Stockton, LLC would participate in the California Ethanol Producer Incentive Program.
The program is designed to provide payments to eligible operating ethanol plants in California that are facing unfavorable economic conditions.
Current funding is subject to final adoption by the State of California for its 2011 fiscal year budget, the statement added.
The two Pacific plants have a combined annual production capacity of 100 million gallons.
Aventine Acquires Ill., Ethanol Plant for $16.5M
NEW YORK (DTN) -- Aventine Renewable Energy Holdings, Inc. announced in a news release issued on Thursday that on Aug. 6 it completed the acquisition of an ethanol plant from New CIE Energy Opco, LLC, d/b/a Riverland Biofuels.
The news release said that on Aug. 6, Aventine and Riverland entered into an asset purchase agreement under which Aventine acquired substantially all of the assets and assumed specified liabilities of Riverland for $16.5 million.
The assets comprised an ethanol production facility located in Canton, Ill., and included real property at the plant site as well as surrounding parcels.
"We intend for the Canton facility to be transferred to a newly-formed wholly-owned subsidiary of the Company," said the news release.
Tom Manuel, CEO of Aventine said, "This is an exciting opportunity to acquire a 38 million gallon facility at a favorable price. When operational, we will leverage the proximity of the Canton facility to our Pekin, Ill., facilities to gain marketing and operational synergies."
(AG/CZ)
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