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Ineos Bio Finalizes $75M in Private
Financing for Loan Guarantee
(August 25, 2011) Ineos announced this month
that its joint-venture project, Ineos New Planet BioEnergy finalized
$75 million in private financing utilizing the USDA loan guarantee
program for its new Indian River BioEnergy Center located in
Florida. This is the first large-scale advanced bioenergy project
in the U.S. to finalize its financing in the latest round under
the USDA government program to commercialize biorefinery technology.
The financing concludes all necessary funding to complete the
project and will be used for equipment, engineering and construction
of the BioEnergy Center. The BioEnergy Center, located near Vero
Beach, Fla., is a commercial-scale project that will produce
8 MMgy of advanced biofuels and 6 megawatts (gross) of renewable
power annually from renewable biomass including local yard, vegetative
and household wastes.
“We want to commend the USDA on its partnership with us
in advancing this bioenergy technology and making it commercially
available,” said Peter Williams, CEO of Ineos Bio and Chairman
of Ineos New Planet BioEnergy. “The Vero Beach BioEnergy
Center is the first of its kind in the world and provides a template
for a technology that can make a real contribution to energy
independence and job creation, while also reducing green house
gas emissions and diverting wastes from landfill and lower value
uses.”
The project will use Ineos Bio’s
feedstock-flexible BioEnergy technology, which uses a unique
combination of gasification and fermentation technology to
turn different types of waste materials, including municipal
solid waste, into advanced biofuels and renewable power. When
completed, the project is slated to be one of the first projects
in the U.S. to produce advanced cellulosic biofuels under the
RFS2 and provide renewable power for 1,400 homes in the area.
The financing for the project includes a $75 million privately
financed loan backed by a guarantee from the USDA through its
9003 Biorefinery Assistance program. Construction is already
approximately 20 percent complete at the BioEnergy Center, and
will be completed by end April 2012. Over 85 percent of the equipment
for the project is being supplied by manufacturers in the U.S.,
creating or retaining jobs in the cleantech industrial sector.
The project is also utilizing local companies for construction
and other services, specifically recruiting at the NASA Space
Center, where the recently concluded Shuttle Program has laid
off thousands of skilled workers. In total, the BioEnergy Center
will provide 380 direct and indirect jobs (including 200 construction
jobs) over the next year and 50 full-time jobs when the facility
is operational.
As the first plant in the world to use
Ineos Bio’s advanced
bioenergy technology, the BioEnergy Center will serve as a reference
plant demonstrating the economic conversion of a variety of different
biomass feedstocks into advanced biofuel and renewable power
at full commercial scale. To meet the U.S. Government’s
goal of replicating the technology, Ineos Bio will enter into
licensing agreements with third parties to build similar commercial
bioenergy plants to supply advanced bioethanol and renewable
electricity around the U.S. and the world.
Ineos New Planet BioEnergy Closes Latest
Round of Financing
(
24 August 2011) In the US, Ineos New Planet BioEnergy
has finalised $75 million (€52 million) in private financing,
utilising funds awarded by the US Department of Agriculture's
(USDA) loan guarantee programme for its new BioEnergy Center.
The financing will be used to complete the project, including
equipment, engineering and construction.
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Co-gen Plant May Save Bundle
Boundary County commissioners and about 25
people gathered at the County Extension Office to see a presentation
by Kris Skrinak, president of adaptiveARC, Inc.
The company manufactures what they tout as
the most economically and environmentally compelling solution
for waste elimination and energy generation.
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