BioEnergy International Secures $61.6 Million in Funding.NORWELL, Mass. -- BioEnergy International, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (BioEnergy), a science and technology company committed to developing biorefineries to produce fuels and specialty chemicals A Specialty chemical is a chemical produced for a specialized use. They are produced in lower volume than bulk chemicals, of which petrochemicals, made from oil feedstocks, are the most common. However, both are produced in a chemical plant. from renewable resources Noun 1. renewable resource - any natural resource (as wood or solar energy) that can be replenished naturally with the passage of time natural resource, natural resources - resources (actual and potential) supplied by nature , announced today the closing of a major investment that will provide funding for the Company's three strategic initiatives: generating secure cash flow from its conventional ethanol platform, product diversification through the introduction of novel biocatalysts for the manufacture of green chemicals and biopolymers and the integration of its cellulose cellulose, chief constituent of the cell walls of plants. Chemically, it is a carbohydrate that is a high molecular weight polysaccharide. Raw cotton is composed of 91% pure cellulose; other important natural sources are flax, hemp, jute, straw, and wood. technology. The investment was provided by a team including Plainfield Asset Management, Camulos Capital, Itera Ethanol, LLC and Context Capital Management. In addition to refinancing Refinancing An extension and/or increase in amount of existing debt. existing corporate debt, the financing will provide funding for BioEnergy's projects in Pennsylvania and Louisiana, as well as growth capital for the Company's expansion of existing R&D efforts and initiatives. "We have spent a great deal of time focusing on risk management issues and are pleased that we can now launch with the first fully contracted ethanol plant in the marketplace" said Stephen J. Gatto, Chairman and Chief Executive Officer of BioEnergy. The funding will provide the project equity requirements for BioEnergy's 108 million gallon per year ethanol project located in Clearfield County, Pennsylvania Clearfield County is a county located in the U.S. state of Pennsylvania. As of 2000, the population was 83,382. Clearfield County was created on March 26, 1804 from parts of Huntingdon and Lycoming Counties but was administered as part of Centre County until 1812. . BioEnergy is currently finalizing development of the Clearfield project, with necessary permits expected to be received in September. The Company previously received a commitment from Governor Edward G. Rendell and the Commonwealth of Pennsylvania for over $22 million of state investments to support the project, as well as an additional commitment for $5 million for the construction of a cellulosic pilot plant utilizing BioEnergy's proprietary technology. "Our expanded investor group provides us with a strong foundation that will support all of the Company's long term objectives, as well as allow us to finish our near term initiatives," said Gatto. "We're very excited about working together to realize the Company's vision in advancing our renewable bio-based products and materials efforts." "On behalf of the investors, we are happy to provide the growth capital to help BioEnergy realize its important mission," said Panos Ninios, Managing Director of Plainfield Asset Management. "We were drawn to BioEnergy's strategic vision and unique capabilities in assuming a leadership role in the emerging biorefinery sector." In addition to advancing BioEnergy's ethanol projects, the funding will provide important capital for the Company's science and technology efforts. BioEnergy has an exclusive research agreement with the University of Florida University of Florida is the third-largest university in the United States, with 50,912 students (as of Fall 2006) and has the eighth-largest budget (nearly $1.9 billion per year). UF is home to 16 colleges and more than 150 research centers and institutes. and Dr. Lonnie Ingram to develop technologies to produce green chemicals and biopolymers from sugars and cellulose, and late last year signed an agreement to license one of its proprietary biocatalysts for the production of D(-) lactic acid lactic acid, CH3CHOHCO2H, a colorless liquid organic acid. It is miscible with water or ethanol. Lactic acid is a fermentation product of lactose (milk sugar); it is present in sour milk, koumiss, leban, yogurt, and cottage cheese. to Purac Biochem N.V. About BioEnergy International, LLC BioEnergy International, LLC, www.bioenergyllc.com headquartered in Norwell, Massachusetts Norwell is a town in Plymouth County, Massachusetts, United States. As of the 2004 census, the town population was 10,388. History Norwell was first settled in 1634 as a part of the settlement of Satuit (later Scituate), which encompasses present day Scituate and Norwell. , is a privately held, science and technology company focused on developing biorefineries and proprietary technologies to produce fuels and specialty chemicals from renewable resources. BioEnergy currently has two 108 million gallon per year ethanol plants under development which, over time, will utilize its proprietary technologies to produce high value specialty chemicals and renewable fuels Renewable fuels are alternative fuel sources such as ethanol, biodiesel (e.g. soy, vegetable oils, animal fats, or recycled restaurant greases) or hydrogen, in contrast to non-renewable fuels such as natural gas, LPG (propane). . |
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