Future ethanol producers continue to seek funding
Fledgling cellulosic ethanol company Biofuels America Inc. is seeking equity investments to advance proposed facilities in Tennessee and Illinois that will use a combination of wood waste and municipal solid waste to produce ethanol, lignin and furfural. CEO Pete Reeves, is confident investors will be enticed to participate in these projects because of the federal policy initiatives to assist in the build-up of this type of facility. The company planned to begin retrofitting a 35-acre Tennessee ethanol facility in early June. The plant has been idle for about eight years. However, Reeves said while the work would begin as scheduled, it could not be completed if the company fails to raise approximately $20 million within the next six months. Operations are expected to begin by 2010, with the initial capacity of 30 MMgy and gradually ramping up to 100 MMgy by 2014.