GreenShift Executes Biodiesel Plant Construction and Management Agreements with NextDiesel
GreenShift Corporation today announced its execution of agreements with Adrian, Michigan-based Biofuel Industries Group, LLC (d/b/a NextDiesel) pursuant to which GreenShift agreed to design and build more than $10 million worth of biodiesel production, feedstock pre-treatment and related process equipment based on GreenShift's proprietary biofuel technologies.
GreenShift had previously sold NextDiesel an early version of its 10 million gallon per year biodiesel production system with transesterification, direct esterification and other capabilities. NextDiesel is using this equipment today to produce and sell biodiesel out of pork fat, crude vegetable oils and high free fatty acid feedstocks.
Under the new agreements, GreenShift will design, build and commission an additional 20 million gallons per year of biodiesel production capacity with full alternative feedstock processing capabilities. In addition, GreenShift's process engineers will manage plant operations during the construction of the increased capacity in return for a fee based upon NextDiesel's earnings through December 31, 2008.
Terry Nosan, NextDiesel's chief executive officer, said that "we are fortunate to have selected GreenShift as our technology provider. We believe that GreenShift
is without question the technology leader in the industry. While their technologies are impressive, their true strength lies in their team and the fact that nearly every one of them has extensive chemical process experience. This expertise has been invaluable to us and we are very excited by these new agreements with GreenShift and our growth plan."
"Our approach is to partner with our clients to provide them with the service of getting their business off the ground in a safe, compliant and profitable manner at capacity," said Kevin Kreisler, GreenShift's chairman. "The realities of the feedstock markets require biodiesel producers to integrate feedstock pre-treatment and other processes into their facilities in order to produce fuel profitably in today's feedstock-challenged market place. NextDiesel foresaw this and asked us to design their facility to accept lower-cost, high free fatty acid feedstocks for high-yield conversion into biodiesel. NextDiesel is consequently primed to be a leading producer of biofuels and we are thrilled to have the continued opportunity to earn their business."
Kreisler continued: "Importantly, NextDiesel
has become a first-of-its-kind strategically valuable showcase for GreenShift's full corn oil to biodiesel program. We designed NextDiesel's process to accept and convert our crude corn oil supplies at high yields into a superior quality biodiesel product and they have started to successfully produce high grade biodiesel out of our corn oil. We have agreed to sell NextDiesel all of the corn oil we produce this year as we bring our various corn oil extraction systems online."
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