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Greenshift Strikes Oil At Western New York Energy

Corn ethanol production facility
by Staff Writers
New York NY (SPX) Feb 26, 2008
GreenShift has announced that it has begun to produce crude corn oil at its 1.5 million gallon per year corn oil extraction facility co-located at Western New York Energy, LLC's 50 million gallon per year corn ethanol production facility in Medina, New York. Western New York Energy began operations in December 2007 and is the first operating ethanol plant in the Northeastern U.S.

"We still have to finish installing the tank farm and other infrastructure but we're going to start moving product," said Kevin Kreisler, GreenShift's chairman. "The Western New York Energy team has been very proactive. They have helped us bring the facility online on time and on budget. Their efforts should be commended."

The Western New York Energy extraction facility is GreenShift's second operational corn oil extraction facility and it brings GreenShift's total current annualized corn oil production capacity to more than 3.0 million gallons per year. GreenShift recently closed on a revolving line of credit that is sufficient to build an additional 10.5 million gallons per year of corn oil extraction capacity.

These new facilities are expected to become operational in a staggered fashion over the next nine months and will bring GreenShift's annualized corn oil production to more than 13.5 million gallons per year.

Kreisler added: "Our corn oil extraction technology and the structure of our offering enable participating ethanol producers to rapidly tap into the latent value of the crude corn oil locked in their distillers grains for no investment. This both enhances and diversifies our ethanol clients' margins while favorably reducing the risk profile presented by the corn and ethanol commodity markets. We are grateful to have the continuing opportunity to bring these benefits to Western New York Energy, and we hope to earn the opportunity to do so for the owners and financial partners of many more ethanol facilities."

Importantly, given the structure of GreenShift's new revolving line of credit, GreenShift has the resources to continue installing extraction facilities beyond its first 13.5 million gallons per year by using this debt facility and GreenShift's cash flows from prior installations.

GreenShift's Focus on Corn Ethanol Production
GreenShift is focused on delivering technologies and process innovations to the ethanol production industry with a view towards maximizing the yield of corn-based ethanol production. GreenShift's currently available offerings in its ethanol program include its integral corn oil extraction and biodiesel production systems. GreenShift is also developing new technologies for application at corn ethanol facilities, including integral biomass gasification and carbon dioxide bioreformation.

Traditional corn ethanol processes convert each bushel of corn, which weighs about 56 pounds, into about 18 pounds of ethanol, 18 pounds of carbon dioxide, and 18 pounds of distillers dried grains, which contain about 2 pounds of fat. GreenShift's proven, high-yield patent-pending corn oil extraction technology intercepts the flow the distillers grain co-product from inside the ethanol facility and extracts more than 75% of the fat.

GreenShift's extraction process accomplishes this in two steps that can extract more than 6.5 million gallons per year of crude corn oil from a 100 million gallon per year ethanol production facility.

GreenShift has executed contracts with a number of corn ethanol producers to 'plug' its corn oil extraction systems into the back end of their facilities. These contracts have a minimum term of ten years and are based on the installation of turn-key extraction systems at participating ethanol facilities at GreenShift's cost in return for the long-term right to purchase the extracted oil at a price indexed off of diesel spot prices.

At current market prices, participating ethanol facilities earn about $8 million (for a 100 million gallon per year ethanol facility) per year in additional earnings that are tied to the diesel markets - for no investment. This enhances participating ethanol facilities' cash flows and helps to offset their market risk.

Additionally, the use of GreenShift's technology decreases the mass of distillers grain co-product that has to be dried and therefore also reduces the ethanol facility's use of fossil fuels and utility costs.

GreenShift's patent-pending corn oil extraction technology provides participating ethanol producers with the following compelling benefits:

- increased revenue and earnings

- decreased carbon emissions and

- enhanced biofuel yield and energy balance from corn.

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Moscow (UPI) Feb 25, 2008
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