| USA. Augusta to be home of CoastalXethanol new bio-fuel production plant |
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| Friday, 01 September 2006 | |
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Company news: Xethanol Corporation (AMEX:XNL), a biotechnology driven ethanol producer, announced today that its CoastalXethanol joint venture closed its purchase of the former Pfizer Inc. (NYSE:PFE) pharmaceutical manufacturing complex located in Augusta, Georgia last week with a dedication of the plant. The closing was celebrated at the new facility that brought together Augusta Mayor Deke Copenhaver, executives from Xethanol and CoastalXethanol, as well as numerous Augusta business leaders, dignitaries and children from Heritage Academy. "Today our community is blessed to welcome CoastalXethanol as our newest corporate citizen," said the Mayor in his remarks. After noting that the day was "no doubt an historic day for Augusta," Mayor Copenhaver added: "Much has been made about our nation's need to move away from a reliance on foreign oil. CoastalXethanol fundamentally understands this need and has answered the call to push forward with a focus on bio-fuel production. By selecting Augusta as the home to their newest production facility, CoastalXethanol has placed our City in a position to become a national leader in bio-fuel production and technology. As the disturbing trend of manufacturing jobs moving overseas continues, there is an immediate need for Augusta to diversify our economy and today's closing announcement is a strong step in that direction." The facility, which will be known as Augusta BioFuels, is housed on a 40-acre site that includes an 89,100 square foot manufacturing facility, a 25,000 square foot warehouse facility, 7,300 square feet of laboratory space and 16,000 square feet of offices and conference rooms. CoastalXethanol intends to retrofit the site to produce 50 million gallons of ethanol per year from a variety of feedstocks, including biomass waste streams generated by industrial producers in the area and will mark the first facility of its kind in the region. The flexible feedstock plant is being designed by Praj Technology, a world leader in ethanol plant design and technology. Lucas Rice, Vice-President of Operations for Xethanol noted that when fully operational, which is expected in approximately 14-16 months, the facility will employ about 100 workers. While at the dedication, Mr. Rice commented, "We are delighted to bring this operation to Augusta and we intend to be involved in a big way with this community," noting that Xethanol plans to give surplus computers and other equipment that has been purchased to the Heritage Academy and is currently in negotiations with the Central Savannah River Land Trust to grant a conservation easement on 10 acres that it now owns on the Savannah River. |
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| Last Updated ( Friday, 01 September 2006 ) |
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