Home » Biomass » AE Biofuels Secures $3.5Mn Funding for Start-up of 55 Mn Gallon Ethanol Plant

AE Biofuels Secures $3.5Mn Funding for Start-up of 55 Mn Gallon Ethanol Plant

AE Biofuels, Inc. is a global vertically integrated biofuels company based in Cupertino, California, developing sustainable solutions to address the world’s renewable energy needs. The company is working to commercialize its patent-pending next-generation cellulosic ethanol technology that enables the production of biofuels from both non-food and traditional feedstocks. Its wholly-owned Universal Biofuels subsidiary built and operates a nameplate 50 million gallon per year biodiesel production facility on the east coast of India.

AE Biofuels, Inc. (OTC: AEBF), announced a couple of days back, its wholly-owned advanced ethanol subsidiary AE Advanced Fuels Keyes, Inc. (AE Keyes), closed a $3.5 million financing with Third Eye Capital Corporation. The funds will be used to restart and operate a 55 million gallon per year ethanol plant located in Keyes, California. In November 2010, AE Keyes received $4.5 million from Third Eye Capital to complete the repair and retrofit of the Keyes facility.

AE Keyes expects to restart the Keyes plant and be fully operational by late April 2011. AE Keyes took possession of the facility under a project agreement with Cilion, Inc. in 2010. The revised project agreement extends the original lease from three to five years, with an early termination right at three years.

AE Advanced Fuels Keyes also announced that it has signed a grain supply and services contract with J.D. Heiskell & Co. AE Keyes will market its wet distillers grains (WDG) through an agreement with A.L. Gilbert, and the company previously announced its ethanol marketing agreement with Kinergy Marketing LLC.

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