Company enters contract negotiations with Pike County, Ky. INDIANAPOLIS, Aug. 20
INDIANAPOLIS, Aug. 20 /PRNewswire/ -- Agresti Biofuels (formerly Indiana
Ethanol Power LLC) announced today that it will begin contract negotiations
with Pike County, Ky. for the first commercial municipal solid waste (MSW) to
cellulosic ethanol production facility in the United States. The facility and
process are completely clean -- air and water will not be polluted -- and
waste materials like plastics, rubber and metal will be separated from the MSW
for recycling.
Pike County, searching for a more cost effective and
environmentally-friendly alternative to its current hollow landfill nearing
capacity, voted to begin contract negotiations with Agresti Biofuels for
construction of the Central Appalachian Ethanol Plant on August 19. The
county's current landfill receives 400 tons of MSW per day; when fully
operational, the new plant could process as much as 1,500 tons of MSW per day.
Judge Wayne T. Rutherford, who championed the project for Pike County,
expects the Central Appalachian Ethanol Plant to position the county as a
leader in waste management technology as well as enhance the local economy.
"It's a win-win situation for every party involved," said Judge
Rutherford. "This plant will not only improve the environment, but it will
bring more than a hundred new jobs to Pike County when fully operational,
which will be a large boost for our local economy."
The decision to move forward comes following announcements that the new
United States renewable fuel standards mandate the production of 36 billion
gallons of ethanol by 2022. Attaining that goal will significantly reduce our
country's dependence on foreign oil. At this time, the Central Appalachian
Ethanol Plant is expected to produce 20 million gallons of fuel-grade ethanol
and other saleable products derived from MSW by utilizing the patented
GeneSyst process invented by James Titmas.
"It has been exciting to work with Judge Rutherford, Roger Ford, the Pike
County Energy Director, and the Pike County team," Zig Resiak of Agresti
Biofuels said. "After five months of significant due diligence, including the
commissioning of a technical evaluation of Agresti's process by the Oak Ridge
National Laboratory, Pike County reached the decision to move forward with
this project. We are firmly committed to building a state-of-the-art facility
for their community and making Pike County a better place to live."
The Central Appalachian Ethanol Plant will be located on a 40-acre site
owned by Pike County, near its current landfill. The project has engaged
Oppenheimer and the RBC Capital Markets Corporation to provide the financing,
allowing Agresti to move forward without requiring local, state or federal
subsidies.
Agresti Biofuels was formed through the collaboration of world-class
engineers and consultants including project manager RW Armstrong; GeneSyst
International, Inc.; River's Bend Engineering, Inc.; and Ghafari Associates,
LLC. Oppenheimer and the RBC Capital Markets Corporation have teamed to
provide financial underwriting and consulting services for Agresti Biofuels.
Agresti Biofuels is also currently in contract negotiations with Lake
County, Ind., where it has received support from the State of Indiana's Office
of Energy & Defense.
SOURCE Agresti Biofuels
