Xethanol Corporation, a biotechnology-driven ethanol company, has completed its due diligence process on its previously announced acquisition of a Pfizer pharmaceutical manufacturing complex in Augusta, Georgia and will be closing on the complex within 30 days. The company also announced plans to construct a 50-million gallon per year cellulosic ethanol plant on the site which would begin producing ethanol by mid-2007.
PRAJ Technology, an India based world leader in bio-ethanol technology will provide engineering services, process design and licensing as well as the supply of vital sections of the process plant. PRAJ was also selected to provide the same services for Xethanol's recently announced new 35 million gallon per year facility at its Blairstown, Iowa site.
Christopher d'Arnaud-Taylor, Chairman and CEO of Xethanol, explains the facility will run on a variety of feedstocks from the forest products industry. "By combining Xethanol's proprietary technologies with those of PRAJ, we believe that we will have achieved our goal of being a low-cost producer of fuel ethanol from cellulosic materials. With our recent announcement of expanding our Blairstown, Iowa facility to 41 million gallons per year and bringing Augusta on line with 50 million gallons per year, our stated production goals are within our sights," he says.