INEOS Bio JV secures more financing for new plant in Florida

18 August 2011 22:13  [Source: ICIS news]

HOUSTON (ICIS)--INEOS New Planet BioEnergy (INPB), a joint venture between INEOS Bio and New Planet Energy, has secured $75m in additional financing for its Indian River BioEnergy Center in Florida, INEOS Bio said on Thursday.

Construction is about 20% complete and should be finished by April 2012, said INEOS Bio spokesman Dan Cummings.

The facility will produce 8m gal/year of bioethanol and 6 MW/year of electricity from yard, vegetative and household waste.

The electricity will power about 1,400 homes in the Vero Beach area of Florida, Cummings added.

The project will cost an estimated $130m (€90m).

In addition to the $75m in financing backed by a guarantee from the US Department of Agriculture, the project was awarded over $52m in cost-matching grants.

The plant will be the first to employ INEOS Bio’s “feedstock-flexible BioEnergy technology,” which uses a combination of gasification and fermentation technology to turn different types of waste materials into advanced biofuels and renewable power, INEOS Bio said.  

INEOS Bio is the bioenergy arm of UK-based chemicals company INEOS.

New Planet Energy is a US-based biofuel and energy company.

($1 = €0.69)

For more on INEOS visit ICIS company intelligence
For more on ethanol visit ICIS chemical intelligence

By: Bobbie Clark
+1 713 525 2653

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