11/08/2018 | Press release | Distributed by Public on 11/08/2018 16:43
Zörbig/Leipzig, November 8, 2018 - VERBIO North America Corporation, headquartered in Grand Rapids, Michigan, USA, a 51 percent subsidiary of VERBIO Vereinigte BioEnergie AG, has signed a contract today with E.I. DuPont de Nemours and company to purchase a cellulose ethanol plant located in Nevada, Iowa, USA. The purchase includes about 100,000 tons of baled corn stalks, which is located at multiple sites within a 50 kilometer radius the plant. The ethanol plant has a capacity for processing 300,000 tons of corn stalks to approximately 115,000 cubic meters of ethanol. Pending resolution of certain conditions the closing is expected by year-end 2018.
In the first phase planned expansion, VERBIO will supplement the existing facility by constructing a straw bio-methane plant with a thermal output of approximately 20 megawatts. Additional investment costs, taking into account existing infrastructure and usable plant components, are expected to amount to approximately USD 25 to 35 million.
This transaction allows VERBIO to enter the world's largest biofuel market using its unique straw bio-methane technology. There are good opportunities for growth in the viable US market for renewable natural gas (RNG). The project costs will be financed by using VERBIO AG's freely available cash and internal cash flow.
Information about VERBIO Vereinigte BioEnergie AG (VERBIO)
VERBIO is one of the leading independent producers and providers of biofuels and is at the same time the only large industrial producer of biodiesel, bioethanol and biomethane in Europe. The production capacity is at a rounded 470,000 tons biodiesel, 260,000 tons bioethanol and 600 gigawatt hours bio-methane per year. In the production of its highly efficient fuels, the company uses energy-saving production processes and innovative technologies of own development. The biofuels of VERBIO achieve CO2 reductions of up to 90 percent compared to petrol or diesel. VERBIO delivers its products directly to the European mineral oil conglomerates, mineral oil trading companies, independent gas stations, freight forwarders, municipal utilities and vehicle fleets. In addition, VERBIO markets high-quality pharma glycerine for the consumer goods and cosmetics industry (glycerine is gained as a by-product in biodiesel production). Within the group, VERBIO Vereinigte BioEnergie AG acts as Management Holding. The operative business is exercised by the subsidiaries, VERBIO Diesel Bitterfeld GmbH, VERBIO Diesel Schwedt GmbH, VERBIO Ethanol Schwedt GmbH & Co. KG, VERBIO Ethanol Zörbig GmbH & Co. KG and VERBIO Agrar GmbH. The VERBIO stock (ISIN DE000A0JL9W6 / WKN A0JL9W) has been listed at the Prime Standard of the Frankfurt stock exchange since October 2006.
This publication contains certain forward-looking statements concerning the VERBIO group of companies. The forward-looking statements contained herein represent the judgment of VERBIO as of the date of this release and involve risks and uncertainties. Should actual conditions differ from the Company's assumptions, actual results and actions may differ from those anticipated. VERBIO does not intend to update any of these forward-looking statements as far as the wording of the relevant publication is concerned.