California’s First Large-scale Ethanol Plant Acquired

Pacific Ethanol has signed an agreement to acquire Phoenix Bio-Industries (PBI), which has recently completed construction of a 25 million gallon-per-year ethanol production facility in Goshen, California.

“PBI has built a great plant that will fit nicely into our growing business to meet consumer demand for clean-burning renewable fuel,” said Bill Jones, Pacific Ethanol’s Chairman. “With this acquisition, we expect to be a year ahead of schedule on executing our business plan to commence producing ethanol.” The facility is currently undergoing initial start-up testing and, once fully operational, the facility is expected to be the first large-scale ethanol production facility located in California. “It has been a three-decade long career in the renewable fuels industry that has enabled us to build the first large-scale ethanol production plant located in California,” said Rick Eastman, PBI founder. “We believe that this facility will be one of the most energy-efficient plants in the nation using technologies that weren’t available fifteen years ago.” Pacific Ethanol and PBI have also entered into an agreement under which Kinergy Marketing, a subsidiary of Pacific Ethanol, would market all of the ethanol produced by PBI at its Goshen facility. In addition, Western Milling, one of the largest marketers of grain and feed in California, earlier this year entered into a marketing agreement with Pacific Ethanol under which it will market all of Pacific Ethanol’s distillers wet grains produced at Pacific Ethanol’s planned ethanol production facility located in Madera County, California and at the Goshen production facility. Established in 2003, Pacific Ethanol is also planning to construct a large-scale ethanol production facility in Madera County, California.
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