Earth Biofuels Buys 80% of Ethanol Production Facility

Earth Biofuels, Inc.’s wholly owned subsidiary Earth Ethanol, Inc. has entered into an agreement with Liquafaction Corporation to construct and operate an ethanol production facility near Moses Lake, Washington.

Earth Ethanol will own 80% of the facility, which is projected to produce approximately 36 million gallons of ethanol per year by the end of 2007. The project is a renovation and expansion of an existing ethanol plant built in 1992 with an original capacity of approximately six million gallons per year. The facility will be upgraded will be able to process both corn and barley as feedstock for the ethanol production, thereby reducing exposure to price fluctuations. “The estimated production capacity of this facility is in line with our objective of having an annualized ethanol production rate of at least 30 million net gallons by the end of 2007,” said Earth Biofuels’ Executive Vice President, Kit Chambers.
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