GreenShift Agrifuels and Global Ethanol Form Corn Oil/Biodiesel Joint Venture

GreenShift Agrifuels and Global Ethanol, LLC have announced agreements to extract approximately 10 million gallons per year of crude corn oil from the distillers grain co-product of Global Ethanol’s 100 million gallon per year ethanol facility in Lakota, Iowa and 57 million gallon per year ethanol facility in Riga, Michigan. The corn oil will then be converted into biodiesel at Global Ethanol’s Lakota facility. GreenShift’s patent-pending corn oil extraction system is designed to extract crude corn oil out of the distillers dried grain co-product of the dry mill ethanol production process.

Under the terms of the agreements, GS AgriFuels Corporation and Global Ethanol formed a jointly owned company called GS Global Biodiesel, LLC to build, own and operate the Lakota, Iowa-based biodiesel facility. The facility will be initially sized for 10 million gallons of biodiesel production per year but will be designed to scale up to 30 million gallons per year.

“Global Ethanol is clearly committed to technology-driven production improvements and is a key strategic partner for GreenShift,” said Kevin Kreisler, GreenShift’s chief executive officer. “In addition to converting the 10 million gallons of corn oil that we extract from Lakota and Riga into biodiesel, we plan to ship an additional 20 million gallons of corn oil as we bring extraction systems online at nearby ethanol facilities to GS Global Biodiesel for conversion as well. Global Ethanol’s team will run the facility and market the biodiesel and their expertise in commodities management and operations will make a facility of this scale an exciting and successful project.”
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