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AE Biofuels Raises $4.5 Million, Re-Opens California Ethanol Plant
AE Advanced Fuels Keyes, a subsidiary of AE Biofuels, closed a $4.5 million financing with Third Eye Capital Corporation. The funds will be used for the repair, restart and operation of an existing 55 million gallon per year ethanol plant located in Keyes, California.
The Keyes plant, originally built by Cilion, Inc., at a cost of $130 million, was completed in 2008 but closed down in 2009 for technical problems. AE Keyes plans to retrofit the Keyes plant and be fully operational by the first quarter of 2011.
“Securing this funding is an important milestone for AE Biofuels as we expand local biofuels production in one of the largest ethanol markets in the world,” said Eric McAfee, chairman and CEO of AE Biofuels, Inc.
Now that Proposition 23 is defeated, California is back on track to increase its push for renewable energy. With the doubling of the permissible amount of ethanol per gallon in January, AE Keyes will be well positioned to be successful when it opens in 2011.
As for green jobs, the hope is that there will be dozens if not hundreds of new jobs created to operate the plant.