MISSISSAUGA, ON, Jan. 11 /CNW/ - Woodland Biofuels announced today the
closing of a common equity investment in Woodland to help build a
groundbreaking demonstration plant that will efficiently produce
cellulosic ethanol from renewable wastes.
The common equity investment is part of a $12 million demonstration
plant financing. Investors include the Ontario Emerging Technologies
Fund (OETF), Investeco Capital, and David LeGresley, former
Vice-Chairman of National Bank Financial. OETF is a $250 million fund
established by the Province of Ontario to co-invest alongside qualified
investors in innovative, high-growth, private Ontario companies.
Investeco Capital is a private equity firm focussed primarily on
high-growth companies with lasting competitive advantages.
The demonstration plant will use Woodland's patented technology, which
can produce sustainable fuels from virtually any type of biomass,
including wood waste, agricultural waste and municipal waste. The
technology generates no toxic emissions and eliminates the need to use
food, such as corn, to produce ethanol.
"We are excited to be part of this important step towards the
commercialization of Woodland's process," said Andrew Heintzman, President of Investeco Capital. "The potential of the opportunity is truly enormous, and we believe the
Woodland team has the skills and ability to execute."
"We expect this demonstration plant to show that Woodland will be the
lowest cost producer of automotive fuel in North America," said Greg Nuttall, President and CEO of Woodland. "This financing further validates Woodland's technology and business,
moving us another step closer to leadership in the biofuels market."
The plant will be located at the Bioindustrial Innovation Centre, in the
University of Western Ontario's Sarnia-Lambton Research Park.
Woodland is a global leader in the move to sustainable, renewable, clean
fuel. Woodland's technology eliminates the use of food to make ethanol
by converting any kind of biomass (wood waste, crop waste, municipal
waste, and more) into ethanol or other high value products.
SOURCE Woodland Biofuels Inc.
For further information:
Greg Nuttall, President & CEO
Woodland Biofuels Inc.
t. 905.670.5502, ext. 404