GreenShift Corporation’s (OTCBB:GSHF) portfolio company Mean Green BioFuels Corporation (“Mean Green”) has announced plans to build a 30 million gallon per year biodiesel production facility in western Tennessee. The new Tennessee facility will be one of five such facilities that Mean Green intends to build, own and operate commencing in 2006.
Mean Green intends to finance, build, and operate five 20 to 60 million gallon per year biodiesel production facilities in the eastern U.S., where it will utilize its many patent-pending and proprietary oil recovery technologies to reduce America’s dependence on foreign oil by producing high quality biodiesel fuels.
Biodiesel is a clean burning alternative fuel that contains no petroleum. It can be blended at any level with petroleum diesel to create a biodiesel blend, it can be used in diesel engines with little or no modifications, and it is simple to use, biodegradable, nontoxic, and essentially free of sulfur and aromatics.
Over 37 billion gallons of petroleum diesel are used for domestic transportation each year in the U.S. The total demand for diesel fuel approaches 50 billion gallons per year when construction, farming and other off-road uses are considered. The current production of biodiesel in the U.S. is less than 100 million gallons per year leaving a considerable demand for the renewable fuel.
“Mean Green’s business model is distinct in several ways,” said David Cantrell, chief executive officer of Mean Green. “The most important distinction is that our model is based on our use of four oil conversion feedstocks whereas most biodiesel models rely only on one oil.”
The Mean Green model is based on the production of biodiesel out of the following sources:
1. Soy bean oil;
2. Animal fats procured from rendering operations;
3. Corn oil extracted from ethanol facilities using Mean Green’s breakthrough corn oil extraction technology;
4. Animal fats derived from dissolved air flotation wastewater sludges using the proprietary technologies of Mean Green’s sister company, GreenShift Industrial Design Corporation.
The new Mean Green biodiesel production facility planned for western Tennessee can be expected to initially create more than 100 new local jobs. At a conservative $2.30 per gallon, the new Mean Green facility can be expected to generate about $69 million in revenue per year once operational.
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