Green Energy Resources (Other OTC:GRGR.PK) plans to launch the first wood biomass IPO on the London Aim Market.
Wood cellulose is a potentially larger ingredient to ethanol and biodiesel fuel production than corn. Green Energy Resources has been working toward a London AIM listing since December of 2005. The company is an international supplier of wood biomass for clean coal technology, gasification, biofuels (ethanol and biodiesel) as well as direct burn energy to power plants. The company has access to over 30 million tons of wood, according to CEO Joseph Murray, and has recently hired a CFO to accelerate the timetable.
Alan Greenspan testifying before a US Senate Committee on June 7, stated that corn based ethanol “would only have a limited role” and “its ability to replace gasoline is limited at best”. Greenspan said alternative biomass feedstocks such as wood, were “cheaper”.
A 2005 scientific breakthrough utilizing cellulostic fiber discovered at the College of Environmental Science in Syracuse, New York has thrust woodchips and woodfiber to the forefront of the ethanol production equation of the biofuels industry. President Bush in recent months has touted woodchips as a key to biofuels production in the United States.
Green Energy Resources plans to maintain a listing in the United States on the (OTCBB) Nasdaq Bulletin Board. The company has shown profits for the last two years, has no debt and recently issued a 5% stock dividend to shareholders.
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