Xethanol Corporation (AMEX: XNL), a renewable energy company, today announced that its subsidiary Southeast Biofuels LLC has received a $500,000 grant from the Florida Department of Agriculture and Consumer Services.
Xethanol says it will use the grant to expand its work on converting waste to energy, using citrus waste as the raw material and converting it into cellulosic ethanol.
The company has plans to build a demonstration plant for converting citrus peel waste into ethanol and is negotiating an agreement to locate the plant at an existing citrus facility in Florida owned by one of the largest citrus processors in the state, according to a release. The planned cost for the two-year build-out of the demonstration plant is approximately $5.9 million.
David Ames, President and CEO of Xethanol commented, "We are delighted to have received the grant from the Florida Department of Agriculture and Consumer Services, which we believe validates our research efforts to convert waste to energy." Mr. Ames added, "Xethanol is extremely enthusiastic to take this project forward with the USDA and the state of Florida."
About Xethanol Corporation
Xethanol Corporation is a renewable energy company focused on alternate energy products and technologies as well as producing ethanol and other co-products.
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