Xethanol Corp (AMEX: XNL) announced today that it is changing its name to Global Energy Holdings Group, Inc. (NYSE Alternext US: GNH) and changing its business focus from cellulosic ethanol to methane.
Following the restructure, the Atlanta, Georgia-based company now has two subsidiaries, Global Energy Systems and Global Energy Ventures.
Global Energy Systems will develop renewable energy projects with a focus on biomass and landfill-gas-to-energy. It also implements energy conservation and alternative energy projects for commercial and governmental organizations across the United States, including government agencies and the U.S. military.
Global Energy Ventures invests in early stage, strategically relevant energy companies.
Global Energy Holdings CEO David Ames said the company chose to get out of ethanol, because the market has gotten too tight amid falling oil prices.
"You can make cellulosic at a price but it’s not going to be economical when there are depressed prices for ethanol," Ames said.
Cash ethanol prices in the Midwest have fallen about $1.20, to about $1.70 a gallon, since June, according to Reuters.
Global Energy Holdings Group said it recently restructured its management team and that it has extensive experience in developing companies in various sectors of the energy markets. In addition, the company said its engineering staff has significant expertise in biomass gasification, cogeneration, heat recovery and energy conservation projects.
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