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Pacific Ethanol Retires Senior Convertible Notes (Ind. Report)
Sacramento, Calif.-based Pacific Ethanol, Inc. re[ports that it has retired in full its $14.0 million senior convertible notes.
Company CEO Neil Koehler stated: "The full retirement of our senior notes strengthens our balance sheet by lowering our overall debt balances. We used the proceeds from these notes to retire or extend the remaining plant debt that matured in June 2013 and to increase our ownership in the Pacific Ethanol Plants. In the current positive operating margin environment, the Pacific Ethanol Plants are contributing significantly to our earnings, demonstrating the value of these assets and the impact of our increased ownership." (Source: Pacific Ethanol, 13 Jan., 2014)
CONTACT: Pacififc Ethanol, Paul Koehler, Pres., (916) 403-2790, email@example.com
Tags Pacific Ethanol news
, Ethanol news
, Biofuel news
Pacific Ethanol Enters into Debt Reduction Agreement (Ind. Report)
Sacramento, Calif.-based Pacific Ethanol, Inc. has entered into agreements to reduce the principal amount of its senior notes by $2.0 million by issuing 500,000 shares of common stock. The debt reduction will avoid will avoid scheduled interest rate increases and lock in an annual rate of five percent for the remaining term of the senior notes.The company will also
purchase an aggregate of 6 percent of additional ownership interests in New PE Holdco LLC, the owner of the Pacific Ethanol plants, for a total cash purchase price of $500,000. The acquisition will increase the company's ownership interest in the Pacific Ethanol plants to 91 percent.
(Source: Pacific Ethanol, PR, Dec. 16, 2013) Contact: Pacific Ehanol, Paul Koehler, (916) 403-2790, firstname.lastname@example.org
Tags Racific Ethanol news
, Ethanol news
Sweetwater Inks $100M Pacific Ethanol Deal (Ind. Report)
Sweetwater Energy,Pacific Ethanol
Sweetwater Energy Inc. and Pacific Ethanol Inc. have inked a 15-year, $100 million agreement under which Sweetwater will supply industrial for ethanol production to Pacific Ethanol.
Under the agreement,
Sweetwater will use its patented process to convert locally available feedstocks such as crop residue and wood waste into a sugar solution from which Pacific Ethanol will produce cellulosic ethanol at a 3.6 million gpy cellulosic biorefinery that Pacific will build in Stockton, California.
Sweetwater will supply up to 6 percent of Pacific Ethanol Stockton's feedstock requirements. As the partnership grows Sweetwater may increase that amount.
Sweetwater CEO Arunas Chesonis said he expects a steady stream of new deals that will generate annual revenues of $800 million to $1 billion in three to five years. (Source: Sweetwater, D&C Democrat, 18 Dec., 2013) Contact: Sweetwater Energy, (585) 647-5760, www.sweetwater.us; Pacific Ethanol, Inc., Paul Koehler, (916) 403-2790, email@example.com, www.pacificethanol.net
Tags Ethanol news, Cellulosic news, Sweetwater Energy news, Pacific EThanol news, Cellulosic news,
Ethanol Producers Snap-Up Cheap USDA Sugar Collateral (Ind. Report)
USDA,American Sugar Alliance
The USDA reports that it has sold 216,750 of the 296,500 tons of sugar that it was holding as collateral for USDA loans under its sugar program. The sugar was encumbered to the USDA at the rate of 20.9 cents per pound but the USDA sold the sugar to ethanol producers for 2.6 cents per pound.
The sale amounted to 73 percent of the USDA's inventory.
Perkins, Illinois-based Aventine Renewable Energy purchased 135,250 tons; Pacific Ethanol, with plants in Oregon, Idaho and California bought 51,500 tons and Central Indiana Ethanol took 30,000 tons. USDA offered the remaining inventory for sale for non-food use as well.
Phillip Hayes with the American Sugar Alliance says the problem is with Mexico which has been allowed free access to the U.S. market. He says the Mexican governmet is well-aware of the oversupply and the U.S. and Mexican governments have spoken about the issue but so far Mexico has done nothing to curb production. Hayes notes that without our current sugar policy, our growers would go out of business. (Source: Brownfield AG News, 25 Nov., 2013) Contact: American Sugar Alliance, (703) 351-5055, http://www.sugaralliance.org
Tags USDA news, American Sugar Alliance news,
Pacific Ethanol Diversifies Feedstock (Ind. Report)
Sacramento, California-headquartered Pacific Ethanol, Inc. reports that it has secured 103 million pounds of additional beet sugar in a second agreement with the Commodity Credit Corporation, a division of the USDA.
Combined with the company's October purchase, the total 270 million pounds of sugar represents feedstock to produce approximately 20 million gallons of ethanol. Both purchases have been priced at a substantial discount to current and expected costs of a comparable amount of delivered corn. (Source: Pacific Ethanol, Nov. 25, 2013) Contact: Pacific Ethanol, Inc., Paul Koehler, (916) 403-2790, firstname.lastname@example.org, www.pacificethanol.net
Tags Pacific Ethanol news, Sugar Beet news, Ethanol news,
Pacific Ethanol Responds to Proposed 2014 RFS Rules (Ind. Report)
Sacramento, Calif.-based Pacific Ethanol, Inc., the leading marketer and producer of low-carbon renewable fuels in the Western U.S., issued the following statement from Neil Koehler, CEO, in response to the EPA's recently proposed reductions to the 2014 Renewable Fuel Standard (RFS) targets:
"The RFS is the single most effective energy policy this country has ever had to reduce our dependence on foreign oil, develop renewable fuels as a meaningful alternative to fossil fuels, and reduce carbon emissions from transportation while boosting the economy and lowering the cost of gasoline to consumers. Importantly, the policy is spurring innovation in new advanced biofuels as substitutes for both gasoline and diesel. The renewable fuels industry, with its existing infrastructure, stands ready to deliver the levels of renewable fuels in 2014 set by the RFS.
"The EPA proposes to use what we view as questionable regulatory discretion to lower the 2014 renewable fuels targets. We believe that the EPA's proposed ruling is incompatible with the already achievable objectives of the RFS and will squander the opportunity to optimize the environmental, energy and economic benefits of this valuable policy.
The market for renewable fuels is ready for continued growth. Seventy percent of the vehicles on the road today have been approved by the EPA for the use of up to fifteen percent ethanol blends. Additionally, over 15 million E85 vehicles are on the road today with over 3,000 fueling stations offering E85 across the country. We and other stakeholders will emphasize these points to the EPA during the comment period. We hope the final rule will be revised to better reflect the intentions and the promise of the RFS.
"The ethanol industry remains on strong footing. A record corn harvest and lower corn prices support the economics of ethanol production and blending. Ethanol is the lowest cost transportation fuel in the world. Domestic demand is strong and exports have increased significantly in recent weeks. Ethanol production margins are currently at their highest levels for all of 2013. We believe, regardless of the final EPA ruling, that the demand for ethanol will remain strong in 2014 as the compelling economics of ethanol blending will support a tight supply and demand balance, sustaining strong industry margins." (Source: Pacific Ethanol, PR, 20 Nov., 2013)
Pacific Ethanol, Inc.. Paul Koehler, (916) 403-2790, email@example.com, www.pacificethanol.net
Tags Pacific Ethanol news, Ethanol news, RFS news,
Pacific Ethanol Producing Corn Oil at Stockton Plant (Ind. Report)
Sacramento, California-based Pacific Ethanol, Inc. has begun commercial production of corn oil utilizing Edeniq, Inc.'s Oil Plus(trade; proprietary process at its Stockton, California plant.
Paciff-ic Ethanol president Neil Koehler said "We are pleased to be producing corn oil at our Stockton plant. Corn oil is a high value co-product with multiple markets including animal feed and biodiesel. Corn oil production at our ethanol plants is an important strategy to further diversify our plant revenue streams and significantly improve operating income." (Source: Pacific Ethanol, PR, WSJ, Oct. 9, 2013) Contact: Pacific Ethanol, Inc., Paul Koehler, (916) 403-2790, firstname.lastname@example.org, www.pacificethanol.net; Edeniq, (559) 302-1777, www.edeniq.com
Tags Pacific Ethanol news, Edeniq news, Corn Oil news, Ethanol news,
USDA Reports Advanced Biofuel Payment Recipients (Funding)
The USDA has announced a new round of payments to biofuel producers under the Advanced Biofuel Payment Program. 188 producers are receiving combined payments of nearly $15.5 million under this round of funding.
The Advanced Biofuel Payment Program, which was established by the 2008 Farm Bill, makes payments to eligible biofuel producers based on the quantity of advanced biofuels produced from renewable biomass, other than corn starch. Recipients in this round of funding include:
California-based Pacific Ethanol Holding Co. LLC, $58,155
Indiana-based Central Indiana Ethanol LLC, $90,806
Kansas-based Reeve Agri Energy LLC, $50,876
Kansas-based Nesika Energy LLC, $76,803
Kansas-based Prairie Horizon Agri-Energy LLC, $159,910
Kansas-based Bonanza Bioenergy LLC, $162,913
Kansas-based Diamond Ethanol LLC, $247,214
Kansas-based Western Plains Energy LLC, $267,460
Kansas-based Arkalon Ethanol LLC, $275,068
Kansas-based Kansas Ethanol LLC, $288,723
Missouri-based Abengoa Bioenergy Outsourcing LLC, $241
Missouri-based Abengoa Bioenergy Corp., $327
Nebraska-based Cornhusker Energy Lexington LLC, $1,809
Nebraska-based Kappa Ethanol LLC, $4,176
Texas-based White Energy Inc., $757,398.
(Source: USDA, Various Sources, Ethanol Producer, 13 Sept., 2013)
Contact: USDA Advanced Biofuel Payment Program, http://www.rurdev.usda.gov/ORbcp_biofuel9005.html
Tags USDA news
, Advanced Biofuel Payment Program news
San Joaquin County Biofuels Operations Win USDA Funding (Funding)
USDA,American Biodiesel Inc
The USDA is reporting that three companies with operations in San Joaquin County, California, are receiving additional federal support for the production of advanced biofuels. The companies are among 188 producers receiving nearly $15.5 million from the USDA's Advanced Biofuel Payment Program, which aids the production of fuels produced from renewable biomass, other than corn grains, such as crop residue; animal, food and yard waste; vegetable oil; and animal fat.
Among the recipients is American Biodiesel Inc., which does business as Community Fuels and produces biodiesel at its Stockton refinery. The Encinitas-based company is receiving $47,186 from the USDA.
The company previously used such payments to install equipment and increase production.
Pacific Ethanol Holding Co., which has a plant in Stockton, received $58,155. Castelanelli Bros., a Lodi-area dairy that operates an anaerobic digester to produce methane to produce electricity for its dairy operation also received funding. (Source: USDA, RecordNet.com, Sept. 14, 2013) Contact: USDA Advanced Biofuel Payment Program, www.rurdev.usda.gov; American Biodiesel Inc., Lisa Mortenson, CEO, (760) 942-9306, email@example.com, www.communityfuels.com
Tags USDA news, Biofuel news, American Biodiesel Inc news,
Pacific Ethanol Raises Cash, Reduces Debt (Ind. Report)
Pacific Ethanol Inc.
Sacramento-based Pacific Ethanol Inc. reports that it has raised more money and paid off short term debt.
The company issued $8 million in subordinated convertible shares, which represented the second part of an effort to raise $14 million the company first announced March 28.
The company also announced that it purchased the remaining $4.1 million of plant debt which was due Tuesday for $3 million, thereby extending the maturity of $2.9 million of the debt to June 2016 and retiring $1.2 million of debt.
Pacific Ethanol sells ethanol for blending into gasoline. The company also sells ethanol production byproducts including corn oil and wet distillers grains DDGs for animal feeds.
(Source: Pacific Ethanol, Sacrament Business Journal, June 26, 2013) Contact: Pacific Ethanol, Paul Koehler, Pres, (503) 235-8241, firstname.lastname@example.org, www.pacificethanol.net
Tags Pacific Ethanol Inc. news, Ethanol news, Biofuel news,
GreenShift, Pacific Ethanol Wrangle over Corn Oil Extraction Patent (Ind. Report)
GreenShift Corporation reports that its wholly-owned subsidiary GS CleanTech Corporation has filed suit against Pacific Ethanol, Inc. for infringement on GreenShift's patented corn oil extraction processes.
In a release, Greenshift said it will continue to defend against all infringement of its corn oil extraction patents to protect the competitive advantage of its licensed ethanol plants.
(Source: Greenshift Corp., PR, 4 June, 2013) Contact: GreenShift Corporation, Chris Kennedy, email@example.com
; Pacific Ethanol, Paul Koehler, Pres, (503) 235-8241, firstname.lastname@example.org
Tags Ethanol news
, Corn Oil news
, Pacific Ethanol news
, Greenshift news
Pacific Ethanol, Chromatin Seal Sorghum Supply Deal (Ind. Report)
Chromatin, Inc., a provider of innovative crop breeding technology, sorghum seed products and feedstocks, and Pacific Ethanol, Inc. have entered into a multi-year agreement to produce, deliver and use locally grown sorghum in the production of ethanol. The agreement covers up to 30,000 acres of Chromatin sorghum to be grown over multiple years and supplied to Pacific Ethanol.
California ethanol producers have been seeking locally grown alternative crops to corn to reduce feedstock costs and to improve their carbon footprint. California-grown sorghum has proven to be a cost effective and energy efficient alternative. Using sorghum grain also enables ethanol producers to qualify as Advanced Bio-fuel Producers . (Source: Chromatin, PR, Feb. 18, 2013) Contact: Chromatin Inc., David Jessen, CEO, (312) 235-3610, www.chromatininc.com; Pacific Ethanol, Paul Koehler, Pres, (503) 235-8241, email@example.com, www.pacificethanol.net
Tags Sorghum news, Pacific Ethanol news, Chromatin news, Ethanol news,
Pacific Ethanol increases Production Plant Stake, Refinances Debt (Ind. Report)
Pacific Ethanol Inc. has closed agreements to increase its ownership interest in the Pacific Ethanol plants and improve its debt position.
Sacramento-based Pacific Ethanol purchased $21.54 million of secured term debt in the Pacific Ethanol plants and extended the maturity date of that debt from June, 2013 to June, 2016.
This transaction also extended maturity of Pacific Ethanol's $10 million secured revolving line of credit from June, 2013 to June, 2015.
The company also purchased an additional 13 percent ownership in New PE Holdco LLC -- the entity that owns Pacific Ethanol's plants -- for $1.3 million.
These actions increase Pacific Ethanol's ownership to 80 percent.
The company issued $22.2 million of senior unsecured notes, and five-year warrants to purchase an aggregate of 25.6 million shares of the company's common stock to fund these transactions.
(Source: Pacific Ethanol, Sacramento Bus. Journal, Jan. 18, 2013) Contact: Pacific Ethanol, Paul Koehler, Pres, (503) 235-8241, firstname.lastname@example.org
Tags Pacific Ethanol news
, Ethanol news
Pacific Ethanol to Expand Production with Edeniq (Ind. Report)
Biomaterials and sustainable fuels company Edeniq reports that Pacific Ethanol Stockton LLC will install Edeniq's proprietary Cellunators™ technology at the company's ethanol plant in Stockton, California. Pacific Ethanol will also deploy Edeniq's patented OilPlus™ corn oil extraction process to increase corn oil recovery.
Edeniq's Cellunator™ technology mills corn and other plant materials into 'right-sized' particles of feedstock that can be more efficiently converted into the plant sugars needed to produce biofuels. Edin1q's OilPlus™ combines thermal, mechanical, and chemical treatments to improve the recovery of corn oil, a valuable co-product that can be used for feed and other bio-industrial products.
Paccific Ethanol has four ethanol plants in the Western U.S. including California, Oregon and Idaho, with a combined ethanol production capacity of 200 million gpy.
Edeniq currently has technology agreements with six ethanol producers across the U.S. Pacific Ethanol will be the company's second plant partner in California. In addition, Edeniq owns and operates a demonstration-scale production facility in Visalia, California, which is currently converting a range of cellulosic feedstock into low-cost cellulosic sugars and cellulosic ethanol.
(Source: Edeniq, Inc., PR, Jan. 11, 2013) Contact: Pacific Ethanol, Paul Koehler, Pres, (503) 235-8241, email@example.com, www.pacificethanol.net; EdeniQ, Daniel Lane, (559) 302-1777, www.edeniq.com
Tags Pacific Ethanol news, Edeniq news, Corn Ethanol news,
Tags Biofuel Feedstocks news, Corn Ethanol news, Pacific Ethanol news, Edeniq news,
Nasdaq gives Pacific Ethanol a Warning and a Break (Ind. Report)
Following on oir June 7 coverage, Nasdaq has granted Sacramento-based Pacific Ethanol Inc. a 180-day extension to avoid delisting due to
the company's non-compliance with the rule requiring listed securities to maintain a minimum $1 per share closing bid price for 10 consecutive trading days.
That was Pacific's second delisting warning in a year and the third since September 2009.
With this new warning, Pacific now has until June 3, 2013 to comply. (Source: NASDAQ, Pacific Ethanol, Sacramento Bee, 5 Dec. 2012)
Contact: Pacific Ethanol, Paul Koehler, Pres, (503) 235-8241, firstname.lastname@example.org
Tags Pacific Ethanol news
Pacific Ethanol uses Chromatin California-Grown Sorghum in Ethanol Production (Ind. Report)
Chromatin Inc,Pacific Ethanol
Chicago-based Chromatin Inc. reports that it's seeds have generated the first crop of sorghum grown by L&R Mussi Farms of Stockton, California. The crop was grown specifically for, and used for ethanol production by, Pacific Ethanol, Inc.
Ethanol producers in California and elsewhere have been seeking an alternative to corn to reduce feedstock costs, improve their carbon footprint, and to source feedstock from locally grown energy-efficient crops. By using sorghum grain, ethanol producers may qualify as advanced biofuel producers and qualify for financial incentives.
According to Pacific Ethanol president Neil Koehler, Pacific Ethanol used sorghum for approximately 30% of the feedstock at our Stockton plant during the third quarter.
(Source: Chromatin, Pacific Ethanol, Biofuels Bus. Quarterly, 5 Dec., 2012) Contact: Chromatin Inc.,
Contact: Chromatin Inc., David Jessen, CEO, (312) 235-3610, www.chromatininc.com; Pacific Ethanol, Paul Koehler, Pres, (503) 235-8241, email@example.com, www.pacificethanol.net
Tags Chromatin Inc news, Pacific EThanol news, Sorghum news, Biofuel news,
Pacific Ethanol Implementing EdeniQ Corn Oil Tech at Stockton Plant (Ind. Report)
Sacrament-based Pacific Ethanol, Inc. reports that it will utilize EdeniQ's patented OilPlus™ corn oil separation technology at its Stockton, California plant -- the second Pacific Ethanol plant to utilize the technology. In June 2012, the company also announced the implementation of corn oil separation technology at its Magic Valley plant.
Corn oil is a high value co-product for the Pacific Ethanol plants. (Source: Pacific Ethanol, Nov. 5, 2012)
CONTACT: Pacific Ethanol, Paul Koehler, Pres, (503) 235-8241, firstname.lastname@example.org
; EdeniQ, Daniel Lane, (559) 302-1777, www.edeniq.com
Tags Pacific Ethanol news
, Edeniq news
, Corn Ethanol news
Pacific Ethanol Prices Public Offering (Ind. Report)
Sacramento, California-based Pacific Ethanol Inc has priced an underwritten public offering of 27.5 million units at $0.40 a unit, for gross offering proceeds of $11 million.
The net proceeds from the offering will be used to repay $10 million in senior unsecured notes that are due in April 2013, with the balance going toward general corporate purposes.
Each unit consists of one share of common stock and one deserve to buy one share of common stock (warrant). The shares of common stock and warrants are immediately separable and will be issued un-connectedly. The Warrants are exercisable upon issuance, have a 3-year term and an exercise price of $0.59 a share.
(Source: Pacific Ethanol, Money & Finance, Sept, 24, 2012) Contact: Neil Koehler, President and CEO, Pacific Ethanol, (916) 403-2123, www.pacificethanol.net
Tags Pacific Ethanol news
Corn Ethanol Producers Parched and Pinched - Report Attached (Ind. Report)
BioFuel Energy,Pacific Etanol
Engulfed by the worst nationwide drought in decades, the U.S. ethanol industry is struggling with soaring corn prices that show little sign of retreat. Since mid-June, corn prices have jumped over 60 percent, while ethanol prices have increased approximately 33 percent over the same period and some companies are losing 35 cents on each gallon of ethanol produced.
Five Star Equities examines the outlook for companies in the Ethanol Industry and provides equity research on BioFuel Energy Corp.
Access to the full company reports can be found at:
Five Star Equities has not been compensated by any of the above-mentioned companies. We act as an independent research portal and are aware that all investment entails inherent risks. Source: Five Star Equities, 27 July, 2012) Five Star Equities, Please view the full disclaimer at: www.FiveStarEquities.com/disclaimer
Tags BioFuel Energy news, Pacific Ethanol news,
Higher Sales and Higher Losses at Pacific Ethanol (Ind. Report)
Sacramento, California-based Pacific Ethanol Inc. reports a net loss of more than $5.2 million or 6 cents per share in the first quarter on revenue of more than $197.7 million.
That compares to a net loss available to common stockholders of $294,000, or 2 cents per share on revenue of $173.1 million , for the same quarter a year earlier.
Total gallons sold were 114.8 million for the first quarter of 2012, an increase of 36 percent over the 84.6 million gallons sold in the first quarter of 2011. The net sales growth was primarily driven by an increase in third party gallons sold.
Gross loss was $7.5 million for the first quarter of 2012, compared to gross profit of $2.6 million in the first quarter of 2011. The decrease in gross profit was attributable to unfavorable margins from the Pacific Ethanol plants, the company says.
Operating loss for the first quarter of 2012 was $10.9 million compared to an operating loss of $1.6 million for the same period in 2011, primarily due to additional losses attributable to the Pacific Ethanol plants, it says.
Pacific Ethanol operates and manages ethanol production facilities with a combined annual production capacity of 200 million gallons. (Source: Pacific Ethanol, Central Valley Business Times. 10 May, 2012) Contact: Neil Koehler, President and CEO, Pacific Ethanol,(916) 403-2123, www.pacificethanol.net
Tags Pacific Ethanol news,
Mascoma, Lallemand Announce Pacific Ethanol Agreement (Ind. Report)
Mascoma,Pacific Ethanol,Lallemand Ethanol
Mascoma Corporation and Lallemand Ethanol Technology, a supplier of fermentation ingredients to fuel ethanol producers, have entered into a commercial agreement with Pacific Ethanol Columbia, LLC, the owner of the ethanol production facility located in Boardman, Oregon and operated by Pacific Ethanol, Inc., a leading marketer and producer of low-carbon renewable fuels in the Western U.S.
The agreement provides terms and pricing for any purchases of the Mascoma Grain Technology, or MGT™, yeast product for use at Pacific Ethanol Columbia's 40 million gpy facility and also provides for the extension of these terms and pricing to three additional plants operated by Pacific Ethanol. The four Pacific Ethanol plants have a combined annual production capacity of approximately 200 million gpy.
The MGT product, which is the first commercial application of Mascoma's proprietary consolidated bioprocessing (CBP) technology platform, is a bioengineered drop-in substitute for conventional fermenting yeast that lowers costs for corn ethanol producers by alleviating the need to purchase most of the expensive enzymes currently used in corn ethanol production.
The MGT product is manufactured and distributed by Lallemand and jointly marketed and sold by Mascoma and Lallemand through a partnership to commercialize MGT in North America. The MGT product is sold to corn ethanol producers under commercial arrangements that provide Mascoma with a portion of the incremental margin generated by the product. Mascoma expects that it will begin recognizing revenues from its MGT product in the first quarter of 2012. (Source: Mascoma, March 29, 2012) Contact: Neil Koehler, President and CEO, Pacific Ethanol,(916) 403-2123, www.pacificethanol.net; Bill Nankervis, General Manager, Lallemand Ethanol Technology, (800) 583-6484, email@example.com, www.ethanoltech.com; Bill Brady, CEO , Mascoma, (603) 676-3320, www.mascoma.com
Tags Pacific Ethanol news, Lallemand Ethanol news, Mascoma news,
Pacific Ethanol Issues 7.6M Shares to Cover $8M Offering (Ind. Report)
Sacramento, California-based Pacific Ethanol has issued 7.6 million shares of common stock at a price of $1.05 to the investors from 11 private equity funds who participated in an $8 million private offering in December. The deal at the time was based on a $1.5 per share strike price for five-year warrants. (Source: Pacific Ethanol, March 20, 2012) Contact: Neil Koehler, President and CEO, Pacific Ethanol,(916) 403-2123, www.pacificethanol.net
Tags Pacific Ethanol news
Stock Issued to Pacific Ethanol Investors (Ind. Report)
Pacific Ethanol Inc. (NASDAQ: PEIX) filed a registration statement Wednesday cleaning up the paperwork from its successful $8 million private offering in December.
The Sacramento, California-based marketer and producer of low-carbon renewable fuels issued 7.6 million shares of common stock at a price of $1.05.
Investors in December acquired five-year warrants at a strike price of $1.50. Those investors are 11 private equity funds.
With the registration, they can now at their discretion convert warrants to shares of the company.
In December, Pacific Ethanol signed purchase agreements to acquire an additional 7 percent in the four ethanol plants it operates. The purchase will give Pacific Ethanol 34 percent ownership in its plants.
The company's four ethanol plants in three states have a combined annual production capacity of 200 million gallons.
The company began construction of its first ethanol plant in 2006, and it completed the fourth plant in 2008. It has ethanol plants in Stockton and Madera in California, Burley, Idaho and Boardman, Ore. (Source: Pacific Ethanol Inc., March 14, 2012) Contact: Neil Koehler, President and CEO, Pacific Ethanol,(916) 403-2123, www.pacificethanol.net
Tags Pacific Ethanol news,
US Ethanol Producers Face Growing Brazilian Competition - Report Available (Ind. Report)
Five Star Equities
The U.S. continues to devote a growing percentage of its corn crop to ethanol production despite recent U.N. data showing that global food inflation hit an all-time high in December, 2011. An article from Investing Daily earlier this month argues that next year's USDA data could reveal that half of the corn grown in the US went to ethanol production. Sugarcane producers in Brazil could soon play a larger role in ethanol production, however, taking some of the burden away from U.S. corn producers.
Five Star Equities examines the outlook for companies in the ethanol industry and provides equity research on Pacific Ethanol Inc. and Cosan Limited .
Jose Graziano da Silva, the new director general of the United Nations' Food and Agriculture Organization (FAO), recently argued that the use of corn to make ethanol in the U.S. is playing a noticeable factor in raising grain prices worldwide. "We have been looking into the details of the price, and nowadays there is no doubt that the use of maize in the U.S. for biofuels affects the prices of maize all over the world," Graziano da Silva said. Graziano da Silva argues that "food security comes first, that is the rule." The FAO head says the organization's current position is that cereals should not be used for biofuel production.
Ethanol production from sugar cane in Brazil accounts for only 3 % of land use, and does not currently affect the price of sugar on international markets, according to the director general of the FAO.
The Brazilian Development Bank announced earlier this month a program to finance low cost loans for farmers of sugarcane and producers of ethanol. The country is seeking to boost biofuel production in the wake of ethanol tariffs and subsidies expiring in the US. The timing of the announcement -- which came briskly after the expiration of the US ethanol tariff and blending tax credit -- is purely a "coincidence," said Eduardo Leao de Sousa, Executive Director at UNICA, an industry association.
Access to the full company reports can be found at www.fivestarequities.com/PEIX, and www.fivestarequities.com/CZZ(Source: Five Star Equities, January 24, 2012)
Tags Corn Ethanol news, Sugarcane Ethanol news,
Court Blocks California GHG Emissions Rules (Reg. & Leg.)
California Air Resources Board,CARB
In what could be construed as a victory for out-of-state ethanol producers and refiners vowing to appeal California's signature attempts to lower greenhouse gas emissions,
U.S. District Judge Lawrence O'Neill in Fresno on Thursday issued a preliminary injunction against a regulation adopted by the California Air Resources Board (CARB) in 2010.
The rules are aimed at rewarding biofuels producers that consume less energy in their businesses, including transportation to customers.
Out-of-state producers having to ship their fuels over long distances would be at a disadvantage to California refiners.
The regulation unconstitutionally discriminates against out-of-state producers, O'Neill found.
Sue Reid, vice president at the Conservation Law Foundation, said O'Neill's injunction is "surprising" in terms of its scope.
Dave Clegern, a spokesman for the board, said it plans to ask O'Neill next week to put his ruling on hold, pending an appeal to the 9th U.S. Circuit Court of Appeals.
Shares of Pacific Ethanol Inc, which produces and markets renewable fuels on the West Coast, fell 7 percent on Friday following the judge's ruling.
The regulation was intended to force producers and refiners by 2020 to reduce their fuel's carbon footprint by 10 percent as part of a state effort to reduce greenhouse gas emissions to 1990 levels.
It was adopted in the wake of a related 2007 executive order by Arnold Schwarzenegger, then the state's governor.
While Congress has constitutional power to regulate interstate commerce, state interference with such commerce is also limited under so-called dormant Commerce Clause interpretations of the U.S. Constitution.
Industry participants applauded the decision, including Bob Dinneen, chief executive of the Renewable Fuels Association, and Tom Buis, chief executive of trade group Growth Energy. Those entities are plaintiffs in the case.
Environmentalists, meanwhile, are hoping for a better result on appeal.
The case is Rocky Mountain Farmers Union et al v. Goldstene et al, U.S. District Court, Eastern District of California, No. 09-02234.(Source: Scientific American)Contact: CARB, Robert DuVall, (916) 324-5930, firstname.lastname@example.org, www.arb.ca.gov
Tags California Air Resources Board news, CARB news,
Pacific Ethanol Raises $8Mn (Funding)
Sacramento, California-based Pacific Ethanol Inc. reports that it raised $8 million in new capital from unidentified investors and will use much of the money to increase its ownership stake in its production plants.
The company will issue over 7.6 million shares of new stock to the investors in a private placement at $1.05 a share. The investors also have the right to purchase additional shares at $1.50.
The company will use better than half of the proceeds from the private stock sale to increase its stake in its four plants by 7 percentage points. When that deal closes, it will own 34 percent of the plants.
Pacific Ethanol lost the four plants to creditors in bankruptcy, but has been managing the facilities while gradually buying back ownership of the facilities. (Source: Pacific Ethanol, December, 9, 2011) Contact: Neil Koehler, President and CEO, Pacific Ethanol,(916) 403-2123, www.pacificethanol.net
Tags Pacific Ethanol news,
Pacific Ethanol Back on NASDAQ (Ind. Report)
A month after announcing record net sales in the third quarter, Pacific Ethanol Inc. made two more positive announcements; the company said it is back in compliance with NASDAQ listing requirements and it has purchased an additional 7 percent ownership interest in New PE Holdco LLC, which owns the four Pacific Ethanol plants.
Pacific Ethanol beat a March 12, 2012, deadline to regain compliance with a NASDAQ Stock Market listing rule that requires a minimum closing bid of $1 per share. NASDAQ contacted Pacific Ethanol Nov. 29 by letter, confirming that the company qualified for continued listing by maintaining a closing bid price of at least $1 per share for 10 consecutive trading days.
On Dec. 1 Pacific Ethanol announced that it paid $4.5 million in cash for 7 percent additional interest in the company that owns the four ethanol plants that bear the Pacific Ethanol name. The company now owns a 27 percent ownership interest in New PE Holdco. The company first paid $23.3 million in cash on Oct. 6, 2010, for the initial 20 percent of New PE Holdco.
Pacific Ethanol's four ethanol plants include a 60 MMgy plant in Burley, Idaho, a 40 MMgy plant in Boardman, Ore., and a 60 MMgy plant in Stockton, Calif. A 40 MMgy plant in Madera, Calif., will be restarted when market conditions improve. (Source: Pacific Ethanol Inc., December, 6, 2011) Contact: Neil Koehler, President and CEO, Pacific Ethanol,(916) 403-2123, www.pacificethanol.net
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Pacific Ethanol, Inc. Retires $35M Senior Convertible Notes (Ind. Report)
Pacific Ethanol, Inc. , a leading marketer and producer of low-carbon renewable fuels in the Western United States, reports that it retired in full its $35.0 million senior convertible notes on November 15, 2011, with its final payment in shares of its common stock. As of November 15, 2011, Pacific Ethanol had approximately 77.5 million common shares outstanding.(Source: Pacific Ethanol, Inc, November, 16, 2011)Contact: Neil Koehler, President and CEO, Pacific Ethanol,(916) 403-2123, www.pacificethanol.net
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Pacific Ethanol, Zeachem Ink OMA Agreement (Ind. Report)
Pacific Ethanol, Inc. has entered into an agreement with its wholly owned subsidiary Pacific Ethanol Management Services Corp, and ZeaChem Inc. to provide operations, maintenance and accounting (OMA)services for ZeaChem's 250,000 gpy cellulosic integrated biorefinery in Boardman, Oregon. ZeaChem is a developer of biorefineries for the conversion of renewable biomass into sustainable fuels and chemicals.
Under the terms of the agreement, Pacific Services will provide operating services starting in the fourth quarter of 2011. (Source: Pacific Ethanol, Inc., October, 20, 2011)
Contact: Neil Koehler, President and CEO, Pacific Ethanol,(916) 403-2123, www.pacificethanol.net; Jim Imbler, President & CEO, ZeaChem Inc, (303) 279-7045, email@example.com, www.zeachem.com
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Pacific Ethanol, AE Keyes Extend Ethanol Marketing Agreement (Ind. Report)
Pacific Ethanol,AE Keyes,AE Biofuels
Pacific Ethanol, Inc. , a western U.S. renewable fuels producer and marketer, reports that its subsidiary, Kinergy Marketing LLC, has entered into a two-year extension of its exclusive ethanol marketing arrangement with AE Advanced Fuels Keyes, Inc. AE Keyes is a wholly-owned subsidiary of AE Biofuels, Inc.
As previously announced, on November 11, 2010, Kinergy entered into an exclusive ethanol marketing arrangement with AE Keyes to sell all the ethanol produced by its 55 million gpy ethanol production facility located in Keyes, California. The AE Keyes facility became operational in the second quarter of 2011, and on September 7, 2011, Kinergy and AE Keyes signed an amendment to the marketing agreement which extended the term through August 31, 2013. (Source: Pacific Ethanol, September, 8, 2011)
Contact: Neil Koehler, PEI's President and CEO,(916) 403-2123, www.pacificethanol.net; Andy Foster, EVP, AE Biofuels, (408) 213-0928, firstname.lastname@example.org, www.aebiofuels.com
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Pacific Ethanol Extends and Amends Marketing, Mgmt Agreements (Ind. Report)
Pacific Ethanol, Inc. (Nasdaq:PEIXD),the leading marketer and producer of low-carbon renewable fuels in the Western United States, has amended its marketing and asset management agreements for the four ethanol production facilities the company operates and whose ethanol the company markets. Pacific Ethanol is a 20% owner of New PE Holder LLC, the holding company of the four plant owners. The amendments renew the agreements for an additional year and implement other changes to reflect current market conditions. The amended agreements are effective June 30, 2011.
Additional terms and details of the amendments are more particularly described in a Current Report on Form 8-K to be filed today with the SEC. (Source: Pacific Ethanol, July, 6, 2011)
Contact: Neil Koehler, PEI's president and CEO,(916) 403-2123, www.pacificethanol.net
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Pacific Ethanol Increases Subsidiary's Credit Facility (Ind. Report)
Pacific Ethanol, Inc., a leading marketer and producer of low-carbon renewable fuels in the Western U.S., has increased its subsidiary, Kinergy Marketing's credit facility with Wells Fargo Capital Finance, from $20 million to $30 million, subject to certain conditions.
According to Pacific president and CEO Neil Koehler, "Our total gallons sold have increased rapidly and consistently over the last seven quarters at an annualized compound growth rate of 66%. This growth continues as our unique distribution business enables us to increase our market share in the Western United States. Our expanded credit facility lowers our cost of capital and clearly demonstrates our lender's confidence in our growth strategy."
(Source: PEI, June, 13, 2011)
Contact: Paul Koehler, Investor Relations, Pacific Ethanol, (503) 235-8241, email@example.com, www.pacificethanol.net
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Pacific Ethanol to use PDX Corn-Ethanol system (Ind. Report)
Pursuit Dynamics,Pacific Ethanol Columbia
Pursuit Dynamics (PDX), a multinational with offices in Britain, Switzerland and the U.S., has agreed to terms with Pacific Ethanol Columbia for the commercial operation of a a PDX ethanol reactor system intended to increase yields and reduce costs at Pacific Ethanol's Boardman plant. The agreement ensures that PDX shares in the full range of benefits that accrue to Pacific Ethanol Columbia through operating the system.
PDX says the system technology improves cycle times, enhances corn ethanol yields, and optimizes the overall production plant performance. (Source: Pursuit Dynamics, March 27, 2011) Contact: Pursuit Dynamics, (203) 286-0600, USsales@pursuitdynamics.com, www.pursuitdynamics.com; Paul Koehler, Investor Relations, Pacific Ethanol, (503) 235-8241, firstname.lastname@example.org, www.pacificethanol.net
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