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Posted on  

January 23, 2004

Company seeking investors to back ethanol plants

By Patrick Bamwine

OLD FORT - The old Columbia Gas site in Pleasant Township has been sited for a proposed ethanol production facility.

Lima, Ohio-based Greater Ohio Ethanol LLC. is seeking equity and debt financing to build the plant as its first 54-million gallon ethanol facility. Several members of the company's management team addressed more than 200 people Thursday night in the Old Fort High School auditorium.

GO Ethanol managers presented a detailed business plan to take advantage of an expected doubling in demand for ethanol over the next five to 10 years. Those present were invited to invest in the effort. The company is offering 500 units at $50,000 each.

This area was selected because of its agricultural background and the interest from local corn growers.

"Overall, Ohio has unique advantages," a company representative emphasized. "Although Ohio is the sixth-largest corn-producing state and the number three ethanol-consuming state, currently the state has no ethanol producing facilities."

As the eastern most of the major corn producing states, he said, Ohio would realize a delivered price savings believed to be in the 4-6 percent range over other corn -producing states.

According to a company statement, GO Ethanol's visionary management team wants to build an industry, not just a plant. It plans to build seven ethanol facilities throughout Ohio and neighboring states. Under this model, the combined plants would be able to spread risks and save costs, not only by reducing administrative expenses through economies of scale, but by leveraging their combined volume to negotiate favorable supply output contacts.

GO Ethanol's vision has attracted other strategic partners such as Flour Enterprises Inc., one of the world's largest publicly owned engineering, procurement. construction, operations, maintenance and project management organizations. It also has involved Benchmark Design Inc./Forerunner Corp. to provide the technology, engineering, design and proprietary equipment for its ethanol facilities.

Other partners are F.C Stone LLC, a risk-management firm, ECo-Energy, one of the leading ethanol marketers in the country, and the University of Northwest Ohio, for developing a training program for the operations employees at ethanol facilities.

For more information, call (419) 331-2676 or check their Web site at: information@go-ethanol.com


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