Jan 12 2011
Woodland Biofuels announced today the closing of a common equity investment in Woodland to help build a groundbreaking demonstration plant that will efficiently produce cellulosic ethanol from renewable wastes.
The common equity investment is part of a $12 million demonstration plant financing. Investors include the Ontario Emerging Technologies Fund (OETF), Investeco Capital, and David LeGresley, former Vice-Chairman of National Bank Financial. OETF is a $250 million fund established by the Province of Ontario to co-invest alongside qualified investors in innovative, high-growth, private Ontario companies. Investeco Capital is a private equity firm focussed primarily on high-growth companies with lasting competitive advantages.
The demonstration plant will use Woodland's patented technology, which can produce sustainable fuels from virtually any type of biomass, including wood waste, agricultural waste and municipal waste. The technology generates no toxic emissions and eliminates the need to use food, such as corn, to produce ethanol.
"We are excited to be part of this important step towards the commercialization of Woodland's process," said Andrew Heintzman, President of Investeco Capital. "The potential of the opportunity is truly enormous, and we believe the Woodland team has the skills and ability to execute."
"We expect this demonstration plant to show that Woodland will be the lowest cost producer of automotive fuel in North America," said Greg Nuttall, President and CEO of Woodland. "This financing further validates Woodland's technology and business, moving us another step closer to leadership in the biofuels market."
The plant will be located at the Bioindustrial Innovation Centre, in the University of Western Ontario's Sarnia-Lambton Research Park.