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GS CleanTech Acquires Exclusive Rights to Biodiesel Production Technology for Ethanol Production Industry Business Editors / Energy Editors
NEW YORK--(BUSINESS WIRE)--July 18, 2006-- GS CleanTech Corporation (OTC Bulletin Board: VRDM) today announced its execution of an agreement with NextGen Fuel, Inc. for the exclusive rights to distribute and use NextGen's patent-pending continuous-flow, multi-feedstock biodiesel process technology in the Ethanol Production Industry.
Process Intensification
NextGen's biodiesel process technology leverages innovative process intensification techniques to accelerate and enhance traditional biodiesel reaction kinetics, thus decreasing process time, reducing energy and raw material needs, and increasing product quality. These benefits translate to increased capital and operating cost efficiencies at smaller scales as compared to traditional biodiesel process technologies.
David Winsness, president and chief executive officer of GS CleanTech's process engineering division, said that "Among the more significant benefits of the NextGen technology is its ability to produce high quality biodiesel out of multiple alternative feedstocks continuously at small scales. This is important because our clean fuels program is based on delivering technologies to our clients that produce clean fuels cost-effectively out of alternative feedstocks such as corn oil. These benefits and NextGen's rapid 12 week delivery times make the NextGen technology a highly attractive option."
Focus on Ethanol
GS CleanTech is currently focused on delivering its technologies and process innovations to the Ethanol Production Industry with a view towards maximizing the yield of corn-based ethanol production.
Traditional ethanol processing converts each bushel of corn, which weighs about 54 pounds, into about 18 pounds of ethanol, 18 pounds of carbon dioxide, and 18 pounds of distillers dried grains (DDG), which contain about 2 pounds of fat. This corresponds to a corn to clean fuel conversion efficiency of about 33%, or about 2.8 gallons of clean fuel per bushel of corn. GS CleanTech's ambition is to increase this efficiency as much as possible.
GS CleanTech's own patent-pending corn oil extraction technology converts the fat in the DDG into a high grade corn oil that can then be converted into biodiesel on close to a 1:1 volumetric basis. This increases the corn to clean fuel conversion efficiency described above to 36%, or about 3.0 gallons of clean fuel per bushel of corn.
Winsness added: "The NextGen technology is a perfect compliment to our corn oil and other biodiesel feedstock acquisition technologies as it creates valuable opportunities for cost-effective production and sales of biodiesel in the regions and communities that are producing the corn. We are excited to add this valuable technology to our portfolio of clean technologies."
About GS CleanTech Corporation
Formerly named Veridium Corporation, GS CleanTech Corporation (OTC Bulletin Board: VRDM) provides applied engineering and industrial design services based on clean technology and process innovations that make it cost-effective and easy to recycle and reuse resources.
GS CleanTech is majority-owned by GreenShift Corporation (OTC Bulletin Board: GSHF), a company devoted to facilitating the efficient use of natural resources.
About NextGen Fuel, Inc.
NextGen Fuel, Inc. is a privately held Delaware corporation deploying the world's leading modular, multi-feedstock biodiesel process technology. NextGen's technology can reduce biodiesel capital and operating costs by as much as 50% over traditional approaches and can be deployed into a plant as quickly as 12 weeks. NextGen not only offers its clients the best of breed and most cost effective technology, it assists its customers with detailed biodiesel project feasibility analysis as well as securing project finance and establishing long-term feedstock and fuel off-take arrangements. NextGen Fuel, Inc. is a part of the Golden Technology Management portfolio. Additional information on NextGen Fuel, Inc. is available online at http://www.nextgenfuel.com.
About Golden Technology
Golden Technology Management invests in the formation and active management of clean technology companies. Additional information on Golden Technology Management is available online at http://www.goldentechpartners.com.
Safe Harbor Statement
This press release contains statements that may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of GS CleanTech Corporation (f/k/a Veridium Corporation), and members of their management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
KEYWORD: NORTH AMERICA NEW YORK UNITED STATES INDUSTRY KEYWORD: ENERGY ALTERNATIVE ENERGY OIL/GAS TECHNOLOGY NATURAL RESOURCES CONTRACT/AGREEMENT PRODUCT/SERVICE SOURCE: GS CleanTech
CONTACT INFORMATION: GS CleanTech Corporation, 888-895-3585 Fax: 646-572-6336 investorrelations*greenshift.com http://www.greenshift.com or Investor Relations: CEOcast, Inc. Andrew Hellman, 212-732-4300 or Public Relations: Walek & Associates Deborah McCandless, 212-590-0523 Fax: 212.889.7174 dmccandless*walek.com http://www.walek.com
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