Xethanol Corporation (AMEX: XNL), a renewable energy company, has announced a $500,000 investment in Consus Ethanol, LLC of Pittsburgh, Pennsylvania pursuant to a convertible promissory note. Consus has a permitted site in western Pennsylvania, where it plans to build the first of several ethanol plants. Its business model calls for a cogeneration plant using waste coal to power the companion ethanol plant -- allowing significant energy cost savings.
Consus estimates producing corn ethanol at a $0.48 per gallon advantage to a typical Midwest, natural gas powered plant. Its plant locations also permit Consus to charge East Coast prices for ethanol, which are among the highest in the nation.
Xethanol CEO and President David Ames commented, “We are excited to be participating in this venture with Consus as we believe that economically producing alternate energy is key to the future energy needs of the US.”
Consus CEO Eric P. Wallace said, “The environmentally friendly design of our cogeneration plant has won the full endorsement of the Commonwealth of Pennsylvania.”
About Xethanol Corporation
Xethanol Corporation is a renewable energy company focused on alternate energy products and technologies as well as producing ethanol and other co-products. Xethanol is focusing on renewable energy and clean technology, including biomass gasification for electricity production, wind power, solar power, energy storage, energy infrastructure, energy efficiency, waste recycling and agricultural processes.
Xethanol has research agreements, in place, including several aimed at efficient production of cellulosic ethanol. The company is working with some of the nation’s leading scientific institutions, including the National Renewable Energy Lab in Golden, Colorado; Virginia Tech in Blacksburg, Virginia; the USDA Forest Products Lab in Madison, Wisconsin; and the Energy and Environmental Research Lab in Grand Forks, North Dakota.
For more information about Xethanol, please visit its website at http://www.xethanol.com.
Forward Looking Statements
Some of the statements made in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s current expectations and include known and unknown risks, uncertainties and other factors, many of which the company is unable to predict or control, that may cause the company’s actual results or performance to differ materially from any future results or performance expressed or implied by such forward-looking statements. These statements involve risks and uncertainties, including risks and uncertainties associated with the company’s expanding business strategy, including whether the strategy will produce the anticipated results. These risks and uncertainties are in addition to other factors detailed from time to time in the company’s filings with the SEC, including the section entitled “Risk Factors” in its annual report on Form 10-KSB for the year ended December 31, 2006, as amended. The company cautions investors that any forward-looking statements made by the company are not necessarily indicative of future performance. The company is not responsible for updating the information contained in this press release beyond the published date, or for changes made to this document by wire services or Internet services.