Based on current projections of sales and timing to complete financing, New Generation Biofuels (NGB) expects to complete construction of the first 25 million-gallon-per-year facility in the first quarter of 2009 and to launch production shortly thereafter.
Once completed, NGB expects the facility to have a production capacity of up to 50 million gallons of second-generation biofuel per year to serve potential customers in Maryland and the mid-Atlantic region.
In addition to the production facilities to be constructed by NGB, the company will lease approximately six million gallons of storage tank capacity and related terminaling facilities for up to 20 years. Atlantic Terminaling will provide on-site logistics services including the receipt of feedstock and shipping of finished product using rail, barge, and truck loading and unloading facilities.
David Gillespie, president and CEO of New Generation Biofuels, said: We are excited to take another step forward in developing our first commercial-scale manufacturing plant in Baltimore. The location at the Atlantic Terminaling site well positions us to take advantage of the projected growth in renewable energy demand throughout the eastern US.
