I'm turning bullish again. Will add to position next week. Good to see confirmation of a partner with funds to purchase the real estate, permits already in hand, and support from local govt. Ground breaking planned in June.
Great news!! Good find king oil. The news article just verifies everything that was in the USSE PR. There are also supportive comments from the Princeton Mayor, Planning and Zoning Administrator and City Administrators.
This project is much further along than anyone even dared suggest. "Radcliff said the project is fully EPA permitted for air, construction and site, and all that remains to be done is to obtain the necessary permits from the city of Princeton". When the PR was announced, the bashers wondered where the funding would come from. Apparently that is a non issue, since almost everything is in order, and ground breaking planned for June 14. They even want to increase from 30 million gallons to 50 million gallons.
JR meant it when he said that no more PR's on half done deals, they will only announce completed deals from now on. "Nelson said the city first heard about the project last summer"... So the Princeton Project has been in the hopper for 3/4 of a year. Mr. Radcliff most likely wanted to secure the plant and facilities before this deal became public knowledge. It is precisely for reasons like this that parties that USSE partner with have Non Disclosure Agreements. I wonder how many other projects USSE has in various stages of implementation?
So, the April 24 PR by USSE is indeed a signed Contract. Investors and potential investors might want to go back and reread that Press Release.
Congratulations to all the longs that have put up with all the nonsense from the bashers. Our time is coming and very near.
This is great news! I am not one to telegraph my punches, but I will be adding to my position Monday. When the PR first came out about Illinois Biofuel I was a little nervous. But they seem to be company that favors fast action and that is exactly what is needed. I love the idea of an investment that will be making me money AND helping out the energy situation. GO JR! GO JR!
the best post award goes to King oil for this Posted by: king oil In reply to: None Date:4/28/2007 1:41:25 PM Post #of 39843
Biodiesel plant planned for Princeton
By Barb Kromphardt bkromphardt@bcrnews.com Saturday, April 28, 2007 12:39 AM CDT
Illinois Biofuel has purchased these buildings, formerly owned by Ag View FS, and plans to construct two biofuel facilities on the site. Dennis Radcliff, president of Illinois Biofuel, said the company has received all the needed permits from the EPA, and needs only to receive permits from the city of Princeton before breaking ground, currently planned for June 14. (BCR photo/Barb Kromphardt)
PRINCETON — A biodiesel plant is in the works for the former Ag View FS plant on North Euclid Avenue in Princeton.
On Tuesday, U.S. Sustainable Energy Corp. and Sustainable Power Corp., both of Natchez, Miss., announced the formation of a joint venture with Illinois Biofuel Group, LLC, to build and operate an initial biofuel plant in Princeton.
Dennis Radcliff, president of Illinois Biofuel Group, said the plan is to construct two facilities. One will produce ASTM-standard biodiesel fuel for transportation, and the other will produce biofuel, green energy and 7-3-7 organic fertilizer. Green energy refers to electricity produced by the soybeans, and the electricity will be sold to the power grid.
Radcliff said they are permitted for 30 million gallons, but will immediately apply for an expansion for an additional 20 million gallons.
Radcliff said the project is fully EPA permitted for air, construction and site, and all that remains to be done is to obtain the necessary permits from the city of Princeton.
If the project proceeds, it will be the first major commercial application for a new kind of technology developed by USSE/SSTP.
“I’ve seen it work,” Radcliff said. “I saw it happen and it’s going to rewrite the books on biodiesel.”
Radcliff said the USSE/SSTP process is groundbreaking because of the enormous yield per bushel of soy it produces.
“They take a bushel of soybeans and get five gallons of fuel,” he said. “Everybody says it’s too good to be true, but this is real.”
Not only does the process result in more products, it takes only 8 1/2 minutes to go from bean to fuel, reducing the processing costs by 50 percent.
There are still more positives. Radcliff said the process loves soybeans that are not good for other uses, such as high moisture or rotten beans.
Pete Nelson, planning and zoning administrator for Princeton, said the city administrators are happy the people in the biofuels marketplace are looking at Princeton, and verified that Illinois Biofuel had purchased the property of the old FS site.
“It’s a good match for them,” he said.
Nelson said the city first heard about the project last summer, and is now waiting for Radcliff to present his site plan to the zoning board and planning commission.
Mayor Keith Cain is pleased about the project.
“It’s an opportunity to have a few more jobs in the community,” he said. “I think it will be exciting to have that here.”
Cain was also pleased to have a new business move into the FS building, and said similar products were at the site before, so the biodiesel plant is a good use for the site.
Radcliff plans on breaking ground on June 14, and Cain said those plans were “reasonable.”
“Dennis is a great gentleman,” he said. “We’ve had a good relationship to this time and I’m looking forward to carrying it into the future.”
Comment on this story at www.bcrnews.com.
If the Princeton plant is constructed, it won’t be the only biodiesel plant in the area. On April 16, ground was broken in Seneca for a biodiesel refinery to be built by Nova Biosource Fuels Inc. Nova plans to have the refinery in production by December, producing 60 million gallons of biodiesel fuel annually.
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