Monday, July 15, 2013

AGG raises more than $230,000 for Joint Venture Study to Commercialize CO2-Biofuel Conversion Technology

Woodbine, IA--American Green Gasoline, LLC (“AGG”) announced today that it successfully concluded a capital raise of more than $230,000 in April 2013 in a private placement to investors from western Iowa and northeast Kansas. As a result, AGG has entered into a joint venture with EE-CO2 LLC (“Earth Energy”) of Austin, Texas for the purpose of commercializing a CO2 conversion technology. The proprietary process was developed by Bio-Thermal-Energy, Inc. (“BTE”) and combines CO2 with other carbonaceous inputs-- such as natural gas, coal or biomass--to produce syngas for further processing into methanol, ethanol, green gasoline, and higher value products, or for electricity generation and/or process heat.

“We are excited about taking the next step with the BTE technology as we believe the technology holds great promise for using CO2 currently emitted into the atmosphere from ethanol plants, electric power generation facilities and other industries and then converting it to additional fuel, green gasoline, or additional electricity,” said AGG LLC spokesperson, Dave Stevens.

“The CO2 conversion technology creates new possibilities and pathways for existing industries to become compliant with the Climate Change Initiative recently announced by President Obama on June 25, 2013,” said Stevens.

“The proprietary technology licensed to the new joint venture was developed by Dr. Gary C. Young P.E. of Cedar Rapids, Iowa, who has over 40 years of experience in the oil and gas, chemical, food, and pharmaceutical industries,” Stevens said.

“Dr. Young is scheduled to speak on the CO2 to syngas conversion technology opportunity at the National Advanced Biofuels Conference & Expo in Omaha coming up from September 10 through September 12,” Stevens added.

“The Earth Energy-AGG joint venture announcement culminates three months of effort in raising capital and two months in forming the joint venture and negotiating the licensing agreements before the PRE-Front End Engineering Design study could begin,” said Stevens.

The board of the new joint venture entity includes John Wooley and Jeff Wooley, Austin, Texas; Mick Guttau, Treynor, Iowa; and Dr. Mark Edelman, Boone, Iowa. Dave Stevens of Woodbine, Iowa serves as board secretary and alternate board member.

“While much of the media attention has focused on entrepreneurship and the venture capital raised in larger metro areas, this team effort is a little unique in that all of the investors in AGG are farmers and investors from rural America and communities of less than 15,000 in population,” Stevens added.

Stevens said that a third-party engineering design and economic study to determine the feasibility for commercializing the BTE technology is now underway.


For more information see:

Or contact Dave Stevens at 712 647 2815