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New Energy Capital Announces Start of Production at Indiana Ethanol Facility

Posted on: Wednesday, 16 May 2007, 12:00 CDT

New Energy Capital Corp. (NEC) today announced the successful start-up this month of a 110 million gallon ethanol production facility in Clymers, Indiana. The plant, owned by The Andersons Clymers Ethanol, LLC, in which New Energy Capital owns a 35% interest, is the largest dry mill ethanol production facility east of the Mississippi.

The start-up at Clymers follows the January start of another NEC ethanol plant, the Iroquois Bio-Energy Company, LLC in Rensselaer, Indiana. The two Indiana facilities expect to consume between 55 and 60 million bushels of corn each year, employ approximately 80 full-time employees, and contribute significantly to the Indiana economy.

New Energy Capital CEO Scott Brown said "We have been working with The Andersons in the ethanol industry since 2004, and are delighted to have another of our facilities come online. The Clymers plant will support the local community and reduce our national dependence on foreign oil."

Neill McKinstray, Vice President and General Manager of the Ethanol Division at The Andersons, Inc. noted, "We are already up to 100% of nameplate production, which is well beyond expectation for this point in the process."

New Energy Capital, which is backed by VantagePoint Venture Partners and the California State Teachers' Retirement System, invests in clean fuels and clean power projects throughout the United States.

New Energy Capital Corp. (www.newenergycapital.com) is a New England-based company that invests in, owns and operates renewable energy and distributed generation projects. The Company is funded by VantagePoint Venture Partners (www.vpvp.com) one of the nation's largest and most active venture capital firms, and the California State Teachers' Retirement System (CalSTRS).

Source: Business Wire

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