Houston, Texas (September 10, 2007) – Endicott Biofuels, LLC (EBF) announced today that it has closed a $40 million private equity financing for the construction of a "second generation technology" biodiesel and bio-derived products plant that will feature a high level of feedstock flexibility. The full equity financing commitment, provided by Haddington Energy Partners III LP, will allow EBF to proceed quickly through the construction and commercial operation of this first plant.
EBF plans to build additional bio-fuel and bio-derived product facilities throughout the U.S. within the next two to five years. It expects to break ground in 2008 on its first plant and intends to wholesale the fuel to the developing bio-fuel brokerage market. EBF is also looking to develop relationships with potential feedstock suppliers and fuel purchasers, such as large diesel fuel consumers or large oil companies.
Biodiesel can be used at 100 percent concentration as a petroleum diesel substitute, or in concentrations as low as 2 percent as a diesel fuel additive to reduce sulfur emissions and improve engine lubrication. Biodiesel is significantly cleaner than petroleum diesel and is made from a variety of organic materials such as vegetable oils, animal fats and other renewable agricultural products and waste products. Biodiesel and other bio-derived fuels such as ethanol are poised to play an important role in reducing America’s dependence on foreign oil.
Based in Houston, Texas, Endicott Biofuels is in the business of developing, constructing and operating next generation biodiesel production facilities in the U.S. Visit the Company’s website at: www.endicottbiofuels.com to learn more.
A private equity firm specializing in the midstream energy industry, Houston-based Haddington Ventures has raised more than $320 million of capital since its formation in 1998. The professionals who comprise Haddington Ventures’ investment team have more than 100 combined years of operating experience in the midstream industry as well as a long history of working together. Among the participating investors in Haddington Ventures are large insurance companies, public and private pension groups, commercial banks and high net worth individuals. Visit Haddington Ventures’ website at www.hvllc.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, the predictability of commodities markets and raw material markets. Such statements are based upon the current beliefs and expectations of EBF’s management and are subject to certain risks and uncertainties, including, but not limited to, competitive market pressures, changes in foreign currency and exchange rates, international trade risks, changes in policy by foreign governments, and changes in environmental and other governmental regulation. Actual results may differ from those set forth in the forward-looking statements.