Aventine Renewable Energy Holdings, Inc. announced it is resuming work on its ethanol plant located in Canton, Ill. In September 2011, the company announced a delay in starting-up the plant due to uncertainty surrounding its ability to secure critical third-party technical and engineering support. The company has secured the support necessary to move the project forward. The company anticipates the work on the integrated boiler system and co-gen unit, which supplies the necessary energy for the plant, will begin in early March 2012. The company anticipates production at the plant will commence in summer 2012.
"Now is the time to move forward with this project. We have secured the critical third-party support necessary for the commissioning process. Additionally, we currently have approximately $50 million of combined cash and availability under our revolver," said John Castle, chief executive officer.
Aventine is a leading producer of ethanol. Through its production facilities, it markets and distributes ethanol to many of the leading energy companies in the U.S. In addition to producing ethanol, the company's facilities also produce several by-products, such as distillers grain, corn gluten meal and feed, corn germ and grain distillers dried yeast, which generate revenue and allow us to help offset a significant portion of its corn costs.