NEW YORK -- GreenShift Corporation today announced its execution of an agreement with Global Ethanol, pursuant to which GreenShift granted Global the right to use GreenShift's patented corn oil extraction technologies at Global's 100 100-million-gallon plant in Lakota, Iowa.

GreenShift's patented corn oil extraction technologies enable GreenShift and its licensees to "drill" into the back-end of first generation corn ethanol plants to tap into the existing reserve of inedible crude corn oil with an estimated industry-wide output of about 20 million barrels per year. This corn oil has been historically trapped in the distillers grain co-product of ethanol production and is a valuable second generation feedstock for use in the production of advanced carbon-neutral liquid fuels, such as biodiesel, biojet fuel, and renewable diesel, thereby enhancing total fuel production from corn and increasing ethanol plant profits.

Under the terms of the agreement, Global will directly finance, build, own and operate a facility based on GreenShift's patented corn oil extraction technologies designed to extract more than 2.2 million gallons per year of corn oil in return for an ongoing royalty payment to GreenShift equal to more than about 20 percent of the market price of the extracted corn oil at the time of shipment.

"Global Ethanol prides itself on process efficiency and its commitment to continuous improvement," said Trevor Bourne, Global's chief executive officer. "GreenShift has shown that corn oil extraction enhances ethanol production efficiencies by increasing biofuel yield while reducing energy use. This in turn improves cash flow and plant profitability. We believe corn oil extraction to be essential to our goal of leading in the low cost production of ethanol, and we are excited to start producing and selling corn oil within the next 2 to 3 months."

Kevin Kreisler, GreenShift's chief executive officer, added: "We are pleased to have the opportunity to earn Global Ethanol's business and partnership and we look forward to helping Global Ethanol meet its goal of becoming a leading low cost producer of renewable fuel with our patented and patent-pending technologies."

GreenShift Corporation develops and commercializes clean technologies designed to address the financial and environmental needs of GreenShift's clients by decreasing raw material needs, facilitating co-product reuse, and reducing the generation of wastes and emissions.

At full participation by the ethanol industry, GreenShift's commercially-available technologies can give way to disruptive gains by sustainably producing globally-meaningful quantities of new carbon-neutral liquid fuels for distribution through existing supply chains. GreenShift is focused today on supporting integration of its patented and patent-pending corn oil extraction technologies into as much of the ethanol fleet as possible. GreenShift also maintains its strong commitment to continued innovation and has many additional patents pending for its Backend Fractionation portfolio of strategically-compatible cleantech designed to continue driving the corn ethanol industry into increased sustainability and global competitiveness.

SOURCE: GreenShift Corporation via Business Wire.