REGINA — Canadian Green Fuels has revealed plans today for the largest biofuel processing plant in Canada and it is the company’s goal to become the largest biofuel processing plant in the world.
The $50-million project is earmarked to build a new plant and provide an upgrade to the existing Canadian Green Fuels plant in Regina.
“This is an incredible opportunity for Saskatchewan,” says Mike Shenher, CEO of Canadian Green Fuels. “We expect these plants to have the capacity to produce 240 million literss of biofuel products a year and be considered a ‘green’ plant, as all aspects of the plant and waste products are used to create revenue.”
The planned world-class facility marries two major operations by including one of the largest oil seed crushing facilities in the country with one of the largest bio fuel processing and production systems.
The new plant is expected to produce some 200 million liters a year. The total organizational capacity between the two plants would be approximately 240 Million liters a year.
The plant will produce biodiesel, biofuels, bio-oil and bio-additives. According to Canadian Green Fuels, inputs that are required for this work will not compete with the food market and the plant will be powered by the energy it generates.
Canadian Green Fuels puts the revenues of this joint venture in the $300 million range.
“What makes this real is that we are currently operational, earning revenues and producing in the market,” notes Shenher. “In an industry that is quickly emerging we believe we are well positioned to be the leaders of a potentially multi-billion dollar facility and industry right here in the heart of Canada.”
Canadian Green Fuels also introduced Troy Metz as the new Chief Development Officer.
“Troy was brought on board to globalize Canadian Green Fuels and to take us public,” adds Shenher.
Canadian Green Fuels is offering to sell shares in this business venture in accordance with the rules and regulations set down by the Saskatchewan Securities Act and the Saskatchewan Financial Services Commission (SFSC).
The yearlong construction project is scheduled to begin in May or June and is expected to open in the summer of 2009.
“A plant this size would probably need in excess of 460,000 metric tonnes a year of oil seed and what makes us unique is our capability to crush any oil yielding seed not just canola,” explains Metz.
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