Press Release Source: GreenShift Corporation On Wednesday July 20, 2011, 3:01 pm EDT
NEW YORK–(BUSINESS WIRE)– GreenShift Corporation (OTCQB: GERS) today announced that its patented corn oil extraction technologies were featured extensively in the proposed amendment for the Renewable Fuel Standard (RFS2) published by the U.S. Environmental Protection Agency (EPA) on July 1, 2011.
EPA, under the Energy Independence and Security Act of 2007 (EISA), is responsible for implementing regulations to ensure that transportation fuel sold in the United States contains a specified minimum amount of renewable fuels per year reaching 36 billion gallons by 2022.
The EPA discusses corn oil recovery in its July 1, 2011 proposal as follows:
- “The largest sources of feedstock for biodiesel in 2012 are expected to be soy oil, canola oil, rendered fats, and potentially some corn oil extracted during production of fuel ethanol, as this technology continues to proliferate.”
- “The 300 million gallons of biodiesel produced from corn oil extracted from distillers grains produced at ethanol facilities is based on projections of the percentage of the ethanol industry using corn oil extraction technology and the amount of oil extracted per bushel of corn in 2013. The RFS2 final rule [previously] projected that by 2013, 34% of all dry mill ethanol facilities would extract corn oil from the by-products of ethanol production.”
- “A recent survey of the ethanol industry found that by 2008 over 30% of all dry mill ethanol plants were already extracting corn oil from their co-products. EPA expects that the percentage of dry mill ethanol facilities using some form of corn oil extraction technology will increase to 60% by 2013.”
- “The corn oil extraction technology currently being used at most dry mill ethanol facilities is capable of extracting approximately one third of the oil contained in the corn kernel from the whole stillage and/or its derivatives (a significantly reduced rate than the two thirds of oil extracted assumed to be technically feasible by 2022 in the RFS2 final rule). If 60% of all dry mill corn ethanol facilities were extracting one third of the oil in the corn kernel in 2013 the amount of corn oil available for biodiesel production would be approximately 270 million gallons.”
- “As corn oil extraction technology develops and higher oil extraction rates are achieved, corn ethanol producers are likely to adopt this new technology. EPA expects that by 2013 these technology improvements will increase corn oil production levels to the 300 million gallons projected in the RFS2 rule.”
- “The high adoption rate of corn oil extraction and the promise of ever increasing oil extraction yields indicate that the 300 million gallons of corn oil extraction projected in the RFS2 rule in 2013 remains a reasonable projection.”
Edward Carroll, President of GreenShift Corporation said, “We are pleased with the EPA’s recent statements noting the importance of corn oil and we are confident that corn oil is leading the renewable fuel industry as an expanding source of biomass-based diesel. The initial 2007 Renewable Fuel Standard had not contemplated any corn oil extraction from ethanol production facilities as a biodiesel feedstock and yet, today our patented extraction technology has become a dominant source of feedstock for biomass based diesel fuels. We see the rapid widespread adoption of our technology to be further vindication of GreenShift’s efforts to date to add value to the production of corn ethanol and further decrease greenhouse gas emissions. What we have done with corn oil is an example of what is yet to come for this new industry and it should be used to encourage innovation.”
GreenShift’s technical services staff are available at 888-ETHANOIL or [email protected] to respond to quotation requests and to answer any questions about GreenShift’s corn oil extraction and other technologies.
About GreenShift Corporation
GreenShift Corporation (OTCQB: GERS) develops and commercializes clean technologies that facilitate the more efficient use of natural resources. GreenShift is focused on doing so today in the U.S. ethanol industry, where GreenShift innovates and offers technologies that improve the profitability of licensed ethanol producers. Additional information on GreenShift and its technologies is available online at www.greenshift.com.
Safe Harbor Statement
This press release contains statements that may constitute “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of GreenShift Corporation and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully, and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
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