- FOF Grant Awarded to LS9 for the Development of Renewable Energy Products
- Okeechobee Grand Opening and Press Conference Scheduled for June 12, 2012
SOUTH SAN FRANCISCO, Calif., May 14, 2012 (GLOBE NEWSWIRE) --– LS9, Inc., a technology leader in the development of renewable and sustainable products, today announced an investment from the Florida Opportunity Fund's (FOF) Clean Energy Investment Program, and the Grand Opening plans for its facility in Okeechobee, Florida.
Earlier this year, the FOF invested $4.5 million to help fund the retrofit of LS9's demonstration facility in Okeechobee, Fla., to develop biodiesel and renewable chemical products. Now that the retrofit is complete, the facility will allow LS9 to perform the next critical steps in scaling up and progressing its unique technology into commercial production. The retrofit was completed in early May, with demonstration production of renewable fuels and chemicals to begin early third quarter 2012.
LS9 will be hosting a Grand Opening ceremony and press conference on Tuesday, June 12, 2012 at the Okeechobee facility. The event will include the first tours of the facility, and U.S. Congressman Tom Rooney (R-Fla.) will be among the speakers for the event.
"LS9 has been working diligently to complete the retrofit of our Okeechobee facility, and we greatly appreciate the support of the Florida Opportunity Fund on this project," said Ed Dineen, LS9 President and CEO. "We are honored to have the support of Congressman Rooney for our Grand Opening event and believe this facility can be a magnet for attracting other advanced agricultural and bio-product technologies to the state. Our Florida location is ideal as it allows for prime access to the feedstocks required to produce our renewable products."
The facility will initially be used to enhance LS9's production capability and generate large commercial samples for testing and product qualification by key partners and prospective customers. The facility will also be used to test and optimize new process conditions. The retrofit also focused on reducing energy consumption through the use of technologies such as variable speed drivers and advanced computer control systems in the plant.
The Company envisions the plant to be a long-term demonstration facility for all current and future products, with biodiesel being the first product at the facility. Successful production runs in 20,000 and 50,000 liter fermenters have been stepping stones to the start-up of the 135,000 liter fermentation vessel in Okeechobee, Fla. LS9 is also pursuing options to enable commissioning of the site to a larger commercial scale.
The Florida Clean Energy Investment Program is one of the first of its kind in the nation for growing the State's clean energy sector. Target areas of investment include: facility and equipment improvement with energy-efficient products, equipment and materials; renewable energy product, equipment and materials acquisition/upgrade; process improvement of existing operations with energy efficient and/or renewable energy (EE/RE) equipment and materials to increase energy efficiency or reduce energy consumption; and, demonstration of EE/RE products, equipment and materials.
"The State of Florida recognizes the need for adoption of renewable energy products and remains committed to supporting companies, such as LS9, striving to produce these technologies," stated Jennifer Dunham of Florida First Partners, manager of the Florida Opportunity Fund's innovative Clean Energy Investment Program.
About the Florida Opportunity Fund
The Florida Opportunity Fund was established by Enterprise Florida and is managed by Florida First Partners (FFP). The Clean Energy Investment Program was created to promote the adoption of EE/RE products and technologies in Florida by providing funding to businesses to increase the use of EE/RE technologies, equipment and materials in the State. Funding for the Program was provided by the U.S. Department of Energy through the American Recovery and Reinvestment Act of 2009 (ARRA) and is administered by the Florida Department of Agriculture and Consumer Services' Office of Energy. Additional information can be found at: http://www.floridaopportunityfund.com/EnergyAbout.asp
About LS9, Inc.
LS9, Inc. is a technology leader in the commercial development of a growing portfolio of sustainable products to meet the needs of fuel and chemical markets worldwide. Its unique technology platform enables low costs, feedstock flexibility and process simplicity across a diversity of fermentation-derived products ranging from vehicle-ready fuels to chemicals for lubricants, detergents and personal care products. In June 2010, LS9 was awarded the U.S. Environmental Protection Agency's highest environmental honor for its revolutionary technology. The company was founded in 2005 and is supported by funding from Flagship Ventures, Khosla Ventures, Lightspeed Venture Partners, Chevron Technology Ventures and BlackRock. LS9 is headquartered in South San Francisco, California, and further information can be found at www.ls9.com.
The LS9, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=10023