Wednesday, August 29, 2007

[PBN] NZ: Lanza Ethanol plant on ice


LanzaFuels Biofuels Plant On Hold
Monday, 27 August 2007, 2:59 pm
Press Release: LanzaFuels

LanzaFuels New Zealand Limited today announced that it has put its plans
for local biofuels production plant on hold. LanzaFuels has been
investigating the feasibility of a maize to fuel ethanol plant in
response to the 3.4% biofuel sales obligation announced by the NZ
Government in February this year.

LanzaFuels spokesman Howard Moore commented. "Brazilian prices for fuel
ethanol are currently at historically low levels and so, combined with
the strong New Zealand dollar, the cost to import ethanol is now lower
than it can be made locally. This situation has developed recently, and
until future prospects become more encouraging, the Company considers it
is unwise to invest further in the project".

LanzaFuels has been planning to build a large-scale ethanol production
plant using locally grown maize, and powered by wood waste. It planned
to target land currently used for beef and sheep farming. This would
have provided higher returns to farmers who are not benefiting from
current high dairy prices. Moore says "this would have had a double
benefit for the environment by both reducing fossil fuel use and
reducing agricultural methane emissions".


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