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News and Information Article
Northwests Premier Bio-Fuel Company Secures Resources for National Expansion
SEATTLE, Jan. 17 // -- Seattle BioFuels, Inc., a leader in next
generation Biodiesel process technology, today announced it closed a
$7.5 million Preferred Series A investment from leading venture investors
including Nth Power, Technology Partners and Vulcan Capital. The financing
will be used for national expansion, with plans to accelerate
commercialization of innovative process technology, open a new biodiesel
refinery and oil seed-crushing oil facility in the second half of 2006. Nancy
Floyd, Managing Director of Nth Power (http://www.nthpower.com) and Ira Ehrenpreis,
General Partner of Technology Partners (http://www.technologypartners.com) have
joined the board of Seattle BioFuels.
Seattle BioFuels is a national leader in next generation biodiesel
production technology delivering significant economic and quality improvements
to the process. Seattle BioFuels has developed a proprietary Pulse Reactor(R),
Active Methanol Recovery System(R), and an Adsorbent Enhanced Polishing
Process(R) along with other improvements to the Biodiesel production process.
The company built its first commercial scale refinery operating as Seattle
Biodiesel providing 5 million gallons per year capacity to the Northwest
market.
"Demand is so high that we still have not been able to meet it with our
current facility," said Martin Tobias, CEO and Chairman of Seattle BioFuels.
"We obviously want to be a national company," he said, "and we think we have a
better, faster, cheaper way to make biodiesel that we can replicate all over
the country and internationally."
About Seattle BioFuels
Founded in 2003, Seattle BioFuels is a national leader in next generation
biodiesel refining and manufacturing technology. Seattle BioFuels opened the
first commercial scale (5 million gallons a year) implementation of their
technology in May of 2005 in Seattle, WA (Seattle Biodiesel). The mission of
Seattle BioFuels is to develop and deploy technology innovations that enable a
gallon of biodiesel to be produced cheaper than a gallon of petroleum diesel.
Seattle BioFuels is backed by leading venture capital groups and individuals
including Nth Power, Technology Partners, Vulcan Capital and Martin Tobias
(Founder Loudeye Technologies and Venture Partner Ignition Partners). For
more information please visit http://www.seattlefuels.com
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