GreenShift receives $375,000 grant from Montana

By Ron Kotrba | January 01, 2009
Web exclusive posted Jan. 6, 2009, at 2:44 CST

New York-based GreenShift Corp. has received a $375,000 grant from Montana's Board of Research and Commercialization, which is part of the state's department of commerce. The company, which will provide $125,000 in matching funds, will use the grant money to demonstrate algae production from an industrial source of carbon dioxide in Montana using the company's patented and patent-pending bioreactor technology.

"While GreenShift's approach is distinct from other algae offerings, significant additional development work is required to realize commercial viability," said GreenShift's Chief Technology Officer David Winsness. "We are glad to have earned Montana's support and we look forward to making a valuable contribution in this emerging field."

Greenshift's biodiesel production model is based on the integration of its patent-pending corn oil extraction technologies into corn-based ethanol plants to extract crude corn oil from distillers grain.

In December, GreenShift announced it had entered into agreements with a new joint venture subsidiary to receive a $38 million investment. Under terms of the agreement, CleanBioenergy Partners LLC will invest up to $38 million in GS NextDiesel to help build 12 corn oil extraction facilities across the U.S. The funds will also be used at its NextDiesel LLC biodiesel plant in Adrian, Mich., for an expansion project, increasing the facility's capacity from 10 MMgy to a maximum nameplate capacity of 20 MMgy. (Read "GreenShift receives $38 million investment.")
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