DALLAS -- Panda Energy, a division of The Panda Group, announced today that it will build a 100 million gallon per year renewable fuel ethanol plant in Yuma, Colorado. The $120 million facility will refine American grown corn into a clean burning auto fuel. The ethanol produced at the Colorado plant will be blended with gasoline and replace the equivalent of 2.4 million barrels of imported gasoline each year.
The Yuma project is the second of five 100 million gallon per year fuel ethanol plants Panda will announce this year. In May, Panda announced it would build a 100 million gallon per year fuel ethanol plant in Hereford, Texas. To produce steam, both the Yuma and Hereford facilities will utilize a renewable fuel technology that converts a billion pounds of cattle manure each year into bio-gas fuel. Each facility will save the equivalent of 1,000 barrels of oil per day, which will make these facilities the most energy efficient ethanol refineries in the United States.
"Soaring gas prices have forced our country to look at alternative measures to reduce dependence on foreign oil and lower costs for consumers at the gas pump," stated Panda Development Group President Todd Carter. "The Yuma plant will become an important part of helping the United States move away from foreign oil. The Yuma community has been outstanding in its welcome and support of our newest ethanol facility and will be part of America's drive towards energy independence."
"The City of Yuma is excited that Panda has chosen to build a renewable energy to ethanol facility here. When completed, the plant will create new jobs, strengthen our local economy, and broaden the tax base for our schools, hospital and local governments," stated Robert J. Harper, Mayor, City of Yuma. "We support the production of ethanol as a clean, environmentally friendly source of fuel that will enhance local livestock and grain production while helping to reduce this country's dependence on foreign oil. We look forward to a long and productive relationship with Panda as they become part of our local business community."
"Panda's selection of Yuma County for its renewable energy plant falls right in line with our new economic development vision for the County," stated Andrea Anderson, Executive Director, Yuma County Economic Development Corporation. "We are genuinely excited to assist Panda in creating new frontiers within the Agriculture and Energy sectors that will benefit us locally, regionally and nationally."
President Bush recently signed the Energy Policy Act of 2005 which expands the U.S. government mandate for increased ethanol use in blended gasoline to 7.5 billion gallons by 2012. This new expanded Renewable Fuel Standard alone will reduce America's dependence on foreign oil by 5%. Since 1978, every automobile produced for use in the United States has been able to use 10% fuel ethanol blended gasoline, which reduces harmful carbon monoxide emissions by 25%. Major automotive manufacturers are now producing cars and trucks that can run on a blend of 85% fuel ethanol and 15% gasoline. When using an E85 blend of ethanol and gasoline, these vehicles will reduce harmful carbon monoxide emissions by 40%. The U.S. fuel ethanol production in 2004 was 3.4 billion gallons. The U.S. uses 140 billion gallons of gasoline per year.
Headquartered in Dallas, Texas, Panda Energy, a division of The Panda Group, is a privately held company that has built over 9,000 MW of electric generation capacity at a cost of $5 billion. Panda is currently developing fuel ethanol plants, biomass electric generating facilities, bio-diesel plants and is also actively working on next generation clean coal projects throughout the United States.
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