A Fort Lauderdale ethanol company, Losonoco, is planning to build four plants in Florida to produce 300 million gallons of ethanol annually from agricultural and yard waste.
Moreover, according to VentureWire (sub required) it has raised $5 million in initial funding in order to create this network, which includes bio-diesel, cellulosic ethanol and traditional ethanol refineries — to be built across the U.S. and Europe. It is also planning to raise $30 million. According to VentureWire:
Among its backers are board members Steve Percy, the former president and CEO of BP North America; Lady Barbara Judge, chairman of the U.K. Atomic Energy Authority; and Roger Putnam, the former chairman of Ford Europe. The company’s founder and chief executive, Alan Banks, is the founder and former chief executive of Core Ratings Ltd., a governance, environmental and social research rating agency sold to Fitch Ratings Ltd. in 2003.
According to WisconsinAg:
Losonoco Ltd. CEO Alan Banks said he thinks it makes more sense to use existing castoff material for ethanol production instead of food crops such as corn and sugar cane. Banks says using yard waste as a source for cellulosic ethanol also solves a disposal problem, citing the Palm Beach County’s Solid Waste Authority collection of 250,000 tons of yard waste a year. He said that number can be replicated across the state, with tree limbs and palm fronds ending up in landfills