Panda Ethanol Inc. announced on Tuesday that its Hereford subsidiary has successfully completed financing on its 100 million gallon ethanol plant. The company will begin facility construction on the 380-acre site in Hereford, Texas, immediately. Ethanol production is anticipated to begin the second half of 2007.
The facility will be unique due to its ethanol-production plan. The facility will generate the steam used to manufacture ethanol by gasifying more than one billion pounds of cattle manure a year. Once completed, it will be the largest biomass-fueled ethanol plant in the United States.
“We are very proud of this project," said Todd Carter, chief executive officer at Panda Ethanol. "It is an important first step for Panda Ethanol and a step in the right direction toward making our country less dependent on foreign oil."