EthanolProducer is reporting that Prime Biosolutions, designer of E3’s closed-loop technology, is interested in purchasing them. There are still a few sticking points:
“We’ve got a restructuring plan we’re working on but we’ve got to follow the rules of the game,” said David Hallberg, Prime’s founder. “We’re ready to move when it’s time.”
E3 has claimed that mechanical failures have caused the company to stumble during its start-up period. It has since run out of money and has had to shut down entirely. In particular, the article notes:
One year ago a boiler explosion prevented the plant from coming on line fully and it never attained its projected 25 MMgy capacity.
A boiler explosion?! Boiler explosions are serious business. They’re not just financially costly, they’re extremely dangerous. They’re also fairly easy to manage to. Boiler technology is hundreds of years old at this point. While I can empathize that accidents do happen, a boiler explosion is unacceptable on any grounds. My hope is that this is being misreported – I pray that it was only a serious malfunction, not an actual explosion.
But this seems like it might be good news for E3. The article also details some of their financial troubles – apparently Wells Fargo is owed $57 Million. The details seem to indicate to me that the company was not capitalized appropriately to manage such an endeavor. EP is to report a more in depth article in the coming weeks.
