New contract signed
4th Dec 2008
Pursuit Dynamics PLC (AIM: PDX), the developer and exploiter of PDX, the process improvement technology, is pleased to announce that it has signed a contract for the installation of a PDX Ethanol Reactor Tower (ERT) with Iroquois Bio-Energy Company LLC (IBEC) of Rensselaer, Indiana. The IBEC plant is a 40 million gallon per year corn-to-ethanol facility that commenced operations in 2007 and represents one of the four plants previously reported by the Company as being under Letter of Intent for the installation of the ERT system.
The business model is for Pursuit to share in the commercial benefits achieved by IBEC through its use of the ERT system. These benefits will be gauged against previously achieved yields of ethanol per bushel of corn.
The ERT system destined for IBEC is currently under construction and we anticipate delivery to site and installation to be completed during February, 2009, with the system becoming fully operational in March.
By way of background, Pursuit\'s ERT technology has, during external trials, consistently proved capable of delivering ethanol yield uplifts in the region of 8-12%, with no additional energy requirements.
John Heathcote, Pursuit\'s CEO, commented: "IBEC is a well run, modern plant with a first rate operations team and we congratulate them on being the first commercial user of our system. We have set ourselves a target of installing a base of 610 million gallons per year in the US ethanol industry by the end of September 2009 and our cash resources of around £7 million will be more than adequate to achieve this."
Pursuit will announce its preliminary results for the period ended September, 2008 on 11 December 2008.
