Primus Green Energy Raises $12 Million for Demo Plant

March 16, 2012 by  
Filed under Green Energy News

Primus Green Energy Inc., a biofuel
company backed by Israel Corp. (ILCO), raised $12 million that will be
used to finish a demonstration plant later this year.

Primus has received $40 million since 2007 from IC Green
Energy
Ltd., the renewable-energy arm of Tel-Aviv-based holding
company Israel Corp., which may invest another $30 million,
George Boyajian, vice president of business development, said
today in an interview. The company could raise as much as $100
million this year from investors, including $15 million to $30
million over the next two quarters, Boyajian said.

Primus combines pellets of woody plant material with
natural gas to produce 93-octane gasoline, the Hillsborough, New
Jersey-based company said today in a statement.

“We’re making proprietary improvements to existing
technologies, making a better-quality gasoline at a better
efficiency,” Boyajian said. “We’re not dealing with the
science anymore. We’re dealing with the engineering of building
these facilities.”

The demonstration plant will be built near the company’s
pilot plant in Hillsborough. Primus plans to start work on a
commercial-scale facility, either for gasoline or for chemical
production, next year in eastern Pennsylvania, Boyajian said.
The company’s biomass gasoline generates more than four times as
much energy as ethanol grown from plants on the same acreage.

“It’s our expectation we’ll build dedicated plants to one
or both” gasoline or chemicals, Boyajian said. The facility
could produce 5 million to 10 million gallons of fuel annually,
and “as we settle on a site and settle on the economics with a
partner, then we’ll determine the capacity of the plant,” he
said.

To contact the reporter on this story:
Justin Doom in New York at
jdoom1@bloomberg.net

To contact the editor responsible for this story:
Reed Landberg at
landberg@bloomberg.net

Comments are closed.