Lake Erie Biofuels Media Alert
ERIE, PA – Leonard Kosar, CEO of Lake Erie Biofuels LLC, will hold a media conference call Tuesday, September 8, at 10:00 a.m. ET to discuss the launch of a new company name which encompasses their key position as a leader in the renewable energy revolution. Kosar will also discuss the company’s financial stability and profitability despite the overall financial instability of the biodiesel industry. In addition, the Company will announce its new technology pathway from its current production of first generation biodiesel, to second generation fuels to third generation biodiesel and synthetic fuels.
Without the $1/gallon federal tax credit, the biodiesel industry no longer appears commercially viable
Now the biofuels sector has become the latest green transportation field to suffer disappointment in 2009. The year started off rocky with the European Union in March unveiling import-killing tariffs on biodiesel and other biofuel. Then, as the U.S. recovered from the recession, diesel prices dropped 18 percent off their highs, making it harder to justify the high costs of biodiesel.
Now another nail has been placed in the commercial biofuel industry’ coffin — the government $1/gallon federal tax credit will expire this Friday. And for many businesses in the industry, it may be the last; amid a frustrating market, many biodiesel makers across the U.S. say they will likely call it quits and cease production when the credit ends.