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| Syntec Biofuel Says Near Record Corn Prices Boosting Interest in Its Waste Biomass to Ethanol Process
| | 02/28/08 - Syntec Biofuel Inc. reported that inquiries relating to its catalyst technologies have risen sharply. Michael Jackson, President/Chairman of Syntec Biofuel Inc., "We are experiencing an unusual level of inquiries concerning our proprietary catalyst technology. We are attributing it to increasing interest in thermo-chemical Fischer-Tropsch based biomass to biofuel technologies over corn ethanol processes due to the rapidly changing economics of corn as a feedstock."
"Record corn prices are creating worldwide debate over the use of food stock as feedstock for fuel. From cost comparison models based on USDA data with the price at $4.98 a bushel - well below current prices - Syntec's process has edged firmly ahead in competitiveness over corn fermentation methods."
"The cost of corn today at $5.20 a bushel is making corn ethanol production only marginally profitable at their estimated production levels of 92 gpt. That is a conservative figure for us as we have already achieved 105 gallons with the potential for us to further increase yields up to 150 gpt. The equivalent cost of biomass feedstock based on a bushel of wood waste is approx. $1.00. We have therefore concluded that the cost of corn feedstock per gallon of alcohol is $1.89 whereas cost of biomass feedstock per gallon of alcohol is $0.33."
"Using food stock such as corn, sugar and/or wheat to produce ethanol is creating major negative impacts as more and more farmers are switching from food production to ethanol feedstock production. This has resulted in significant increases in the price of certain food products such as corn syrup, animal feed, and corn flour for tortillas. The switch is also contributing to the detriment of other crops, rising food costs and inflation as well as monopolizing farmland and is contributing to global food shortages. Using food as a fuel source is not a practical long-term solution."
"It is important to remember," continued Jackson, "that the Syntec technology can use a wide variety of cheap, waste biomass without any impact on food supply."
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