May 1, 2006
For Immediate Release
IOGEN GETS BOOST FROM GOLDMAN SACHS
Wall Street firm invests $30 million in cellulose ethanol leader
Ottawa - Iogen Corporation announced today
that Goldman Sachs & Co. of New
York has invested $30 Million (CDN) in its renewable cellulose ethanol
technology.
"Goldman is the first major Wall Street firm to make a
commitment to cellulose ethanol," says Iogen CEO Brian Foody. "Renewable fuels
like cellulose ethanol are one of the main options President Bush recently
highlighted to reduce America's dependence on foreign oil.
Goldman's investment gives it a minority stake in Iogen,
the only company to be operating a demonstration facility that converts
agriculture materials like straw, corn stalks, and switchgrass to ethanol. Goldman joins the Royal Dutch/Shell Group as
a major investor. The funds will be
used to accelerate Iogen's commercialization program.
Cellulose ethanol will allow a much greater expansion of
U.S. domestic alternative fuel supply because there is a substantial untapped
existing biomass resource.
A joint study by the U.S. Departments of Agriculture and
Energy (USDA and DOE) has concluded that the land resources of the US could
produce a sustainable supply of biomass sufficient to displace 30% (60 billion
gallons of renewable fuel per year) of the country's present gasoline
consumption.
Cellulose ethanol is a fully renewable, advanced biofuel
that can be used in today's cars. It is one of the most cost effective
ways to reduce gasoline consumption and greenhouse gas emissions from
automobiles.
About Iogen
Corporation:
Iogen is a leading biotechnology firm
specializing in cellulose ethanol - a fully renewable transportation fuel made
from agricultural residue that can be used in today's cars. The Company also
develops, manufactures and markets enzymes used to modify and improve the
processing of natural fibres within the textile, animal feed, and pulp and
paper industries. In operation since 1974, Iogen is a privately held company
located in Ottawa, Canada. For more information, visit www.iogen.ca
About
Goldman Sachs:
Goldman Sachs is a leading global investment banking, securities
and investment management firm that provides a wide range of services worldwide
to a substantial and diversified client base that includes corporations,
financial institutions, governments and high net worth individuals. Founded in
1869, it is one of the oldest and largest investment banking firms. The firm is
headquartered in New York and maintains offices in London, Frankfurt, Tokyo,
Hong Kong and other major financial centers around the world.
For more information, please contact:
Jeff Passmore, Executive V.P., Iogen Corporation
(613)
733-9830
jeffp@iogen.ca
www.iogen.ca
Michael Duvally,
Goldman Sachs,
(212) 902-2605
michael.duvally@gs.com |
