SAN RAMON, Calif., Oct. 10 /PRNewswire-FirstCall/ -- Chevron Energy
Solutions (CES), a Chevron Corporation (NYSE: CVX) subsidiary that develops
energy efficiency and alternative energy projects, announced today that it
will conduct preliminary work to prepare a proposal for the development of
highly efficient ethanol production plants for Ethanex Energy, Inc. (OTC
Bulletin Board: EHNX), a renewable energy company engaged in low-cost
ethanol production.
Under an agreement with Ethanex, CES will perform engineering,
geotechnical studies, site and civil design work in order to prepare a
detailed proposal for developing and building ethanol plants that use
advanced technology to maximize the plants' efficiency. The proposal will
include details necessary for CES to negotiate contracts to engineer,
procure and construct for Ethanex at least three biofuel plants by 2008.
The plants, to be located in Missouri, Illinois and Kansas, will each
produce about 132 million gallons of fuel-grade ethanol annually.
Ethanol, or ethyl alcohol, is a renewable biofuel produced from the
starch and sugar in agricultural crops, primarily domestically-produced
corn. Currently, the total production capacity of ethanol facilities in the
United States is about 5 billion gallons per year.
In moving ahead with this work, CES has determined that its experience
in planning, project managing and constructing energy-efficient facilities
is well-suited for building energy-efficient ethanol plants. In addition,
this work is consistent with Chevron's support of biofuels development in
its efforts to help expand and diversify the world's energy supply.
Chevron is investing across the energy spectrum to develop energy
sources for future generations by expanding the capabilities of today's
alternative and renewable energy technologies. Since 2000, Chevron
Corporation, through its various subsidiaries, has spent more than $1.5
billion on renewable energy projects and on delivering energy efficiency
solutions. Focus areas include geothermal, hydrogen, biofuels and advanced
batteries as well as wind and solar technologies. Chevron is the largest
renewable energy producer among global oil and gas companies, producing
1,152 megawatts of renewable energy primarily from geothermal operations.
About Chevron Energy Solutions
Chevron Energy Solutions partners with institutions and businesses to
improve facilities, increase efficiency, reduce energy consumption and
costs, and ensure reliable, high-quality energy for critical operations.
Chevron employs proven technologies to meet customers' specific needs,
including infrastructure technologies, energy controls, solar
photovoltaics, fuel cells, biomass and other systems. For more information
about Chevron Energy Solutions, please visit http://www.chevronenergy.com.
Chevron is one of the world's leading energy companies. With more than
53,000 employees, Chevron subsidiaries conduct business in approximately
180 countries around the world, producing and transporting crude oil and
natural gas, and refining, marketing, and distributing fuels and other
energy products. Chevron is based in San Ramon, Calif. More information
about Chevron is available at http://www.chevron.com.
About Ethanex Energy
Ethanex Energy, Inc. is a renewable energy company whose mission is to
become the ethanol industry's low-cost producer. The company expects to
achieve this industry position through the application of next-generation
feedstock technologies and use of alternative energy sources. Ethanex
Energy is concentrating its geographic focus in areas that allow access to
abundant supplies of corn, alternative energy sources, transportation
infrastructure and the potential for expedited permitting. Ethanex Energy's
acquisition and brownfield development strategies afford it rapid capacity
development with significant operating cost advantages. For more
information about Ethanex Energy, please visit http://www.ethanexenergy.com.
CAUTIONARY STATEMENT RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE
PURPOSE OF "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995. Some of the items discussed in this press release are
forward-looking statements about Chevron's and Ethanex's operations. These
statements are based upon each company's management's current expectations,
estimates and projections; are not guarantees of future performance; and
are subject to certain risks, uncertainties and other factors, some of
which are beyond the companies' control and are difficult to predict. You
should not place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. Unless legally required,
Chevron and Ethanex undertake no obligation to update publicly any
forward-looking statements, whether as a result of new information, future
events or otherwise.
SOURCE Chevron Corporation
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Related links:
http://www.ethanexenergy.com/
http://www.chevron.com/
CONTACT:
Diane Padurean of Chevron Energy Solutions,
+1-415-733-4629; or Bryan Sherbacow of Ethanex Energy,
+1-843-724-1555
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