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GreenHunter Energy May Bring Biofuel To Tampa Port

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By RUSSELL RAY

rray@tampatrib.com

Published: October 27, 2008

A major player in America's effort to use more alternative energy has targeted Tampa for its next big project.

GreenHunter Energy Inc. of Houston said it may build a $70 million facility that would store and produce biofuels at the Port of Tampa. The company recently paid $1 million for an option to lease the 22-acre site near U.S. 41 to build the facility.

The project would give GreenHunter a "foothold in a deep-water port that handles over half of the transportation fuel used in the state of Florida," GreenHunter Chairman and CEO Gary Evans said.

The publicly held energy company owns and operates the nation's largest biodiesel plant, a 105 million-gallon-per-year refinery in Houston.

But that's not all.

The company is also developing six wind-power projects in Montana, California and New Mexico. In addition, it recently paid $2.5 million for a 14-megawatt power plant near Tallahassee that uses wood waste to generate electricity.

Demand for renewable power is sure to rise as more states, including Florida, establish standards for renewable power consumption, the company said.

The company, which lost more than $12 million last year, has $27 million in assets and nearly $60 million in long-term debt. Shares of the company are sold on the American Stock Exchange under the symbol GRH.

The stock is trading at about $8 a share, down from a 52-week high of $25.45 on May 20.

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