Future
Gate Ethanol and Hamilton County, Florida officials reached an agreement in early 2004 for Gate to build a $160 million ethanol plant on 90 acres (360,000 m2) north of White Springs, Florida. The plant would have the capacity to produce 50 million gallons of ethanol annually and employ almost 50. In late 2006, the company announced that due to soaring costs of construction and the fluctuation in the price of ethanol, their original plan was no longer viable and would be scrapped.
In October, 2007 Gate Biofuels announced plans to construct a terminal at the port in Jacksonville to receive and store Ethanol, which would be blended with gasoline before distribution to gas stations. Nationwide, ethanol production increased 33% from the prior year creating an oversupply because few distributors were prepared to perform the blending process. Another product under consideration is biodiesel, which is made from natural oils. The $90 million, 55 million gallon facility will have both rail and ship capabilities and is expected to be completed in 2010.
Read more about this topic: Gate Petroleum
Famous quotes containing the word future:
“We live in an age when to be young and to be indifferent can be no longer synonymous. We must prepare for the coming hour. The claims of the Future are represented by suffering millions; and the Youth of a Nation are the trustees of Posterity.”
—Benjamin Disraeli (1804–1881)
“But what we strive to gratify, though we may call it a distant hope, is an immediate desire; the future estate for which men drudge up city alleys exists already in their imagination and love.”
—George Eliot [Mary Ann (or Marian)
“The Mind in Infancy is, methinks, like the Body in Embrio, and receives Impressions so forcible, that they are as hard to be removed by Reason, as any Mark with which a Child is born is to be taken away by any future Application.”
—Richard Steele (1672–1729)