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In April 2008, GPRE received preliminary approval for a $2.3 million grant from the Iowa Power Fund to finance research and development in algae production. GPRE intends to revise the grant proposal to reflect the formation of BioProcess Algae.

Green Plains, based in Omaha, Nebraska, has the strategy to become a vertically-integrated, low-cost ethanol producer. Green Plains’ ethanol segment operates four ethanol plants in Iowa, Indiana and Tennessee with a combined expected operating capacity of 330 million gallons of ethanol per year. Green Plains’ agribusiness segment operates grain storage facilities and complementary agronomy, feed, and fuel businesses. Green Plains has a grain storage capacity of approximately 22 million bushels.

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