Chadbourne & Parke seminar discusses biodiesel

By | November 01, 2005
Chadbourne & Parke LLP, a New York-based law firm, organized an afternoon discussion titled "Biodiesel-The Next Growth Opportunity" on Sept. 28. A series of current events, such as the Energy Policy Act of 2005 and ultra-low sulfur diesel requirements, prompted the discussion, attended by about 175 people.

The U.S. DOE predicts the country's biodiesel market will expand to 1.2 billion gallons per year over the next decade, up from 30 MMgy in 2004. The exponential growth rate will require significant capital investment, and new business, financial and contract structures. So, in addition to detailing the basics of biodiesel, the discussion delved into market issues, equity, debt and capital requirements, according moderator Todd Alexander.

Jerry Peters of Hudson United Capital emphasized the importance of working capital, while Gene Gebolys of World Energy Alternatives discussed the importance of diversity in biodiesel sales. "For example, don't just rely on people mandated by the state of Minnesota to buy your biodiesel," Alexander told Biodiesel Magazine.

Richard Fumoso of Lurgi PSI detailed his company's ability to provide a bankable construction contract, among other important services. David Fennema of Marathon Capital LLC discussed the fundamentals of hedging, and the importance of mitigating risks associated with the lack of correlation between the feedstock and the product.
ttendees represented developers' financial sponsors, debt providers and other technology providers interested in the direction of the biodiesel industry. "The crowd was very diversified," said speaker Jonathan Phillips, also of Chadbourne & Parke.
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