Xethanol changes name, energy focus

By | January 03, 2009
Former cellulosic ethanol company Xethanol Corp. relaunched on the New York Stock Exchange on Oct. 28 as Global Energy Holdings Group Inc., a "diversified energy company" that plans to focus on various waste feedstocks for the production of energy and natural gas. "We're moving on from ethanol, and the reason is the business model doesn't work," Chief Executive Officer David Ames said. "With the price of corn and energy ... we've lost a lot of money doing that. We've spent a lot of money in cellulosic research, and nothing out there is really fruitful and will make a major economic impact on producing ethanol."