AE Biofuels Inc. said Wednesday its wholly-owned advanced ethanol subsidiary, AE Advanced Fuels Keyes Inc., raised $3.5 million in new funding.
Cupertino-based AE Biofuels said the funding will be used to restart and operate a 55 million gallon per year ethanol plant located in Keyes.
The funding came from Third Eye Capital Corp. In November 2010, AE Keyes received $4.5 million from Third Eye Capital to complete the repair and retrofit of the Keyes facility, which is located near Modesto.
AE Keyes expects to restart the Keyes plant and be fully operational by late April 2011.
