Birmingham, AL (April 20, 2009) – On April 16th Tony Petelos, Mayor of the City of Hoover, Alabama unveiled a breakthrough in alternative energy technology, by filling five of the City's Police vehicles with E85 Ethanol produced from the City's own wood waste. The fuel, made from excess wood chips, is a new type of Ethanol known as Cellulosic Ethanol and is worlds away from the current ethanol production methods in use today.
Cellulosic Ethanol allows for fuel to be produced from waste that contains carbon, and does not rely on corn or other staple crops, thereby eliminating the impact to the food supply if current distillation based methods of production. US Senator Jeff Sessions, who along with US Representative Artur Davis, believes that energy independence is a among the most important national security and environmental issues of the day, applauded the city’s use of Alternative energy. The ethanol for this demonstration was made in nearby Livingston, Al, which is a pilot plant for a planned 10,000,000 gallon per year, plant to be built by Gulf Coast Energy in conjunction with the City of Hoover.
Sterne Agee and Leach, Inc. is proud to join the City of Hoover and Gulf Coast Energy in this most worthwhile project providing Investment Banking and Underwriting services to the City to finance the project. The project, which is expected to save the City considerably in waste disposal and fuel cost, will also move Hoover to the forefront of conservation and making it one of the leading green cities in the country. Sterne Agee looks forward to working to ensure that this breakthrough project becomes a reality.
Founded in 1901, Sterne Agee is one of the oldest and largest privately-owned brokerage firms in the country. A member of the New York Stock Exchange, Sterne Agee has headquarters in Birmingham, Alabama and offices in 23 states.
For more information, please contact:
Leah McKinney
Senior Vice President, Marketing
205.949.3564
lmckinney@sterneagee.com