Syntroleum (SYNM) Receives $13M In Down Payments
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Syntroleum Corporation (Nasdaq: SYNM) announced that it has received down payments in the amount of $13 million for technology transfers related to various technical agreements. The Company now believes it has sufficient cash to fund ongoing operations and its share of the remaining equity required to complete the Dynamic Fuels LLC facility in Geismar, Louisiana. The Dynamic Fuels Geismar facility remains on budget and on schedule for mechanical completion by the end of 2009 and plant start-up beginning in early 2010. A second Dynamic Fuels facility is under consideration and the Company is exploring and evaluating financing options for the second plant which includes the balance of payments due under the referenced technology agreements.
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