NEW YORK, N.Y. — Xethanol Corporation, which plans to open an ethanol refinery at a former wood processing plant in Spring Hope, N.C., has closed on the purchase of a plant in Georgia.

Xethanol’s joint venture CoastalXethanol has purchased a former Pfizer pharmaceutical plant in Augusta, GA. The facility will be retrofitted to produce ethanol based on biomass waste. The facility is expected to open within 14-16 months.

The facility will operate as Augusta BioFuels.

The Spring Hope facility is to operate at Spring Hope BioFuels.

Both plants are expected to employ 100 workers.

Xethanol: www.xethanol.com