ALL Fuels buying Ace Ethanol

Iowa-based ALL Fuels & Energy (OTC: AFSE.PK) grabbed its first ethanol plant with a $102.5 million deal announced yesterday for Ace Ethanol.

ALL Fuels, which trades on the pink sheets, got into the ethanol business with its purchase of ALL Energy in April, a development-stage ethanol company.

ALL Fuels previously operated a gaming and casino software business, then moved into web publishing before jumping on the ethanol bandwagon.

With its acquisition of Ace, ALL Fuels is getting a 46 million gallon per year Delta T plant in Stanley, Wis.

"Ace fits our model and strategically moves us closer to producing our goal of 500 million gallons per year," said ALL Fuel's president Dean Sukowatey.

Last month, ALL Fuels received $121 million in funding, stating at the time that it would use the money for strategic acquisitions of operational ethanol plants.

The name of the investor was not disclosed.

The company recently announced that it purchased 150 acres in Manchester, Iowa for a proposed 100 million gallon per year ethanol plant.

The company said it also signed a five-plant engineering and design agreement with Delta-T.

Dutch engineering company Bateman Litwin said July 17 that it would acquire Delta-T, a Virgina provider of ethanol plants (see Bateman Litwin buys ethanol kit maker Delta-T).

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