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Ethanol Could Corrode Pumps, Testers Say

By Alexei Barrionuevo CHICAGO – The farm-produced fuel that is supposed to help wean America from its oil addiction is under scrutiny for its potentially corrosive qualities. E85, a blend of 85 percent corn-based ethanol and 15 percent gasoline, could be eating away at metal and plastic parts in pumps being used to dispense the fuel at gasoline stations, Underwriters Laboratories, the private product-safety testing group, said this month. BP, the British oil company, said that it would delay the expansion of E85 at its American gasoline outlets until the laboratories certified an E85 dispensing system. “BP is tracking this issue very closely,” Valerie Corr, a company spokeswoman, said. Underwriters Laboratories and the Department of Energy are holding two days of hearings next week at the testing group’s headquarters outside Chicago, inviting oil companies, automakers and researchers to help develop standards for E85 equipment. Underwriters Laboratories, which certifies the safety of everything from toasters to televisions, has temporarily withdrawn authorization for the U.L.-approved label on parts used in E85 dispensers. Those dispensers, it turns out, were modified from regular gasoline dispensers and were certified only for a maximum of 15 percent ethanol concentration; U.L. said it had never certified any […]

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Quantum Plans $10M Private Offering

Quantum Technologies, Inc. (Nasdaq: QTWW) has agreed to and entered into a Securities Purchase Agreement for the issuance and sale to institutional investors of 6.1 million shares of the company’s common stock at $1.64 per share and warrants to purchase 2.1 million shares of the company’s common stock. The warrants are exercisable six months from closing and at any time and from time to time for seven years thereafter at an exercise price of $2.36. Additionally, investors can purchase, for a period that extends until 45 trading days after the shares become registered, an additional 1.8 million shares at a price of $1.64. The purchase of these additional shares would include an additional 0.6 million warrants. The Company expects to close the transaction by November 1, 2006. Website: http://www.qtww.com     

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