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It’s been a while since I have written about Pacific Ethanol (NASDAQ:PEIX) but I thought yesterday was an important milestone for the company as it finished construction of its first plant. I used to follow Pacific Ethanol very closely and enjoyed the incredible ride up early this year. During that time I reported on its new plants, interviewed Tom Koehler and also reported on the incredible amount of insider selling at the company.

The stock went up about 10% on the news yesterday and an additional 6% today so far (2:41 PM EST) after being on a tremendous slide and a recent downgrade. I think opening of the plant marks an important milestone for this company. It is no longer a ethanol stock without any production. Neil Koehler, CEO also stated, “We remain on schedule to develop 220 million gallons of production capacity by the middle of 2008 and 420 million gallons by the end of 2010.”

If you still believe in the whole Ethanol story you might want take a look at Pacific Ethanol at these levels.

PEIX 1-yr chart:

PEIX 1-yr chart

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Source: Pacific Ethanol No Longer An Ethanol Stock Without Any Production