Phase 2 investment was announced in July 2010 with the first project inoculating three 800-gallon vertical reactors

in December 2010 inside a 4,000 square foot facility. Phase-2 then moved forward in July 2011, inoculating two 4,000-square -foot greenhouses with two roughly 3,500-gallon growing areas (one greenhouse wa s a control). At that time GPRE provided additional funding, increasing its equ ity stake to 35%, and received $2 million in matching grants from the Iowa Power Fund. Construction of the project was completed in 2H10, and the Grower Harves ter bioreactors successfully started operating in January 2011, consuming the Sh enandoah Iowa ethanol plant s carbon dioxide and waste heat as inputs. Phase 2 proj ects focused on optimizing algae growth through improvements in light utilizatio n, carbon dioxide absorption, and enhanced de-watering and water management. Ot her factors evaluated for building a robust business case for further investment include algae growth rates, energy balances, and operating expenses. We believe management is taking the right actions to develop the end-markets for purchase of dried Algae products. The company recently completed the first rou nd of poultry feed trials, which management believes are the fist large-scale al gae feed trials done for poultry. Green Plains is also developing a product for the fishmeal market where testing is unnecessary and a GPRE sees a 10-million t on addressable market.