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      STATES</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
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      DC 20549</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
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      8-K</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CURRENT
      REPORT PURSUANT</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
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      SECTION 13 OR 15(D) OF THE</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SECURITIES
      EXCHANGE ACT OF 1934</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
      of
      report (Date of earliest event reported): June 23, 2006</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Xethanol
      Corporation</strong></font>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
      Name of Registrant as Specified in Its Charter)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
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      or
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            <td align="left" valign="top" width="24%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="left" valign="top" width="3%" style="border-bottom: black thin solid;">&#160;</td>
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                Avenue of the Americas</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
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            <td align="left" valign="top" width="3%" style="border-bottom: black thin solid;">&#160;</td>
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            <td align="left" valign="top" width="3%">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Zip
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(646)
      723-4000 </strong></font>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Registrant&#8217;s
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Former
      Name or Former Address, if Changed Since Last Report) </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check
      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions (</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>see
      </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">General
      Instruction A.2. below): </font></div>
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                communications pursuant to Rule 425 under the Securities Act (17
                CFR
                230.425)</font></div>
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            <td align="left" valign="middle" width="1%">&#160;</td>
            <td valign="middle" width="2%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</font></div>
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                material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
                240.14a-12)</font></div>
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    <div>
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            <td align="left" valign="middle" width="1%">&#160;</td>
            <td valign="middle" width="2%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</font></div>
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                communications pursuant to Rule 14d-2(b) under the Exchange Act (17
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="middle" width="1%">&#160;</td>
            <td valign="middle" width="2%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
                communications pursuant to Rule 13e-4(c) under the Exchange Act (17
                CFR
                240.13e-4(c))</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div>
      <hr style="MARGIN-TOP: -5px; COLOR: #000000" noshade size="1">
      <hr style="MARGIN-TOP: -13px; COLOR: #000000" noshade size="4">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SECTION
      1 REGISTRANT&#8217;S BUSINESS AND OPERATIONS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ITEM
      1.01. Entry into a Material Definitive Agreement.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      June
      23, 2006, Xethanol Corporation (&#8220;Xethanol&#8221;) entered into an Organizational
      Agreement (the &#8220;Organizational Agreement&#8221;) with Global Energy and Management
      LLC, a Connecticut limited liability company (&#8220;Global&#8221;), pursuant to which they
      organized a Delaware limited liability company known as NewEnglandXethanol,
      LLC
      (&#8220;NewEnglandXethanol&#8221;). On the same date, Xethanol and Global entered into an
      Operating Agreement (the &#8220;Operating Agreement&#8221;) that relates to the operation
      and management of NewEnglandXethanol. Xethanol and Global organized
      NewEnglandXethanol to develop and operate facilities for the production of
      ethanol in the States of Connecticut, Massachusetts, Rhode Island, New
      Hampshire, Vermont and Maine. Xethanol has granted NewEnglandXethanol and each
      Special LLC (as defined below) the non-exclusive right to use all Xethanol
      technology that may be useful for the development and operation of such
      facilities in the geographic areas in which NewEnglandXethanol intends to
      construct its facilities. Xethanol and Global each own a 50% membership interest
      in NewEnglandXethanol. NewEnglandXethanol will be managed by a Board of
      Managers, which will initially consist of four members. Xethanol and Global
      will
      each have the right to designate two of the members of the board.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Significant
      provisions in the Organizational Agreement include:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Special
      Purpose Limited Liability Companies</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Each of
      NewEnglandXethanol&#8217;s facilities will be constructed and operated by a special
      purpose limited liability company (a &#8220;Special LLC&#8221;). The manager of each Special
      LLC will be Lee A. Tyrol (a member of Global) or, if Mr. Tyrol is unable to
      serve, Global or its designee. Xethanol and Global will provide each Special
      LLC
      with certain services that are set forth in the Organizational Agreement in
      consideration of which each Special LLC will pay management fees to Xethanol
      and
      Global, also as set forth in the Organizational Agreement. Each Special LLC
      will
      also pay Xethanol a technology access fee as set forth in the Operating
      Agreement in consideration of Xethanol&#8217;s license of its technologies to the
      Special LLC. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Capitalization</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Global
      has agreed to contribute an aggregate of $1,500,000 to the capital of
      NewEnglandXethanol in three installments. The initial installment of $250,000
      was paid upon the execution of the Organizational and Operating Agreements;
      the
      second installment of $250,000 is payable within 90 days thereafter; and the
      final installment of $1,000,000 is payable upon approval by Xethanol and Global
      of the construction of the first facility to be developed by NewEnglandXethanol.
      </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Warrants
      to Purchase Xethanol Common Stock</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Xethanol has issued to Global a warrant to purchase 20,000 shares of Xethanol&#8217;s
      common stock, par value $.001 per share (&#8220;Common Stock&#8221;), at a purchase price of
      $6.85 per share that is </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">first
      exercisable on June 23, 2007 (subject to a right of immediate exercise upon
      a
      Change of Control Event (as defined in the Organizational Agreement)) and is
      exercisable until June 23, 2010</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Xethanol has granted Global certain registration rights with respect to the
      shares underlying&#160;the warrant.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Exchange
      of Global Interests</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Upon a
      Change of Control Event, Global will have the right to exchange its interest
      in
      NewEnglandXethanol for shares of Common Stock, at an exchange rate to be agreed
      upon by Xethanol and Global or, if they cannot agree, at a rate based upon
      the
      appraised value of Global&#8217;s interest in NewEnglandXethanol and 95% of the market
      price of the Common Stock for the 15 days preceding the completion of the
      valuation of Global&#8217;s interest in NewEnglandXethanol. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Xethanol
      has agreed to permit Global to require Xethanol to exchange Global&#8217;s interest in
      NewEnglandXethanol for shares of Common Stock at any time beginning June 23,
      2007. The interests will be exchanged at a rate to be agreed upon by Xethanol
      and Global or, if they cannot agree, at a rate based upon the appraised value
      of
      Global&#8217;s interest in NewEnglandXethanol and 90% of the market price of the
      Common Stock for the 15 days preceding the completion of the valuation of
      Global&#8217;s interest in NewEnglandXethanol.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
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        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Reference
      is made to Exhibits 1.1 and 1.2 to this Current Report on Form 8-K for the
      complete terms of the Organizational Agreement and the Operating Agreement.
      A
      press release announcing the organization of NewEnglandXethanol was issued
      by
      Xethanol on June 27, 2006 and is attached hereto as Exhibit 99.1. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SECTION
      3 - SECURITES AND TRADING MARKETS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ITEM
      3.02. Unregistered Sales of Equity Securities</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      June
      23, 2006, Xethanol issued to Global a warrant (the &#8220;Warrant&#8221;) to purchase 20,000
      shares of Common Stock at an exercise price of $6.85 per share. The Warrant
      is
      first exercisable on June 23, 2007&#160;(subject to a right of immediate
      exercise upon a Change of Control Event) and is exercisable until June 23,
      2010.
      The Warrant was issued in connection with and pursuant to the Organizational
      Agreement&#160;without consideration for the Warrant other than the obligations
      of Global under the Organizational Agreement. Xethanol did not receive any
      cash
      in connection with the issuance of the Warrant. No commissions were paid or
      payable with respect to the issuance of the Warrant.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exemption
      from registration of the </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Warrant
      specified in the preceding subparagraph (a) is </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">claimed
      under Section 4(2) of the Securities Act of 1933, as amended (the &#8220;Act&#8221;)
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">because
      the transaction </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">did
      not
      involve a public offering and was therefore exempt from the registration
      requirements of Section 5 of the Act.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Warrant is attached to this Current Report on Form 8-K as Exhibit
      3.1.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SECTION
      9 - FINANCIAL STATEMENTS AND EXHIBITS </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ITEM
      9.01. Exhibits</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Following
      is the Index of Exhibits furnished in accordance with Item 601 of Regulation
      S-K, filed as part of this Current Report on Form 8-K or incorporated by
      reference herewith:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td align="left" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.1</font></td>
            <td align="left">
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Organizational
                Agreement, dated as of June 23, 2006, by and between Xethanol Corporation
                and Global </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Energy
                and Management LLC</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td align="left" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.2</font></td>
            <td align="left">
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operating
                Agreement dated as of June 23, 2006, by and between Xethanol Corporation
                and Global </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Energy
                and Management LLC</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td align="left" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.1</font></td>
            <td align="left">
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Warrant
                dated as of June 23, 2006, issued by Xethanol Corporation to Global
                </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Energy
                and Management LLC</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td align="left" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1</font></td>
            <td align="left">
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
                release issued by Xethanol Corporation on June 27,
                2006.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: -45pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
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        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 54pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to the requirements of the Securities and Exchange Act of 1934, the Registrant
      has duly caused this report to be signed on its behalf by the undersigned
      hereunto duly authorized.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

          <tr valign="top" bgcolor="#ffffff">
            <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">Xethanol
              Corporation</font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">Date:
              June 27, 2006</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">By:&#160;&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">/s/&#160;Lawrence
              S. Bellone</font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td colspan="2"><font style="FONT-FAMILY: " size="1">&#160;</font></td>
            <td align="left">
              <hr style="COLOR: black" align="left" noshade size="2" width="80%"><font size="2">Lawrence
              S. Bellone</font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">Chief
              Financial Officer</font></td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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{"company-data": {"conformed-name": "XETHANOL CORP", "cik": "0001145061", "assigned-sic": "3250", "irs-number": "841169517", "state-of-incorporation": "CO", "fiscal-year-end": "0205"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-32918", "film-number": "06934662"}, "business-address": {"street1": "1185 AVENUE OF THE AMERICAS,", "street2": "20TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10036", "phone": "6467234000"}, "mail-address": {"street1": "1185 AVENUE OF THE AMERICAS,", "street2": "20TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10036"}, "former-company": {"former-conformed-name": "ZEN POTTERY EQUIPMENT INC", "date-changed": "20010717"}}
UNITED
      STATES
SECURITIES
      AND EXCHANGE COMMISSION
WASHINGTON,
      DC 20549
FORM
      8-K
CURRENT
      REPORT PURSUANT
TO
      SECTION 13 OR 15(D) OF THE
SECURITIES
      EXCHANGE ACT OF 1934
Date
      of
      report (Date of earliest event reported): June 23, 2006
Xethanol
      Corporation
(Exact
      Name of Registrant as Specified in Its Charter)
Delaware
(State
      or
      Other Jurisdiction of Incorporation)
000-50154
84-1169517
(Commission
                File Number)
(IRS
                Employer Identification No.)
1185
                Avenue of the Americas
New
                York, New York
10036
(Address
                of Principal Executive Offices)
(Zip
                Code)
(646)
      723-4000
(Registrant's
      Telephone Number, Including Area Code)
(Former
      Name or Former Address, if Changed Since Last Report)
Check
      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions (
see
General
      Instruction A.2. below):
o
Written
                communications pursuant to Rule 425 under the Securities Act (17
                CFR
                230.425)
o
Soliciting
                material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
                240.14a-12)
o
Pre-commencement
                communications pursuant to Rule 14d-2(b) under the Exchange Act (17
                CFR
                240.14d-2(b))
o
Pre-commencement
                communications pursuant to Rule 13e-4(c) under the Exchange Act (17
                CFR
                240.13e-4(c))
SECTION
      1 REGISTRANT'S BUSINESS AND OPERATIONS
ITEM
      1.01. Entry into a Material Definitive Agreement.
On
      June
      23, 2006, Xethanol Corporation ("Xethanol") entered into an Organizational
      Agreement (the "Organizational Agreement") with Global Energy and Management
      LLC, a Connecticut limited liability company ("Global"), pursuant to which they
      organized a Delaware limited liability company known as NewEnglandXethanol,
      LLC
      ("NewEnglandXethanol"). On the same date, Xethanol and Global entered into an
      Operating Agreement (the "Operating Agreement") that relates to the operation
      and management of NewEnglandXethanol. Xethanol and Global organized
      NewEnglandXethanol to develop and operate facilities for the production of
      ethanol in the States of Connecticut, Massachusetts, Rhode Island, New
      Hampshire, Vermont and Maine. Xethanol has granted NewEnglandXethanol and each
      Special LLC (as defined below) the non-exclusive right to use all Xethanol
      technology that may be useful for the development and operation of such
      facilities in the geographic areas in which NewEnglandXethanol intends to
      construct its facilities. Xethanol and Global each own a 50% membership interest
      in NewEnglandXethanol. NewEnglandXethanol will be managed by a Board of
      Managers, which will initially consist of four members. Xethanol and Global
      will
      each have the right to designate two of the members of the board.
Significant
      provisions in the Organizational Agreement include:
Special
      Purpose Limited Liability Companies
.
      Each of
      NewEnglandXethanol's facilities will be constructed and operated by a special
      purpose limited liability company (a "Special LLC"). The manager of each Special
      LLC will be Lee A. Tyrol (a member of Global) or, if Mr. Tyrol is unable to
      serve, Global or its designee. Xethanol and Global will provide each Special
      LLC
      with certain services that are set forth in the Organizational Agreement in
      consideration of which each Special LLC will pay management fees to Xethanol
      and
      Global, also as set forth in the Organizational Agreement. Each Special LLC
      will
      also pay Xethanol a technology access fee as set forth in the Operating
      Agreement in consideration of Xethanol's license of its technologies to the
      Special LLC.
Capitalization
.
      Global
      has agreed to contribute an aggregate of $1,500,000 to the capital of
      NewEnglandXethanol in three installments. The initial installment of $250,000
      was paid upon the execution of the Organizational and Operating Agreements;
      the
      second installment of $250,000 is payable within 90 days thereafter; and the
      final installment of $1,000,000 is payable upon approval by Xethanol and Global
      of the construction of the first facility to be developed by NewEnglandXethanol.
Warrants
      to Purchase Xethanol Common Stock
.
      Xethanol has issued to Global a warrant to purchase 20,000 shares of Xethanol's
      common stock, par value $.001 per share ("Common Stock"), at a purchase price of
      $6.85 per share that is
first
      exercisable on June 23, 2007 (subject to a right of immediate exercise upon
      a
      Change of Control Event (as defined in the Organizational Agreement)) and is
      exercisable until June 23, 2010
.
      Xethanol has granted Global certain registration rights with respect to the
      shares underlying the warrant.
Exchange
      of Global Interests
.
      Upon a
      Change of Control Event, Global will have the right to exchange its interest
      in
      NewEnglandXethanol for shares of Common Stock, at an exchange rate to be agreed
      upon by Xethanol and Global or, if they cannot agree, at a rate based upon
      the
      appraised value of Global's interest in NewEnglandXethanol and 95% of the market
      price of the Common Stock for the 15 days preceding the completion of the
      valuation of Global's interest in NewEnglandXethanol.
Xethanol
      has agreed to permit Global to require Xethanol to exchange Global's interest in
      NewEnglandXethanol for shares of Common Stock at any time beginning June 23,
      2007. The interests will be exchanged at a rate to be agreed upon by Xethanol
      and Global or, if they cannot agree, at a rate based upon the appraised value
      of
      Global's interest in NewEnglandXethanol and 90% of the market price of the
      Common Stock for the 15 days preceding the completion of the valuation of
      Global's interest in NewEnglandXethanol.
2
Reference
      is made to Exhibits 1.1 and 1.2 to this Current Report on Form 8-K for the
      complete terms of the Organizational Agreement and the Operating Agreement.
      A
      press release announcing the organization of NewEnglandXethanol was issued
      by
      Xethanol on June 27, 2006 and is attached hereto as Exhibit 99.1.
SECTION
      3 - SECURITES AND TRADING MARKETS
ITEM
      3.02. Unregistered Sales of Equity Securities
On
      June
      23, 2006, Xethanol issued to Global a warrant (the "Warrant") to purchase 20,000
      shares of Common Stock at an exercise price of $6.85 per share. The Warrant
      is
      first exercisable on June 23, 2007 (subject to a right of immediate
      exercise upon a Change of Control Event) and is exercisable until June 23,
      2010.
      The Warrant was issued in connection with and pursuant to the Organizational
      Agreement without consideration for the Warrant other than the obligations
      of Global under the Organizational Agreement. Xethanol did not receive any
      cash
      in connection with the issuance of the Warrant. No commissions were paid or
      payable with respect to the issuance of the Warrant.
Exemption
      from registration of the
Warrant
      specified in the preceding subparagraph (a) is
claimed
      under Section 4(2) of the Securities Act of 1933, as amended (the "Act")
because
      the transaction
did
      not
      involve a public offering and was therefore exempt from the registration
      requirements of Section 5 of the Act.
The
      Warrant is attached to this Current Report on Form 8-K as Exhibit
      3.1.
3
SECTION
      9 - FINANCIAL STATEMENTS AND EXHIBITS
ITEM
      9.01. Exhibits
Following
      is the Index of Exhibits furnished in accordance with Item 601 of Regulation
      S-K, filed as part of this Current Report on Form 8-K or incorporated by
      reference herewith:
1.1
Organizational
                Agreement, dated as of June 23, 2006, by and between Xethanol Corporation
                and Global
Energy
                and Management LLC
.
1.2
Operating
                Agreement dated as of June 23, 2006, by and between Xethanol Corporation
                and Global
Energy
                and Management LLC
.
3.1
Warrant
                dated as of June 23, 2006, issued by Xethanol Corporation to Global
Energy
                and Management LLC
.
99.1
Press
                release issued by Xethanol Corporation on June 27,
                2006.
4
SIGNATURES
Pursuant
      to the requirements of the Securities and Exchange Act of 1934, the Registrant
      has duly caused this report to be signed on its behalf by the undersigned
      hereunto duly authorized.
Xethanol
              Corporation
Date:
              June 27, 2006
By:
/s/ Lawrence
              S. Bellone
Lawrence
              S. Bellone
Chief
              Financial Officer
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