REG Buys Wis. Biodiesel Refinery
OAKHURST, N.J. (DTN) -- Renewable Energy Group, Inc. completed its acquisition Tuesday, March 15, of Sanimax Energy's 20-million-gallon nameplate capacity biodiesel refinery located in DeForest, Wisconsin.
REG paid Sanimax $11 million in cash and issued 500,000 shares of REG common stock in exchange for the biorefinery and related assets. REG may also pay Sanimax up to an additional $5 million in cash over a period of up to seven years after closing based on the volume of biodiesel produced at the plant, which is now called REG Madison, LLC.
"We are very pleased to have successfully closed this transaction in a short amount of time and are already producing REG-9000 biodiesel at the plant," said Brad Albin, REG vice president, manufacturing. "We welcome the newest members of our team at REG Madison and are proud to be a part of the DeForest community."
Most of the biodiesel employees have agreed to stay on with REG.
The biorefinery, located just north of Madison, Wisconsin, began production in 2007. The facility has both truck and rail capabilities.
This is the first Wisconsin plant for REG, which now owns and operates 11 active biomass-based diesel refineries in seven states with a combined nameplate production capacity of 452 million gallons annually.
Lincoln Energy Buys Product Blending Terminal in Charlotte
NEW YORK (DTN) -- Lincoln Energy Solutions, a South Carolina-based terminal and biofuels transportation firm, last week bought a 130,000 barrel biofuels terminal in Charlotte, North Carolina, "for a fair value," said the company's Chief Executive Jim Farish.
He said the purchase of the Charlotte terminal from Eco would help Lincoln company to expand its deliveries in the growing Southeast biofuels market. The company already had two terminals before the purchase of the Charlotte terminal, which are located in Chattanooga, Tennessee, and in Fredricksburg, Virginia.
"We'll have automated biodiesel blending as well as ethanol, CBOB and PBOB," he said.
Lincoln is also completing a storage/rail facility in Chattahoochee, west of Atlanta, Georgia, that will offer rail services for light oil products, butane, biodiesel and ethanol.
George Orwel can be reached at email@example.com
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