BIOX, World Energy JV acquire biodiesel facility in US

BIOX, World Energy JV to acquire biodiesel facility in US

8:02 AM, 1st July 2016
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TORONTO/BOSTON, US: BIOX Corporation and World Energy have formed a 50/50 joint venture to acquire and operate a 90 million gallon (341 million litres) biodiesel production facility in Houston, US. Each company has committed $10 million to the World Energy BIOX Biofuels joint venture.

The facility, formerly known as Green Earth Fuels, is located within the Kinder Morgan Liquids terminal on the Houston Ship Channel and is the third largest biodiesel production facility in North America. Plant commissioning and start-up will ramp up over the third quarter of the year.

"This joint venture provides BIOX an opportunity to significantly expand and diversify our production capacity in combination with a high-quality partner. It is a large-scale asset that is well positioned to supply biodiesel for compliance with the Federal Renewable Fuel Standard in the US market," said Alan Rickard, CEO of BIOX.

"This venture enables us to lever our collective strengths to serve customers better than ever before with unparalleled logistical access by rail, truck, barge, ship, and pipeline to the biggest biofuels markets in the US and beyond," said Gene Gebolys, CEO of World Energy.

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