VERBIO Diesel Canada Corporation, a wholly-owned subsidiary of Germany-headed biofuels producer VERBIO Vereinigte BioEnergie AG, has announced that it has signed a contract with Atlantic Biodiesel Corporation to purchase a biodiesel plant located in Dain City, Ontario (ON). The plant has an annual production capacity of approximately 150 000 tonnes of biodiesel and 18 000 tonnes of raw glycerin.
According to a statement, the North American biodiesel market has an annual demand of approximately 9 million tonnes of biodiesel based on soy and canola oil. Canola is comparable to rapeseed. Pending resolution of certain conditions the closing is expected by mid-year 2019.
With this transaction, VERBIO is consistently pursuing its internationalization strategy with regard to the growing biofuel market in North America. The purchase price will be financed by using VERBIO AG’s freely available cash and internal cash flow.
