Biox and World Energy announce joint US biodiesel plant acquisition
Biox and World Energy enter joint venture (JV) to acquire and operate a 90 million US-gallon (≈341 million litres) per annum biodiesel facility in Texas.
Canada-headed biodiesel producer and process technology developer Biox Corp., has announced that it has entered into a joint venture (JV) with US-headed World Energy to acquire and operate a biodiesel facility in Houston, Texas. Biodiesel producer World Energy has over 600 000 tonnes of production capacity in Pennsylvania, Georgia, Mississippi, and Texas.
The World Energy BIOX Biofuels JV aims to acquire the 90 million US-gallon (≈341 million litres) per annum facility formerly known as Green Earth Fuels. Located within the Kinder Morgan Liquids terminal on the Houston Ship Channel, it is the third largest biodiesel production facility in North America. A 50/50 JV each company has committed US$10 million towards the venture. The plant is expected to be in production by the end of 2016.
– This JV with World Energy and the acquisition of a 90 million USG facility provide BIOX
an opportunity to significantly expand and diversify our production capacity in combination with a
high quality partner. As we see the distribution of our products from our facilities in Ontario shifting
from the US market to fulfil the mandates under Ontario’s Greener Diesel initiative, this acquisition
provides us with a strategically positioned production facility from which we can address the US
market in partnership with World Energy, said Alan Rickard, CEO of BIOX in a statement.
– World Energy and BIOX have been biodiesel industry pioneers dating from the very beginnings of
the industry. 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.