NexGen Biofuels gains in reverse merger

By | March 15, 2007
New York-based NexGen Biofuels, Israeli company Healthcare Technologies Ltd. and its largest shareholder Gamida for Life B.V. have participated in a reverse merger, in which Healthcare Technologies will purchase NexGen's assets and sell its current business. For NexGen, which has proposed several biodiesel and ethanol production projects, the transaction will be a fast track to becoming publicly traded on NASDAQ. NexGen COO Jim McAlinden told Biodiesel Magazine that NexGen anticipates a spring groundbreaking for its biodiesel plant in Council Bluffs, Iowa, and its ethanol plant in Red Oaks, Iowa. The company has options for ethanol plants at three other sites in Wisconsin, Ohio and Indiana.
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