Biox closes on $14 million financing package

By Michael Shirek | January 17, 2008
Canadian biodiesel producer Biox Corp. announced that it has closed on CAN$14 million in debt financing with Wellington Financial LP, a specialty financing firm based in Toronto.

Wellington Financial President and Chief Executive Officer Mark McQueen said Biox, which has investors such as Canadian mutual fund provider VentureLink LP, will use the capital at its 60 MMly (16 MMgy) plant in Hamilton, Ontario. "We are excited to be partnering with Biox by providing it with the true growth capital that will enable it to bring production levels at its existing facility up to full capacity and help pave the way to the next step of significant expansion," McQueen said.

Biox, which uses multiple feedstocks, is the largest biodiesel producer in Canada. According to the company, its proprietary process technology can produce biodiesel from feedstocks with high concentrations of free fatty acid without pretreatment.. The process allows the company to utilize less desirable-and less expensive-feedstocks, such as tallow and yellow grease, instead of virgin oilseeds. Its continuous flow design is modular, according to the company, and it is looking to expand into areas where economics are favorable with one or more feedstocks.

"With the ongoing support of our shareholders and partners, including Wellington Financial and VentureLink, Biox is well-positioned to continue to execute on its expansion plans within Canada and internationally," said Biox CEO Tim Haig.
 
 
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