German biofuel maker to buy Atlantic Biodiesel plant in Ontario
A Canadian subsidiary of Germany-based Verbio Vereinigte BioEnergie AG signed a contract May 2 to purchase Atlantic Biodiesel Corp.’s biodiesel production facility in Welland, Ontario, Canada.
Verbio is a German biofuel producer with approximately 470,000 tons of annual biodiesel productive capacity. The company also produces ethanol and biomethane. Late last year Verbio announced one of its subsidiaries, Verbio North America Corp., was buying DuPont’s cellulosic ethanol production facility in Nevada, Iowa. The firm’s Canadian subsidiary purchasing Atlantic Biodiesel is named Verbio Diesel Canada Corp.
Atlantic Biodiesel opened the 45 MMgy plant in June 2015 after the former Great Lakes Biodiesel plant’s lender Heridge S.a.R.L.’s stalking horse bid won the assets from a bankruptcy auction in early 2015. Heridge formed the subsidiary Atlantic Biodiesel Corp. to manage operations in Welland.
According to Verbio, the purchase will be financed by using its freely available cash and internal cash flow. The company expects to close on the deal midyear.
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