Company seeks $7 million to launch Mcgyan biodiesel plant

By Ron Kotrba | October 14, 2009
Posted November 18, 2009

BioCat Fuels, founded in 2008 to partner with McNeff Research Consultants to commercialize the Mcgyan biodiesel process technology, is looking to raise $7 million through a private placement memorandum to launch a new biodiesel project using Mcgyan reactors. Ric Larson, BioCat CEO, said the company plans to build a new plant in Illinois or retrofit a closed biodiesel plant. Clayton McNeff, primary inventor of the Mcgyan process, chairs the BioCat board of directors and said, "We have licensed the Mcgyan process to BioCat Fuels to develop processing facilities for the technology. We have been very impressed with the quality of the biodiesel that we are now producing in Isanti" at the Ever Cat Fuels plant in Minnesota.

In reviewing the benefits of the Mcgyan reactor technology, Larson said, "[It's a] continuous process that can convert nonfood waste oils that other processes are unable to convert. More importantly, the process uses no water, has no hazardous waste stream and uses oils not suitable for human consumption."

He also said there's more demand for biodiesel than there is available product right now. "States are increasing their mandates and the incentives they offer for using biodiesel. For example, Illinois offers an incentive where using 11.5 percent biodiesel eliminates the state fuel tax on the diesel fuel for farmers, truckers and construction companies. In 2008, Illinois alone consumed over 200 million gallons."

The BioCat Fuels private placement memorandum offers shares at $1 with a minimum purchase of 20,000 shares. For more information email CEO Ric Larson at [email protected].
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