Agreement reached for Enervation to acquire East Fork plant
After months of negotiations, Enervation's Paul Tantillo and William Dollard have come to an agreement to purchase the Algona biodiesel plant from the bank for an undisclosed amount. The 60 MMgy plant, completed in 2007, never became operational and requires a significant amount of work to conform to the Enervation plan for the property.
Enervation is now reviewing the existing permits and licenses, while the engineering team works to produce a more definitive plan to bring the plant up to the desired specifications. Enervation also intends to add additional components to the facility to create additional revenue.
“While the plant as it stands cannot produce positive cash flows, we have a strategic plan for the Algona location that enables the facility to thrive and to fulfill its promise to the community for the jobs so sorely needed in the area,” Tantillo said.
Enervation founders Paul Tantillo and William Dollard share a vision of growth without dependence on government grants, nor are they enamored with the return of the dollar per gallon tax credit. “It was the false sense of security that pervaded the industry just a few years back that caused hundreds of millions of dollars in bank loans to ultimately fail and plants to close as a result of depending on soybean oil and the dollar per gallon tax credit, we choose to be able to operate clear of that dependence”, remarked Tantillo.
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