Sloud acquires Tucson, Ariz.-based SouthWest BioFuels

On Nov. 29 Sloud Inc. announced the acquisition of Tucson, Ariz.-based SouthWest BioFuels Inc. According to information released by Sloud, the biodiesel producer is working to develop algae-based biofuels and related biomass products.

“The SouthWest BioFuels team is currently working on a proprietary model for the rapid delivery of the high demand of algae through higher concentrations at their own algae farms,” said Sloud in a press release. “Most importantly, SouthWest BioFuels is providing biofuel units for people who wish to operate and own their own biofuel farm so that they can provide fuel for their own vehicles or equipment at a low cost with minimal time and maintenance commitment.”

Information released on the acquisition notes that Sloud will change its name to SouthWest Biofuels to reflect the new direction of the company. The company has also accepted the resignation of its CEO Gene Sokolov and appointed SouthWest BioFuel’s CEO Rick Jimenez as its new CEO. “The company initiative this change in direction based on market conditions as well as the developing opportunity in the clean energy market space.”

While Biodiesel Magazine was unable to reach a representative of either company, documents filed with the U.S. Securities and Exchange Commission in 2010 state that Sloud was incorporated in Nevada in 2005. The company originally aimed to provide music search and other audio-related computer services.  

“I am honored to accept the role of CEO for this exciting and innovative company,” said Jimenez in a statement. “We have worked very hard to build SouthWest BioFuels into a viable business and taking this next logical step to become a publicly traded company is in line with our growth plans. We will work tirelessly to continue to build value for our shareholders and further develop our products so that we can reach large scale production in a reasonable amount of time.”