US biodiesel firm secures $15.5m in financing

03 June 2008 19:47  [Source: ICIS news]

HOUSTON (ICIS news)--US biodiesel producer Innovative Fuels secured $15.5m (€10m) in financing that the firm will spend on upgrades, acquisitions, construction and European marketing, the company said on Tuesday.

Innovative Fuels plans to increase production at its plant in New York to 950,000 bbl/year, the company said. It plans to buy a development-stage 1.2m bbl/year biodiesel plant in the port of Milwaukee, Wisconsin.

The money will also fund the development of two regional biodiesel refineries with a capacity of 1.3m bbl/year, the company said. In addition, the company will start a subsidiary that will market and distribute biodiesel and glycerine in Europe.

The funding was arranged by Credit Suisse Customized Fund Investment Group on behalf of the New York Common Retirement Fund, RNK Capital and Lyrical Partners, Innovative Fuels said.

($1 = €0.64)

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By: Al Greenwood
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