US Renewable Energy Group acquires northeast Texas biorefinery

01 November 2012 16:02  [Source: ICIS news]

HOUSTON (ICIS)-- Renewable Energy Group (REG) has acquired North Texas Bio Energy’s biorefinery in New Boston, Texas for $300,000 (€231,000), the US biodiesel producer said on Thursday.

REG also issued 900,000 shares of its stock for the 15m gal/year (57m litres/year) biorefinery near Texarkana that would increase REG’s capacity by over 225m gal/year, the company said.

The New Boston facility began production in June 2008 but has been idled for about four years, said Brad Albin, REG vice president of manufacturing.

The plant will undergo some construction and minor upgrades before start-up, which is expected in the first quarter of 2013, Albin said.

The company expects to hire about 20 full-time employees at the site.

The New Boston biorefinery is REG’s second Texas biodiesel production facility, following a 2008 acquisition of its Seabrook plant in the Houston area.

($1=€0.77)


By: Tracy Dang
+1 713 525 2653



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