Attis has announced that it has entered into a definitive asset purchase agreement with Sunoco to acquire and operate its corn ethanol plant and grain malting operation in Fulton, New York.
The innovation and technology holding company states that the plant will become the essential element of Attis’ expanding technology portfolio, as it continues to develop the site into a comprehensive Green Tech campus for renewable fuels in the country.
Attis states that the total consideration for the divestiture is $20 million (€22.9 million). The transaction is subject to regulatory clearances as well as customary closing conditions and is anticipated to be finalised in the first quarter of 2019.
CEO of Attis Industries, Jeff Cosman said, “The acquisition of Sunoco’s Fulton, NY ethanol plant is a significant step in Attis establishing a foothold in the renewable fuel space, while accessing the fourth largest gasoline market in the United States.”
Cosman continued, “Attis’ familiarity with the facility as well as the progressive business environment in the state of New York provide us with a unique opportunity to transform an asset with incredible potential into an innovative campus for bio-based fuel that is consistent with our short and long-term growth strategy.”
“We believe the demand for low carbon energy sources will continue to increase in the coming years and Attis is well positioned to be able to grow with that trend. The Fulton ethanol facility generates significant revenue for our growing company; it greatly changes the perspective of our investors in Attis and enables Attis to roll-out additional technology platforms under the Innovations division to expand our revenue and cashflow projections over the next two years,” added Cosman.