Technology holding company Attis Industries (Attis) revealed that it is still on track to acquire and operate a corn ethanol plant from Texan fuel supplier Sunoco LP.
While the acquisition itself hasn’t been finalised, Attis claims that the transaction is still on track to close upon the satisfaction of customary closing conditions.
The definitive asset purchase agreement calls for a total consideration for the divestiture of $20 million (€17.7 million) and includes a 10-year offtake agreement with Sunoco for the ethanol produced at the Fulton plant.
According to the release, the firm has plans for numerous improvements over the next two years to the Fulton plant with the goal of creating the industry’s ‘premier renewable energy campus’.
“We remain confident the acquisition of the Fulton plant will be the first of many plants we acquire and/or build over the next 24-36 months,” said Jeffrey Cosman, CEO of Attis Industries.
“The Company is continuing to balance the close of the facility as quickly as possible around the end of the quarter with the expectation to secure a larger credit facility which will be used to quickly improve operations in Fulton, build and expand production fuels with our biodiesel and bio-refinery plant in Fulton, as well as begin building our first three independent bio-refineries in Georgia, South Carolina and Florida.”