Energae signs purchase agreement for ethanol plant in Grafton

Energy investment group Energae has signed a purchase agreement, which would see them buy Northeast Energy's closed facility in Grafton, US. The company reportedly intends to start sourcing potential investors within the next few weeks, and any money raised will be put towards facility refurbishment.

The former Alchem Ethanol plant, which closed in 2007, is expected to reopen within the year, potentially as early as autumn. However this time round, the facility will be processing sugar beets into ethanol rather than corn.

Energae and Northeast Energy have been in recent discussions with town officials about the potential of reopening the plant.