HGP to auction off 10% interest in California biodiesel firm

Asset advisory and auction company Heritage Global Partners (HGP) is to hold a telephonic auction of almost 10% economic interest in North Star Biofuels and related intellectual property owned by R Power Biofuels and Sauber, including a patent and certain trade secrets.

The winning bidder will acquire a 9.871% economic interest in a Watsonville, California-based company that owns and operates a 13.3 million gallon per year biodiesel facility with integrated feedstock supply.

'We are excited to manage this upcoming UCC telephonic auction, which presents a rare and unique opportunity for a successful bidder to purchase nearly 10% economic interest stake in a leader California-based commercial-scale biodiesel company,' director of sales at HGP, Nick Dove, said in a statement. 'The winning bidder will also acquire certain intellectual property including a valuable patent and other trade secrets.'

The auction will take place on 7 October.