Tyton N.C. Biofuels buys Raeford ethanol plant

Tyton N.C Biofuels, which produces biofuels from tobacco, has purchased the former Clean Burn Fuels ethanol plant in Raeford.

The company, part of Danville, Virginia-based Tyton BioEnergy Systems, is reportedly buying the plant for less than $15 million (€11 million).

Tyton BioEnergy has reportedly developed a proprietary tobacco extraction process that allows the company to produce highly-efficient biofuels.

The facility, which opened in spring 2010 and closed production after nine months, was built for $100 million.

The Governor's Office is expected to announce the deal shortly.