UK bioethanol plant buys US refinery

UK investment company Future Capital Partners (FCP) has agreed to purchase US-based Appomattox Bioenergy.

It is believed FCP will sell the assets to investment vehicle Future Fuels Partnership, which is developing a refinery in Grimsby, and the majority of the plant and machinery may be shipped from Virginia to help build it.

The purchase of the Appomattox is reported to cut the cost of the Grimsby project by £50 million (€59 million) to around £160 million.

The purchase price of Attomattox has not been divulged but some outlets have placed it at $220 million (€171.7 million).