White Mountain invests in Oz biodiesel
US-based White Mountain Group is expected to inject US$16 million (€12.6 million) worth of investment into Australian Biodiesel Group (ABG) in exchange for 51% of ABG's issued share capital.
White Mountain will provide US$6.2 million to install a new processing and refining plant to be located on current ABG premises. Another US$3 million will go to securing a technology licence for the benefit of ABG's operations and US$1 million will serve as ABG's initial working capital.
White Mountain will also introduce a patented, commercially proven technology to ABG that produces low cost renewable diesel fuel from virgin and waste vegetable oils, without the use of hazardous materials, such as methanol or caustics used in existing biodiesel production facilities.
The US-based company will also develop off-take agreements including export opportunities for ABG's outputs.
White Mountain will provide US$6.2 million to install a new processing and refining plant to be located on current ABG premises. Another US$3 million will go to securing a technology licence for the benefit of ABG's operations and US$1 million will serve as ABG's initial working capital.
White Mountain will also introduce a patented, commercially proven technology to ABG that produces low cost renewable diesel fuel from virgin and waste vegetable oils, without the use of hazardous materials, such as methanol or caustics used in existing biodiesel production facilities.
The US-based company will also develop off-take agreements including export opportunities for ABG's outputs.
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