Canary Biofuels plans to open Alberta biodiesel plant by end of year
Canary Biofuels Inc. has acquired Invigor Bioenergy Corp. and its biodiesel plant in Lethbridge, Alberta, Canada.
The company has secured private placement equity financing of CAD$16.5 million, and it is entering into an agreement with Canadian Western Bank for CAD$7 million of borrowing capacity, Canary Biofuels said.
It will use the financing “to convert the biodiesel facility such that Phase 1 will have capacity to produce 75 million liters (20 MMgy) of second-generation biodiesel using agricultural waste feedstock,” the company stated.
“These transactions represent the first step in creating a platform with which we plan to grow our biodiesel production capabilities,” said George Wadsworth, president and CEO of Canary Biofuels. “And we are pleased to have established partnerships with CWB, key institutional investors and key strategic investors, which will help ensure we are well financed, and well supplied, to build a successful business.”
The company plans for the site to be fully operational by the end of the year.
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