BIOX Continues with Biofuel Acquisitions in Texas and Ontario Companies, Capacity to Produce Biodiesel Expected to Reach 120 million Gallons per Year

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Researched by Industrial Info Resources (Sugar Land, Texas)--BIOX Corporation (TSX: BX) (Hamilton, Ontario) with 50/50 joint venture partner World Energy Alternatives LLC (Boston, Massachusetts) has announced plans to acquire the former Green Earth Fuels of Houston (Galena Park, Texas) for the bargain price of just $20 million.

The plant is located within the Kinder Morgan (NYSE:KMI) (Houston, Texas) liquids terminal on the Houston Ship Channel and originally went into production in November 2007.

Click image at right to view Industrial Info's Vice President of Alternative Fuels Jay Brunson in attendance for the ribbon-cutting ceremony for the Galina Park facility along with then-Texas Governor Rick Perry.

For related information, see November 19, 2007, article Green Earth Fuels Officially Begins Production in Galena Park

At the time, the new 90 million gallon per year biodiesel plant cost upwards of $90 million to construct. But Green Earth became financially strapped and has been seeking to sell the plant since 2009. Green Earth was a subsidiary of the Riverstone Holdings (New York, New York), Carlyle Group (NASDAQ:CG) (Washington, D.C.) and Goldman Sachs (NYSE:GS) (New York).

BIOX plans to spend the next few months going through the facility and plans to re-start and ramp up production for full operations by late September of this year. The plant was originally built by Gemma Power Systems LLC (Glastonbury, Connecticut).

When the plant resumes production, BIOX will have an overall production capacity of over 120 million gallons per year. The company has operated an 18 million gallon per year flagship plant in Hamilton, Ontario since 2006. And just last month, the company announced the acquisition of a 13 million gallon per year plant in Sombra, Ontario from Methes Energies Canada for $4.5 million.

World Energy will provide BIOX with a leading U.S.-based ally in biofuels, providing production, distribution, trading, risk management, finance, operations, regulatory compliance, market analysis and systems integration expertise.

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