D1 Oils Raises $47M in Second Placement

31 May 2005

Reuters. D1 Oils, the UK-based biodiesel producer with a global distributed production strategy (earlier post) raised another US$47 million (£25.8 million) in a second share placement. The company went public last October, raising US$21 million ( £11.5m). Since then its has increased its production targets sevenfold in seven months.

D1 also announced a joint venture with a Sichuan Yangtze River Technology in China to develop a biodiesel refining and feedstock supply business with a target to produce 500,000 tonnes of biofuel a year. Up to 2m hectares of land has been made available to the project. (ShareCast)

The company also announced an expansion of its Saudi presence  (earlier post) with a second joint venture with Abdullatef Al-Rajhi International. D1 had planned to plant up to 100,000 hectares in Saudi Arabia, but that has now increased by 300,000 hectares.

D1 also reported a loss of US$5 million (£3 million) during 2004.