BIOX and World Energy JV to acquire & operate 90M USG biodiesel plant in Houston; 3rd-largest biodiesel plant in NA
BIOX Corporation and World Energy announced a 50/50 joint venture to acquire and operate a 90 million US gallon (USG) (341 million liter) biodiesel production facility in Houston, Texas. Each company has committed US$10 million to the World Energy BIOX Biofuels joint venture.
The facility, formerly known as Green Earth Fuels, is located within the Kinder Morgan Liquids terminal on the Houston Ship Channel and is the third-largest biodiesel production facility in North America. The plant acquisition is scheduled to close by the end of June. Plant commissioning and start-up will ramp up over the third quarter of the year.
This joint venture with World Energy and the acquisition of a 90 million USG facility provide BIOX an opportunity to significantly expand and diversify our production capacity in combination with a high quality partner. It is a large scale asset that is well positioned to supply biodiesel for compliance with the Federal Renewable Fuel Standard in the US market.
As we see the distribution of our products from our facilities in Ontario shifting from the US market to fulfill the mandates under Ontario’s Greener Diesel initiative, this acquisition provides us with a strategically positioned production facility from which we can address the US market in partnership with World Energy.—Alan Rickard, CEO of BIOX
World Energy is an advanced biofuels supplier based in Boston with more than 200 million gallons (600,000 metric tons) of production capacity in Pennsylvania, Georgia, Mississippi, and Texas and more than 16 million gallons of biofuels storage servicing major markets in North America and beyond.
BIOX is a renewable energy company that owns and operates approximately 450 million liters of nameplate biodiesel production capacity at plants located in southern Ontario and Houston, Texas. BIOX has a proprietary and patented production process that is capable of producing the highest quality biodiesel fuel utilizing a variety of feedstocks—e.g., from pure seed oils to animal fats to recovered vegetable oils— with no change to the production process.