General Biodiesel completes purchase of Seattle biodiesel refinery

By | June 09, 2009
Posted June 25, 2009

General Biodiesel Seattle LLC announces today that it has completed the acquisition of the former Seattle Biodiesel facility, a Seattle-based commercial biodiesel refinery, from Imperium Renewables Inc. General Biodiesel is converting the facility to produce biodiesel from waste oils such as recycled cooking oil and animal fat, which the company collects from restaurants and grocery stores around the region.

Yale Wong, CEO and founder of General Biodiesel, commented that "the mission of General Biodiesel is to produce high-quality biodiesel fuel from locally generated waste at a competitive price. The acquisition of this plant enables General Biodiesel to deliver a locally produced renewable fuel source that will measurably reduce total carbon emissions in the State of Washington, reduce our dependency on foreign oil, and build a stronger regional economy by creating green jobs in the community."

John Plaza, who founded Seattle Biodiesel (now Imperium Renewables) and built the plant, said "It's great to see our site being put to continued good use as a biodiesel production facility. We are happy to have General Biodiesel as the new owners of our original facility. They are a great example of innovation and leadership in renewable and clean energy in our state."

Simultaneously with the plant acquisition, General Biodiesel closed on an equity financing arranged by Swiftsure Securities LLC, a Seattle-based merchant bank. "Swiftsure has looked at the biofuels sector for several years now and General Biodiesel represents one of strongest business models we've seen. General Biodiesel's vertically integrated model of collecting local waste, producing biodiesel locally and selling to local fleets is the future of the biofuels industry. The fundamentals of the business are sound, and General Biodiesel is well-positioned to be a leader in the category," added Gordon Gardiner of Swiftsure, who will join General Biodiesel Seattle's Board of Directors.

For more information, please contact Yale Wong of General Biodiesel at 206-852-1000.

Swiftsure Securities contact: Gordon Gardiner, 206-903-1002

Imperium Renewables media contact: John Williams, 206-625-0075, jwilliams@scovillepr.com

SOURCE: General Biodiesel Seattle LLC
 
 
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