Kreido Biofuels hangs up towel on 100 Mgy North Carolina biodiesel project, citing financing woes

In North Carolina, Kreido Biofuels announced that they were suspending work on a 100 Mgy biodiesel plant in Wilmington due to financing conditions. The company announced that it “will scale back its operations, and pursue opportunities to deploy its biodiesel plant equipment at alternate sites. We are working with Vopak Terminals on an orderly transition.”

Reporting by Jim Brumm, jo1brumm@msn.com.

Kriedo background

Kreido Biofuels delayed the opening of its 50 Mgy biodiesel plant in Wilmington by six months, to the fourth quarter of 2008, as recently as May. The company cited financing delays, government approvals and current market conditions at the time as reasons for the delay.

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