REG buys Imperium Grays Harbor biodiesel facility
In Washington state, Imperium Renewables, Inc. closed the sale of Imperium’s assets, including Imperium Grays Harbor, LLC, to Renewable Energy Group (REGI). REG paid Imperium $15.0 million in cash and issued 1.675 million shares of REG common stock in exchange for substantially all of Imperium’s assets, including the 100-million-gallon nameplate biodiesel refinery and terminal at the Port of Grays Harbor, WA. For two years post-closing, Imperium may receive up to $0.05/gallon for biodiesel produced and sold at Grays Harbor. REG assumed $5.2 million of Imperium’s debt from Umpqua Bank, which has agreed to provide the newly-named REG Grays Harbor, LLC with an additional loan capacity of up to $5.0 million to fund capital expenditures and improvements at the facility. In addition, Imperium retained its net working capital value of approximately $25 million.
Category: Fuels
