Biodiesel Firm Secures $15.5 Million Investment
Three institutional investors have put $15.5 million in financing into Innovation Fuels, an Albany, N.Y., company that makes and distributes biodiesel fuel worldwide, financial firm Credit Suisse said Tuesday.
Credit Suisse Customized Fund Investment Group made the investment along with RNK Capital and Lyrical Partners, the company said in a statement.
The funding will be used to upgrade Innovation Fuels’ facility at the Port of New York to produce 950,000 barrels, or 130,000 metric tons per year of biodiesel.
It will also be used to acquire a development-stage biodiesel plant at the Port of Milwaukee, with capacity to produce 1,200,000 barrels, or 167,000 metric tpy.
The financing will also help develop two regional biodiesel refineries with permitted capacity of 1.3 million barrels, or 185,000 metric tpy, Credit Suisse said.
It will also help launch Innovation Fuels Europe, for the marketing and distribution of biodiesel and glycerin on that continent.
