Tuesday, August 25, 2015

Imperium Renewables Sale Finalized

By Mark Edward Nero

Seattle-based oil and energy company Imperium Renewables Inc., which operates the largest BQ9000 certified biodiesel plant in the US, has been acquired by Iowa-based Renewable Energy Group (REG), the country’s largest producer of biodiesel.

The eight-year-old biodiesel plant, located at the Port of Grays Harbor’s Terminal 1 in Hoquiam, Washington, is capable of producing 100 million gallons of distilled biodiesel.

REG paid Imperium $15.0 million in cash and issued 1.675 million shares of REG common stock in exchange for all of Imperium’s assets. The deal closed Aug. 19.

“The acquisition of Imperium Grays Harbor will greatly expand REG’s domestic production footprint and market access to the Pacific Northwest and Canada,” Port of Grays Harbor Executive Director Gary Nelson explained. “We look forward to working with REG.”

This will be REG’s 11th active biodiesel refinery and the first on the West Coast.

The facility, constructed in 2007, is the largest facility of the West Coast and is to become the largest of REG’s facilities.

REG has been a supplier of advanced biofuels for more than a decade. REG’s REG-9000TM biomass-based diesel is distributed in most states in the US. The company also markets ultra-low sulfur diesel and heating oil in the Northeast and Midwest.

According to REG, most of Imperium’s employees have agreed to stay on with Renewable Energy Group.

“The transition at Grays Harbor has been seamless so far thanks to the dedicated team at Imperium who we are now proud to have as members of the REG family,” REG President and CEO Daniel Oh said.