As previously reported, W2 Energy signed a letter of intent to purchase a 60% interest in Agri-Green Biodiesel in May 2010.
Upon completion of the agreement, W2 Energy acquired 100% of the company in exchange for the assumption Agri-Green’s corporate debt and biodiesel plant processor.
W2 Energy’s new biodiesel plant processor is capable of consistently producing 657,894 US gallons of biodiesel per year.
W2 Energy president and CEO Mike McLaren said, "Biodiesel is one of the main renewable fuels used worldwide by commercial and government fuel consumers. Because of this, biodiesel production has tripled over the last 12 months."
The company plans to immediately ship the biodiesel plant processor to its 23,000ft² factory in Guelph, Ontario and have it operating within the next 30 days.
It estimates an approximate revenue base of $2,960,523 from the production and sales of biodiesel.
The company intends to retrofit the processing plant in order to increase production to 1.2 million gallons by 2013.
W2 Energy develops renewable energy technologies and applies it to new generation power systems.
