Posted by Stefanie Olsen
Better Biodiesel, a Utah-based producer of biodiesel fuel, said Friday that it plans to buy GeoAlgae Technologies for an undisclosed sum. GeoAlgae Technology, or GAT, makes inexpensive feedstock for the production of biodiesel, the companies said.
The buyout is Better Biodiesel's first public news since announcing this summer that it would suspend fuel production after its manufacturing fuel processor caught fire. (Better Biodiesel produces roughly 3 million gallons of biodiesel annually, according to the company.) The company said it has developed a waterless technology that can produce biodiesel from low-grade feedstocks without expensive pre- and post-processing of materials. That process, it said, reduces the costs of biodiesel manufacturing and its environmental impact.
The merger will give Better Biodiesel access to GAT's feedstock and political connections. GAT's executive team includes former Arizona State Senator Kenneth Bennett. "We are very excited about the opportunity to become a part of Better Biodiesel's evolving business plan and are looking forward to optimizing shareholder value with a combination of our next-generation GeoAlgae feedstock technology," Bennett said in a statement.
Better Biodiesel, a Utah-based producer of biodiesel fuel, said Friday that it plans to buy GeoAlgae Technologies for an undisclosed sum. GeoAlgae Technology, or GAT, makes inexpensive feedstock for the production of biodiesel, the companies said.
The buyout is Better Biodiesel's first public news since announcing this summer that it would suspend fuel production after its manufacturing fuel processor caught fire. (Better Biodiesel produces roughly 3 million gallons of biodiesel annually, according to the company.) The company said it has developed a waterless technology that can produce biodiesel from low-grade feedstocks without expensive pre- and post-processing of materials. That process, it said, reduces the costs of biodiesel manufacturing and its environmental impact.
The merger will give Better Biodiesel access to GAT's feedstock and political connections. GAT's executive team includes former Arizona State Senator Kenneth Bennett. "We are very excited about the opportunity to become a part of Better Biodiesel's evolving business plan and are looking forward to optimizing shareholder value with a combination of our next-generation GeoAlgae feedstock technology," Bennett said in a statement.
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