Seattle-based Imperium Renewables is making an investment in its own future by loaning money to Propel Biofuels to build its first biodiesel filling stations in Washington state.
According to this story posted on SeattlePI.com, the undisclosed loan amount will help open the first station soon and four more in the coming weeks… and that could be just the start:
Rob Elam, president of Propel Biofuels, said that the company is looking to have its biodiesel equipment installed at about 20 fueling stations in Washington, Oregon and California by the end of this year.
As part of the deal, Propel has agreed to distribute some of the Washington grown biodiesel being produced by Imperium.
As you might remember from our earlier posts, Imperium has become a major mover and shaker in the biodiesel business securing a record $214 million in investments and getting ready to open the nation’s largest biodiesel refinery… a 100 million gallon a year plant.