Investments in bioenergy are smart investments for Allegro Biodiesel. Allegro is moving to diversify the bio-energy sector and acquire a biomass energy company in Colorado.
Allegro Biodiesel Corporation has announced that it has extended a $500,000 bridge loan to Littleton, Colorado-based Community Power Corporation as a first step in potentially acquiring the company.
Established in 1995, privately-held CPC is a leading developer of small modular bioenergy technology and products, which gasify a wide range of biomass residues for generation of power, heat, and synthetic fuels as a substitute for fossil fuels such as natural gas, propane and diesel. The company’s proprietary gasification system has successfully processed over 30 different biomass feedstocks including wood, nutshells, grasses, paper and plastics. The company has received more than $12 million in R&D funding and technical assistance from the U.S. Department of Energy, the U.S. Department of Agriculture, the U.S. Department of Defense, the California Energy Commission, and other organizations. Under these R&D projects, since 1998 CPC has built and shipped 24 modular biopower units to product development and demonstration sites in the U.S., the Philippines and El Salvador.
“Our agreement paves the way for Allegro to add biomass conversion to our core competency of biofuels production,” said Allegro Biodiesel Chief Executive Officer Bruce Comer. “CPC is a top player in this space with proven, environmentally-sound modular bio-energy technology.”
CPC develops automated, modular energy systems under the BioMax(R) trade name. These systems are designed for on-site conversion of biomass residues to clean energy for farms, schools, small manufacturing enterprises, communities, military encampments and other on-grid and off-grid applications.
CPC says the potential market for its modular biopower systems is more than $3 billion per year. Comer says Allegro will aim to drive CPC technology to the next level of commercialzation.