The rising popularity of biodiesel is helping many companies grow rapidly. Two privately-held biodiesel-related companies are being recognized as among the nation’s 500 fastest growing of any type of company.
Larkspur, Calif.-based Greenline Industries, a manufacturer of biodiesel production equipment, as listed seventh on Inc.’s overall list and was the No. 1 energy company for 2008. The company was also at the top of the 100 businesses in the San Francisco-Oakland-Fremont, Calif., list. According to Inc. Magazine, Greenline has experienced a 10,000 percent growth rate since it was founded in 2002. In 2004, the company had $318,000 in revenue; in 2007, Greenline reported $35.1 million in revenue.
The only biodiesel producer to make the list was Golden, Co.-based Blue Sun Biodiesel. Of the 23 energy companies to make the top 500, Blue Sun ranked tenth. Overall, the company was ranked 242 on the top 500 list.
Blue Sun marketing director Steve Bond said the ranking proves that despite a tough year experienced by the biodiesel industry, companies can continue to grow. Blue Sun has enjoyed a 1,000 percent growth rate in the past three years and reported $14.1 million in revenue last year. Bond attributes the company’s prosperous nature to its trademarked premium B20 biodiesel blend – Fusion. “We’re doing the right thing by having premium biodiesel fuel that people can trust for their vehicles,” he said. “This shows this is the right path. People are responding to that.” Bond told Biodiesel Magazine that Blue Sun plans to expand its business in 2009 to include locations in Nebraska, Colorado and other states in the western United States.
Companies on the list must be privately-funded, U.S.-based, and not subsidiaries or divisions of other companies since December 2007; have been generating revenue since the first week of 2004; revenues in 2004 must have been no less than $200,000; and revenue in 2007 must have been at least $2 million.