Australia-based Lignol Energy Corporation announced it will re-open an approximately 35 million gallon a year biodiesel plant. The announcement comes as part of a deal that sees LEC agree to acquire an additional 2.67 million shares of Territory Biofuels Limited (“TBF”) for nearly $1 million (US) that makes LEC a majority shareholder in TBF:
“We are excited to be working with the TBF team and adding our support as the majority shareholder in planning the re-start of the Darwin refinery,” said Ross MacLachlan, CEO and Chairman of LEC. “Our goal is to have the refinery come back on line in Q4 2013, and incorporate upgrades to process lower cost feedstocks that will enhance profitability in 2014. This is an important milestone for our company and represents the potential for us to accelerate our transition to commercial operations with a majority equity stake in a world scale biofuels project.”
Not only is the Darwin refinery able to crank out 35 million gallons a year of the green fuel, it is also the only glycerine refinery in Australia.