EQM is a leader provider of environmental services and producer of biodiesel fuel. It has just completed a merger agreement with biodiesel producer Beacon Energy Clean technology, which closed last month.
It intends to use the net proceeds for working capital for its biodiesel production facility located in Cleburne, Texas. The facility was constructed with advanced animal fats processing technology and is capable of processing multi-feedstock and secondary feedstock. At full capacity can produce 12 million gallons of biodiesel per year.
Jack Greber, CEO of EQM, said, "We are excited to have closed on this private placement as the net proceeds will enable us to begin operating our TX biodiesel production facility and reach the plant's full production capacity."
"The EPA's Renewable Fuel Standards [RFS2] requires the use of 800 million gallons of biomass-based diesel in 2011, increasing to one billion gallons in 2012. Biomass-based diesel is an attractive form of alternative energy, and we are pleased to be contributing to the effort of reducing our dependence on foreign oil."
