The acquisition advances the company’s plans to put into use the existing ethanol plant’s infrastructure for the creation of a next-generation bio-refinery.
This bio-refinery is expected to produce advanced biofuels and renewable chemicals besides ethanol and animal feed products.
Third Eye Capital, an existing lender for Aemetis provided a $15m term loan to fund the acquisition besides $18m as ongoing working capital.
Commenting on the developments Third Eye Capital president and CEO Arif Bhalwani said, "The acquisition of the Keyes plant will allow Aemetis to accelerate the next phase of its renewable fuels and chemicals strategy."
