Gemma Power (GPI) has been funding Moxie Liberty in the development of the power plant project and has advanced about $4.1m in working capital to the project.
On 28 March 2013, Moxie Liberty entered into a Membership Interests Purchase Agreement with a third party investor who will provide advances of certain preconstruction costs.
The consummation of the purchase of Moxie Liberty and the ability of GPS to fully proceed under the EPC Agreement are contingent upon the third party investor securing permanent financing for the project.
Argan through its Gemma Power Systems subsidiary deals with designing and building energy plants.
The energy plants include traditional gas and alternative energy, including biodiesel, ethanol, and renewable energy sources, such as wind power.
