The acquisition is expected to create a diversified company with common interests in biofuel and grid-tied energy products.

The company aims to capitalize on EPS’ growing rapeseed capability and plans to construct a new bio-fuels production facility to meet the increasing demand in Europe.

Commenting on the definitive agreement Eco Ventures Group CEO Randall Lanham said that the company will look to enhance the value of its rapeseed production by transferring its biofuel processing technology EPS in Germany.

"This will enable EPS to capture market share in the growing European bio fuel market, adding a high value alternative energy production platform, and profit center, to the combined companies’ portfolio," added Lanham.