W2 Energy, a clean energy company, has signed a letter of intent (LoI) to buy 60% of Agri-Green Biodiesel (AGB) at Sparwood plant in British Columbia for 3,000,000 restricted shares.
AGB consists of three divisions that generated sales of $655,000 last year. According to W2 Energy, the different divisions in AGB match with its development strategy: collecting feedstocks, such as waste vegetable oil, converting it into biodiesel, and selling it through wholesale and retail outlets.
The current AGB facility has an annual capacity of 1,000,000 gallons per year and W2 will use the NT Plasmatron technology to convert waste from biodiesel production (glycerin) into methanol and electricity.
W2 said that, using the NT Plasmatron, it will be able to reduce biodiesel production expense at the Sparwood plant. The second generation NT Plasmatron gives it the ability to deliver low cost power and increases its fuel generation capabilities.