An Iowa biofuel producer has agreed to buy nearly all the assets of Imperium Renewables, the operator of a Grays Harbor biodiesel plant that was once hailed as the largest in the U.S.
Renewable Energy Group, now the country’s largest biodiesel producer, will pay Imperium about $32 million in cash and stock. The deal also includes a 5 cents per gallon payment for biodiesel from Imperium’s facility that is sold for two years after the acquisition.
That could total $10 million if the plant runs at its full capacity of 100 million gallons a year.
Imperium also will keep $25 million in working capital, and the acquirer will take on $5.