World News: 22:31 GMT Thursday 8th November 2018. [EQS Group via SPi World News]
VERBIO Vereinigte BioEnergie AG / Key word(s): Takeover
VERBIO acquires cellulose ethanol plant from DuPont in Nevada/Iowa, USA.
Zörbig/Leipzig, November 8, 2018 - VERBIO North America Corporation, headquartered in Grand Rapids, Michigan, USA, a 51 percent subsidiary of VERBIO Vereinigte BioEnergie AG, has signed a contract today with E.I. DuPont de Nemours and company to purchase a cellulose ethanol plant located in Nevada, Iowa, USA. The purchase includes about 100,000 tons of baled corn stalks, which is located at multiple sites within a 50 kilometer radius the plant. The ethanol plant has a capacity for processing 300,000 tons of corn stalks to approximately 115,000 cubic meters of ethanol. Pending resolution of certain conditions the closing is expected by year-end 2018.
In the first phase planned expansion, VERBIO will supplement the existing facility by constructing a straw bio-methane plant with a thermal output of approximately 20 megawatts. Additional investment costs, taking into account existing infrastructure and usable plant components, are expected to amount to approximately USD 25 to 35 million.
This transaction allows VERBIO to enter the world's largest biofuel market using its unique straw bio-methane technology. There are good opportunities for growth in the viable US market for renewable natural gas (RNG). The project costs will be financed by using VERBIO AG's freely available cash and internal cash flow.
Information about VERBIO Vereinigte BioEnergie AG (VERBIO)
This publication contains certain forward-looking statements concerning the VERBIO group of companies. The forward-looking statements contained herein represent the judgment of VERBIO as of the date of this release and involve risks and uncertainties. Should actual conditions differ from the Company's assumptions, actual results and actions may differ from those anticipated. VERBIO does not intend to update any of these forward-looking statements as far as the wording of the relevant publication is concerned.
VERBIO Vereinigte BioEnergie AG
Ritterstraße 23 (Oelßner's Hof)
|Company:||VERBIO Vereinigte BioEnergie AG|
|Ritterstraße 23 (Oelßners Hof)|
|Phone:||+49 (0)341 308530-0|
|Fax:||+49 (0)341 308530-998|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange|
|End of Announcement||DGAP News Service|
Read More: http://www.dgap.de/dgap/News/?eqsNewsID=1733007
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