Renewable energy company Biox will build its second biodiesel production facility within International-Matex Tank Terminals' (IMTT) Bayonne terminal at New York Harbor after the two companies signed definitive agreements.
Biox designs, builds, owns and operates biodiesel production facilities. Its first facility is located in Hamilton Ontario. The $60 million (€47 million) Bayonne plant will be Biox's second project, with a planned 100 million litre a year production capacity.
Under the agreements, Biox has secured 3.5 acres of IMTT's 600-acre Bayonne terminal. The agreements include a long-term land lease agreement for the plant, as well as long-term leases on existing storage tanks at IMTT New Jersey terminal.
'With this second facility our production capacity will grow by almost 150% from existing levels,' explains Biox CEO Kevin Norton, who says the biodiesel sector within North America 'has evolved due to the mandated minimum volumes'.
'IMTT is an ideal partner for our next facility. We have been working with them for more than five years using their Bayonne terminal as a distribution and blending site for product produced in Hamilton. Based on that long standing relationship, we have already conducted the early stage planning for this next facility, including the design tie-ins and site specifications prior to signing these agreements.'
Biox is currently carrying out the planning and permitting phase and expects construction of the plant to be finalised by December 2013.
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