Keokuk, IA – A multi-million dollar investment in a Southeast Iowa bio-diesel plant is expected to give the facility a new "lease on life."
Tri-City Energy spokesman Al Moander says a deal is now in place to sell controlling interest of its 5,000,000 gallon/year facility in Keokuk to American Biodiesel Resources for $6,750,000.
He says ABR, which is based in Bloomfield Hills, Michigan, will also gain control of Tri-City Energy's subsidiaries, including the Keokuk Glycerine Company.
Moander says the investment will prevent a foreclosure notice, filed in district court against Tri-City Energy, from moving forward and will allow production to resume.
He says production halted, several months ago, because of the cost of materials and the overall economy.
Moander says it will take two to three weeks, after the funding is in place, to get the plant back online.
He says ABR plans to keep the facility in Keokuk.