SOURCE: Imperium Renewables, Inc.

August 19, 2015 18:33 ET

Biodiesel Producer Imperium Announces Sale of Its Assets to Renewable Energy Group

SEATTLE, WA--(Marketwired - August 19, 2015) - Imperium Renewables, Inc., a longtime leader in next-generation biofuel production, announces the closing of its sale of Imperium's assets, including Imperium Grays Harbor, LLC, to Renewable Energy Group (REGI).

REG paid Imperium $15.0 million in cash and issued 1.675 million shares of REG common stock in exchange for substantially all of Imperium's assets, including the 100-million gallon nameplate biodiesel refinery and terminal at the Port of Grays Harbor, WA. For two years post-closing, Imperium may receive up to $0.05/gallon for biodiesel produced and sold at Grays Harbor. REG assumed $5.2 million of Imperium's debt from Umpqua Bank, which has agreed to provide the newly-named REG Grays Harbor, LLC with an additional loan capacity of up to $5.0 million to fund capital expenditures and improvements at the facility. In addition, Imperium retained its net working capital value of approximately $25 million.

Based in Seattle, Imperium Renewables began developing proprietary technology and processes in the production of biodiesel in 2004. Imperium Grays Harbor, LLC is one of the largest biodiesel facilities in the U.S. and it began operation in August 2007 in Hoquiam, Wash. This industry leading facility is capable of producing up to 100 million gallons of biodiesel annually.

"We are extremely proud of all we have accomplished over here at Imperium. We built one of the largest biodiesel facilities in the world and created an industry leading biofuel company, and most important to me, the biodiesel we have produced over the last 10 years has reduced over 4 billion pounds of carbon dioxide emissions," said John Plaza, founder and CEO. "It has been my honor to partner with everyone that has supported us, especially our employees, and our success is based on their efforts throughout the years."

About Imperium Renewables

Imperium Renewables has been a global leader in next-generation biofuel production. Founded in 2004, the company was driven by a single ambitious goal -- to fundamentally change the way we fuel our cars, trucks, ships, trains and planes by developing and producing clean, renewable and sustainable alternative fuels. Imperium Renewables operated the one of the nation's largest BQ-9000®certified biodiesel facilities, Imperium Grays Harbor in Hoquiam, Wash., which is capable of producing up to 100 million gallons per year.

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