Blue Sun Biodiesel, the company that supplies B20 to the top biodiesel municipal fleet in the nation, has got at least one wealthy friend. An anonymous "private individual" has given the company a $3 million unsecured term loan for building up to ten new biodiesel blending and terminal locations this year. The facilities will handle B20 (branded as Fusion biodiesel) and B100. The $3m is not the only good financial news the company is announcing: an undisclosed amount of credit is also being finalized "to support continued infrastructure development" (full text pasted after the jump). After a possible merger with M-Wave fell through earlier this year, Blue Sun must be glad to have at least one major financial deal notched up for 2008.
Press Release:
Blue Sun Biodiesel Raises Capital: Closes $3 Million Unsecured Term Loan
GOLDEN, Colo., April 4, 2008 /PRNewswire/ -- Blue Sun Biodiesel recently closed on an unsecured $3 million dollar loan. The loan was made by a private individual. Blue Sun is also in the process of finalizing a separate credit instrument to support continued infrastructure development.
"With the failed M-Wave merger and its attendant funding, we needed to arrange interim funding to assure the uninterrupted supply of B100 for our growing customer base and this facility will provide that assurance," said Blue Sun's CEO Jeff Probst. "We will use these funds to acquire, blend and distribute our branded Fusion(TM) and M-Tech industry leading specialty fuels to our customers in fourteen western states."
Blue Sun will use the infrastructure credit instrument to support fuel terminal development in 2008. Blue Sun plans to build up to 10 new blending/terminal locations to support the distribution network for their Blue Sun B100 and B20 diesel fuels.
"The backing we've received from the financial community validates Blue Sun's strategic direction," said Blue Sun President Michael Miller. "The infusion will help drive our next stage of growth, allows us to leverage our vertically integrated model and to complete projects which expand availability of our biodiesel products. The year has started off fast with first-quarter volumes up over three fold from a year ago."
About Blue Sun Biodiesel
Blue Sun Biodiesel, LLC is a vertically integrated manufacturer and marketer of premium agricultural and renewable fuels products. Blue Sun's exclusive distribution network features specially-appointed and trained distributors and proprietary high-volume, state-of-the-art ratio blending terminals, which ensure Blue Sun Fusion (TM) is blended and supplied according to its industry-leading quality specifications. For more information, please visit http://www.gobluesun.com/.
[Source: Blue Sun Biodiesel, LLC]
Press Release:
Blue Sun Biodiesel Raises Capital: Closes $3 Million Unsecured Term Loan
GOLDEN, Colo., April 4, 2008 /PRNewswire/ -- Blue Sun Biodiesel recently closed on an unsecured $3 million dollar loan. The loan was made by a private individual. Blue Sun is also in the process of finalizing a separate credit instrument to support continued infrastructure development.
"With the failed M-Wave merger and its attendant funding, we needed to arrange interim funding to assure the uninterrupted supply of B100 for our growing customer base and this facility will provide that assurance," said Blue Sun's CEO Jeff Probst. "We will use these funds to acquire, blend and distribute our branded Fusion(TM) and M-Tech industry leading specialty fuels to our customers in fourteen western states."
Blue Sun will use the infrastructure credit instrument to support fuel terminal development in 2008. Blue Sun plans to build up to 10 new blending/terminal locations to support the distribution network for their Blue Sun B100 and B20 diesel fuels.
"The backing we've received from the financial community validates Blue Sun's strategic direction," said Blue Sun President Michael Miller. "The infusion will help drive our next stage of growth, allows us to leverage our vertically integrated model and to complete projects which expand availability of our biodiesel products. The year has started off fast with first-quarter volumes up over three fold from a year ago."
About Blue Sun Biodiesel
Blue Sun Biodiesel, LLC is a vertically integrated manufacturer and marketer of premium agricultural and renewable fuels products. Blue Sun's exclusive distribution network features specially-appointed and trained distributors and proprietary high-volume, state-of-the-art ratio blending terminals, which ensure Blue Sun Fusion (TM) is blended and supplied according to its industry-leading quality specifications. For more information, please visit http://www.gobluesun.com/.
[Source: Blue Sun Biodiesel, LLC]
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