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United Kingdom,United States : TRANSMESSIS COLUMBIA PLATEAU LLC completes $6 million restructuring in ODESSA.

TransMessis Renewable Energy Inc declared that its wholly-owned subsidiary TransMessis Columbia Plateau LLC has successfully completed an approximately $6 million restructuring of the integrated canola crushing and biodiesel production operation in Odessa, Wash.

This restructuring comprises an operating agreement on the physical plant with the Odessa Public Development Authority, investment in working capital to permit an immediate restart of production, and additional investment to allow an approximately three-fold increase in the capacity of the plant.

The Phase One restart is expected to begin in December and a Phase Two expansion will be finished and operated by Feb. 1.

We are excited to be able to bring the facility back on-line and ultimately live up to the expectations of the community. This facility will be a source of 30-plus jobs, and markets for the local economy. This is a unique opportunity to start up a facility with a tremendous wealth of knowledge in place from day one, said Damon Pistulka, the CEO of TransMessis Renewable Energy.

The Odessa facility will crush around 300 tons of canola seed per day allowing for an annual production of up to 10 million gallons of biodiesel, when the planned expansion is completed.

TransMessis Renewable Energy Inc. is a joint venture founded by Evergreen Renewable LLC and Access Global Investments LLC to develop a vertically integrated company focusing on the efficient and profitable conversion of canola seed into high-quality biodiesel, canola oil, and canola meal.

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Publication:Mena Report
Geographic Code:4EXUR
Date:Nov 29, 2013
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