Biox, a renewable energy company has secured a deal with International-Matex Tank Terminals to construct a biodiesel production facility in New York Harbour.
TORONTO: Biox Corp., a renewable energy company has secured a deal with International-Matex Tank Terminals (IMTT) to construct a biodiesel production facility in New York Harbour.
Biox is to secure the site and related infrastructure for the construction of its second biodiesel production facility with an annual capacity of 100-million litres.
The new facility, to be located at IMTT’s New York Harbour terminal in Bayonne, NJ, will be 50% larger than its existing plant in Hamilton.
No financial details were released, but the agreement does include a long-term land lease agreement for the plant as well as long-term leases on existing storage tanks at IMTT. Biox has secured 3.5 acres within the 600-acre facility.
Biox said the selection of the site is in line with its strategy to minimize transportation costs by locating facilities next to large-scale petroleum storage and diesel distribution infrastructure, to users of petroleum diesel and to blenders of biodiesel.
Construction is to be completed in December 2013.